Farming Operations. Grantor shall not undertake any farming operations on any real property other than the property listed on Exhibit B hereto unless Grantor shall have provided Lender with thirty (30) days prior notice of Grantor’s intent to do so, which notice shall be accompanied by a detailed description of the real property on which the crops are grown, and Grantor shall have provided Lender with a supplement to this Security Agreement and such financing statement amendments and other documents as Lender shall request.
Farming Operations. Grantor does not own or have any interest in any real property other than the real property described in Exhibit B hereto.
Farming Operations. Seller may continue farming operations on any portion of the Property until such portion is acquired by Buyer, but not thereafter.
Farming Operations. Seller, or its tenant, has discontinued farming operations on the Property and will not recommence prior to Closing.
Farming Operations. The farming operations presently conducted and/or to be undertaken by Boschendal and its successors in title, and/or their respective contractors and/or agents on both the Boschendal Land and the Residual Lands, but excluding: large-scale earthworks not associated with bona fide agricultural operations, the construction of dams, save where so authorised by the relevant authority; tank farming, or any other farming activity that might impact adversely on the cultural landscape.
Farming Operations. 5.14.1 The Parties agree that:
Farming Operations. Taxpayers conducting farming operations are taxed in the same way as other taxpayers, except that they are entitled to a special deduction in respect of qualifying farming capital expenditure. They are also subject to certain ring fencing provisions in relation to the cost and closing value of trading stock in the form of livestock. The farming capital expenditure deduction is 100% of the qualifying expenditure (eg dipping tanks, roads, bridges, planting of trees, shrubs etc) actually incurred during the tax year. This is limited, in any one tax year, to the taxable income from farming before allowing for the deduction. Any excess capital expenditure may be carried forward for deduction from farming taxable income in any future tax year. Special rules apply to plantation farmers, with particular reference to the acquisition and disposal of land and growing timber. Capital Gains Tax With effect from 1 October 2001, any net capital gain, which arises from the disposal or deemed disposal of assets of a resident and from the disposal or deemed disposal of certain assets of a non-resident, is subject to tax in South Africa. Although this tax is referred to as Capital Gains Tax (CGT), the net capital gain is actually not taxed separately from normal income. Rather, it is multiplied by its relevant inclusion rate, added to taxable income and subject to normal tax at the person’s applicable tax rate. The assets of a resident that are subject to CGT are all forms of property (movable or immovable, corporeal or incorporeal) or rights in such property, other than currency or coins (unless made mainly from gold or platinum) and certain “personal use assets”, irrespective of where such assets are situated. In relation to non-residents, only disposals of immovable property situated in South Africa (or rights or interests in such property, which includes certain indirect interests in immovable property held through companies or other legal entities) and disposals of assets attributable to a permanent establishment of that non-resident in South Africa, are subject to CGT.
