Exam (elaborations)
TAX3703 ASSIGNMENT 2 SEMESTER 2 OF 2022
- Institution
- University Of South Africa (Unisa)
Detailed memo, guaranteed distinction
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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
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