Exam (elaborations)
LML4804 ASSESSMENT 2 SEMESTER 2 2023 QUIZ ANSWERS!!! 100% GUARANTEED!!
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INCOME TAX LAW (LML4804) ASSESSMENT 2 SEMESTER 2 2023 QUIZ SOLUTIONS!! 100% GUARANTEED!!!
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3 Vo)TEL 4G I LE2 ,1 39%
02:49
T
Review
Started on
Friday, 15 September 2023, 2:44 AM
State
Finished
Completed on
Friday, 15 September 2023, 2:49 AM
Time taken
4 mins 44 secs
Marks
13/13
Grade
100out of 100
Correct
Question 1 Mark 1.00 out of 1.00
Adissatisfied customer of Lee, a motor vehicle dealer,
instituted an action for damages in respect of an
alleged defect in a vehicle purchased from Lee. The
dispute was settled out of court on 1September 2023.
In terms of the settlement agreement, Lee undertook
to pay an amount of R30 000 to the customer as full
and final settlement of the claim. The attorney's
account for legal costs, payable by Lee, amounts to
R10 000.
Choose the correct combination below in relation to
the facts above:
<
, 8 Vo) 4G
02:49 ll GE2.1l 39%
T LT¾1
Review
Choose the correct combination below in relation to
the facts above:
iDamages can be deducted from one's income when
they are actually incurred and they are, in terms of
section 23(), closely related to the nature of the
taxpayer's trade.
iiLegal costs may as a rule not be deducted from the
taxpayer's income.
iiiDamages may not be deducted from the taxpayer's
income where the taxpayer undertook to settle a
matter without intervention of a court.
ivLegal costs in respect to a claim for damages will,
according to PE Electric Tramway Company Ltd v CIR
,only be deductible from the taxpayer's income where
such costs were incurred in the furtherance of
business and where such costs are closely related to
the taxpayer's trade.
a. iiand iv
b. iiand ii
C. iand ii
d. i and iv
Your answer is correct.
The correct answer is:
iand iv
Corrat
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