Exam (elaborations)
TAX2601 ASSIGNMENT 5 DUE 24 OCTOBER 2022 PLUS LATEST EXAM PACK
- Institution
- University Of South Africa (Unisa)
TAX2601 ASSIGNMENT 5 DUE 24 OCTOBER 2022 PLUS LATEST EXAM PACK
[Show more]
Content preview
TAX2601 ASSIGNMENT 5DUE 24 OCTOBER 2022
PLUS LATEST EXAM PACK
, QUESTION 1
Rental Sales from tenants Rental sales from tenants qualifies as
gross income as it satisfies al the
elements of the gross income definition,
that is, the total amount is received by,
has accrued to, or is in favor of the
resident in cash or otherwise during the
year of assessment, and it is not of a
capital nature. Therefore Rental sales
should be included in gross income
Amount received from XP(pty) The amount received from XP(pty)Ltd
though it was received by n Investprops
(Pty) Ltd, it was not in their favor as it will
have to be Reimbursed. The amount was
erroneously paid Into the account.
Dividends Received The R700 000 will constitute gross
income to investprops as it was received
during the current year of assessment
and is not of a capital nature. However it
should be noted that dividend income is
exempt from income tax and therefore
will not constitute taxable income.
Leasehold improvements The leasehold improvements incurred by
tenant, though accruing to Investptprops
do not constitute gross income as they
are expenditure of a capital nature. The
definition of gross income specifically
excludes receipts of a capital nature.
1|Page
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 EFT, 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 this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MATOME1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R50,00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73216 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now