100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
LML4804 ASSESSMENT 2 SEMESTER 2 2023 QUIZ ANSWERS!!! 100% GUARANTEED!! R90,00   Add to cart

Exam (elaborations)

LML4804 ASSESSMENT 2 SEMESTER 2 2023 QUIZ ANSWERS!!! 100% GUARANTEED!!

 11 views  1 purchase

INCOME TAX LAW (LML4804) ASSESSMENT 2 SEMESTER 2 2023 QUIZ SOLUTIONS!! 100% GUARANTEED!!!

Preview 2 out of 15  pages

  • September 15, 2023
  • 15
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
All documents for this subject (5)
avatar-seller
mikateko990
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

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 mikateko990. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy this summary for R90,00. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

85169 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy summaries for 14 years now

Start selling
R90,00  1x  sold
  • (0)
  Buy now