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LML4804 Assignment 1 Semester 2 2024 - DUE 26 August 2024
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QUESTIONS WITH ANSWERS LML4804 Assignment 1 Semester 2 2024 - DUE 26 August 2024
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[Company name]LML4804
Assignment 1
Semester 2 2024
- DUE 26 August
2024
QUESTIONS WITH ANSWERS
steve
[Date]
, LML4804 Assignment 1 Semester 2 2024 - DUE 26 August 2024
QUESTION 01 (Gross-income)
1.1 Freedom Movement Party (FMP) is a newly established political party which was
registered to contest 2024 National and Provisional elections. It concluded a contract
with Green Print Media House (Pty) Ltd (GP Media House). In terms of the contract, GP
Media House had to print 3000 3D posters on behalf of FMP depicting the image of its
leader for its campaign. GP Media House was also expected to air FMP political
advertisements through its media partners on radio stations and television. On April
2024, FMP paid a deposit of R150 000 and undertook to pay the remainder amount on
30 June 2024. After the conclusion of national elections, FMP reviewed its performance
on the national elections and noted that it did not accumulate enough votes it hoped for.
A report from the external service provider appointed by FMP to investigate its poor
performance, concluded that FMP did not reach large audience. On August 2024, FMP
wrote a letter to GP Media House notifying the company that it will no longer pay the
outstanding amount to GP Media House and it also considered its options to sue the
company for its failure to honour the contractual obligations between the parties. As part
of the contractual obligation between the parties, FMP learned that GP Media house
failed to air its political adverts on radio station and television according to the agreed
dates. It transpired that FMP political advert was only aired on radio station and
television a day prior the date of the national elections. GP Media House referred the
matter to court to demand the outstanding amount owed by FMP. The matter was set
down for hearing for 05 October 2024. WHAT IS REQUIRED OF YOU? With reference
to tax law and case decision, discuss whether the deposit paid and the outstanding
amount still owed by FMP will be included in the Gross Income of GP Media House. [10
marks]
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