Exam (elaborations)
TAX3703 ASSIGNMENT 2 SEMESTER 2 OF 2022
- Course
- Institution
Detailed memo, guaranteed distinction
[Show more]
Seller
Follow
Ian09
Reviews received
Content preview
1TAX3703 ASSIGNMENT 2 2022 SECOND SEMESTER
1.1 Calculate the capital gain for Xolani Radebe’s deceased estate from the
sale of the unlisted shares.
Proceeds R750 000
Less: Market value at death (R1 800 000 x 40%) (R720 000)
Capital gain R30 000
1.2 A complete executor’s account for the estate of Xolani Radebe
First and final liquidation and distribution accounts in the estate of the deceased
Xolani Hadebe (ID no: 5009234390083) who passed away on 28 February 2022 in
Northcliff, Johannesburg where he resided. Xolani was married to Gugu out of
community of property without accrual. Master’s reference number: 2022/12345
LIQUIDATION ACCOUNT R
Assets not reduced to cash
Primary residence, 32 Myra Street, Northcliff, Johannesburg 4 900 000
Motor vehicle, registration no. BV76DFGP 765 000
5 665 000
Cash and assets reduced to cash
Proceeds from Sanlife policy 236BX 2 000 000
40% interest in Monate Foods (Pty) Ltd 750 000
Current account at Omni Bank 105 000
Rental income for February 26 000
2 881 000
Total Assets (R5 665 000 + R2 881 000) 8 546 000
Liabilities and administrative expenses
GreatValue Appraisers 4 950
Funeral expenses 40 000
Bank charges – until 28 February 2022 275
Income tax liability payable to SARS 379 845
Master’s fees (R7 000 x (R8 546 000/(R8 546 000 + R2 600 000) 5 367
Executor’s remuneration (R8 546 000 x 3.5%) 299 110
729 547
Estate duty 76 117
805 664
Amount available for distribution (R8 546 000 – R805 664) 7 740 336
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Ian09. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.51. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
60904 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now