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(1)This section applies for the purpose of calculating the profits of the trade if, either all at once or over a period not longer than 12 months, the herd or a substantial part of the herd is sold unless—
(a)section 120 applies (acquisition of new herd begun within 5 years of sale), or
(b)section 122 applies (replacement of part sold begun within 5 years of sale),
but paragraph (a) is subject to subsection (5) of section 120 (so far as that section provides for a case in which this section is to apply).
(2)A profit arising from the sale is not brought into account as a receipt.
(3)No deduction is allowed for a loss arising from the sale.
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