Exam (elaborations)
TAX2601 Assignment 6 Semester 1 2024
- Course
- TAX2601 (TAX2601)
- Institution
- University Of South Africa (Unisa)
TAX2601 Assignment 6 2024
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Dashboard CalendarDashboard / Courses / UNISA / 2024 / Semester 1 / TAX2601-24-S1 / TAX2601 Home Page / Assessment 6
Started on Wednesday, 22 May 2024, 11:05 PM
State Finished
Completed on Wednesday, 22 May 2024, 12:09 PM
Time taken 1 hour 3 mins
Marks 94.51/95.00
Grade 98.16 out of 100.00
Which or the following is correct with regards to Partnerships?
a. A partnership is a separate legal enity and is a separate taxpayer.
b. A partner's tax liability is calculated by using the tax tables of the partnership.
c. A partnership pays taxes for the partners in the business a s it is a business on its own.
d. A partner in a partnership is assessed separately from tire partnership.
Ngwcnya (Pty) Ltd leases a one-bedroom flat in Durban for a one-year period from 1 August 2022 to 31 July 2023
tor its employees who must travel from other locations to work in Durban tor extended periods of time. The
company paid the annual rental of R 120 000 in advance on I August 2022. How much is deductible by Ngwcnya
(Pty) Ltd in determining its taxable income for the year of assessment ended 28 February 2023.
a. R nil
b. R70 000
c. R50 000
R120 000
Assume the following taxpayer information: The taxpayer is a South African manufacturing company (not a small
business corporation as defined) with a 31 March 2023 year of assessment. Calculate the base cost for purposes of
capital gains tax for the office building BELOW. Assume paragraph 26 of the Sth Schedule applies.
Information pertaining t o office building:
Events Date Amount
Sold - p r o c e e d s 30 October 2022 R 3 0 0 0 000
Purchased - c o s t price 1 June 2 0 0 1 R 1 8 0 0 000
Valuation costs t o determine m a r k e t
value a s a t 1 O c t o b e r 2 0 0 1 1 March 2002 R 25 000
M a r k e t value 1 October 2001 R 1 450 000
Time apportionment b a s e c o s t 1 October 2001 R 1 396 998
2 0 % rule value 1 October 2001 R 5 9 5 000
Tax value a t d a t e o f sale R 1 800 000
a. RI 450 000
b. R I 475 000
c. R I 825 000
d. R ] 800 000
Which of the following is true with regards to a company'.’
a. A company is not a separate legal entity and is not a separate taxpayer from its shareholders.
b. The term company includes a foreign partnership as these are businesses
, c. A company is a separate legal entity and is a separate taxpayer from its shareholders.
Question 4
d. The term company exclude a close corporation and cooperatives
Complete
Marie 1 .00 out of
1.00
V Flag quest ion
Question 5 Assume the following taxpayer information: The taxpayer is a South African manufacturing company (not a small
Complete business corporation as defined) with a 31 March 2023 year of assessment. Calculate the recoupment on the
disposal of the machine BELOW.
M ark 3 .00 out of
3.00 Information pertaining to manufacturing machine:
F I Lil ll Events Date Amount
Sold 30 December 2022 R 735 000
Purchased 1 August 2020 R 440 000
Tax value at date of sale R 88 000
a. R352 000
b. R647 000
c. R295 000
d. R2O7 000
Questiun 6 Bhekisizwc (Pty) Ltd is a property management company that manages rental properties on behalf of its clients, i.c
Camp letc rental is collected from the tenants and paid over to the clients of the company (the owners of the properties).
Mark LOO out of Calculate the normal tax liability of Bhekisizwc < Pty) Ltd for the year of assessment ended 3 1 January 2023
1.00 assuming the gross income of the company is R654 200. it has incurred tax deductible expenditure of R317 400 and it
is not a small business corporation or a micro business.
V FJjg qucsi h m i
R94 304
R90 936
R336 800
d. R183 176
Question 7 Tlte year of assessment of Bhekisizwc (Pty) Ltd ends on 31 December. O n which date docs the company have to
Complete make its first provisional tax payment for the 2023 year of assessment?
M ark 1.00 out of
i.txi □. 30 June 2023.
T 1 Lie question b. 31 December 2023.
c. 31 December 2022.
d. 30 June 2022.
Question 8 Ngwenya (Pty) Ltd in December 2022, sponsored a national weightlifting championship with branded equipment
Complete (displaying their logo) worth R240 000. How much can Ngwenya (Pty) Lid deduct from its income for the year of
assessment ended 28 February 2023.
M ark 2.00 out of
2.00
a. R24 000
V El questfcori!
b. R240 000
c. R 120 000
d. R nil
Question 9 Ngwenya (Pty) Ltd advertises its prtHlucis on television. It pays a premium once a year. O n I July 2022 it paid R880
Complete (KM) for advertisements that will be aired until 30 June 2023. How much is deductible by Ngwenya (Pty) I id in
determining it's taxable income for the year of assessment ended 28 February 2023.
Mark 2.00 out of
2.00
a. R nil
F Flag question
b. R586 667
c. RIOOOOO
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