Yolanda Zuma incurred the following losses:
R3 000 loss on the sale of her four-metre canoes. She competes in canoe races as a sport. She sold this canoe because
she had recently purchased a new, lighter, faster canoe.
R37 000 loss on the sale of her 12-metre yacht. She sold this yacht because she recently purchased a new, safer yacht.
She sails her yacht at weekends and on public holidays as a form of relaxation.
YOU ARE REQUIRED to calculate Yolanda’s aggregate capital loss for the current year of assessment.
Select one:
a. R 40 000
b. R Nil
c. R 37 000
d. R 3 000
,Question 9
Time left 5:44:50
Answer saved
M arked out of 1
Dorothy is employed by Services Pty Ltd. At the end of the current year of assessment Services Pty Ltd entered
into an agreement with Dorothy stating that the entity will pay Dorothy R140 000 at the end of April 2023 if Dorothy
reaches a particular performance target by the end of January 2023. has a December year end. Services Pty
Ltd YOU ARE REQUIRED to determine when is the R140 000 expense actually incurred for income tax purpose
assuming that the target was met?
Select one:
a. End of April 2023
b. End of January 2023
c. End of December 2024
d. End of December 2023
,Question 8
Time left 5:46:11
Answer saved
M arked out of 1
Tracy purchased her primary house in 2005 for R570 650. She correctly calculated the base cost for capital gain tax
purposes as R650 000. She sold her house during the current year of assessment for R3 080 000. Tracey is married
in community of property to Dave. YOU ARE REQUIRED to calculate Tracy’s capital gain.
Select one:
a. R nil
b. R215 000 gain
c. R2 430 000 gain
d. R1 215 000 gain
, Question 7
Time left 5:46:35
Answer saved
M arked out of 1
A capital gain arises when:
Select one:
a. A personal use asset is disposed.
b. Proceeds from a sale of an asset are greater than the base cost of an asset.
c. Proceeds from sale of an asset are equal to the base cost of an asset.
d. Proceeds from the sale of an asset are less than the base cost an asset.
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 oscardiura. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R100,00. You're not tied to anything after your purchase.
