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TAX3703 - Taxation Of Estates (TAX3703)
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TAX3703EXAM
PACK
, TAX3703
EXAM PACK
TABLE OF CONTENTS
MAY/JUNE 2014 .................................................. 3
OC/NOV 2014 ........................................................8
MAY/JUNE 2015 ....................................................14
OCT/NOV 2015 .......................................................17
, May / June 2014
Question 1
Estate Duty in Rose’s Estate
- Assets
- Flat in Cape Town 1700.000
- Motor Vehicle 250 000
- Fixed Deposit 340 000
- Accrual Claim 375 000
- Usufruct 2600 00 x 8,28170 =(21 532 420 = 479 992 value shall not exceed
the difference between
1) Market Value at cessation and ( 2600 000)
2) Value of Bare Dominiun when first acquired
Usufruct 9298008
23,44
= 396 673
Bare Domininun 1200 000 – 396 673
803 327
2600000 -803327
Difference 1796 673 479992
- Shares 600 000
- Life insurance Policy 800 000
Total Assets 4544 992
- Liabilities
- Tax Payable (366 290)
- Flat left to Husband ( 1700 000)
- Funeral Expenses (16 500)
- Executers Remuneration (95 000)
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