Exam (elaborations)
LML4804 Assignment 1 Semester 2 2024 - DUE 26 August 2024
- Course
- LML4804 (LML4804)
- Institution
- University Of South Africa (Unisa)
LML4804 Assignment 1 Semester 2 2024 - DUE 26 August 2024 COMPLETE ANSWERS
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[Date]LML4804 Assignment 1
Semester 2 2024 - DUE
26 August 2024
QUESTIONS WITH COMPLETE ANSWERS
, LML4804 Assignment 1 Semester 2 2024 - DUE 26 August 2024
QUESTION 01 (Gross-income)
1.1 Freedom Movement Party (FMP) is a newly established political party which
was registered to contest 2024 National and Provisional elections. It concluded a
contract with Green Print Media House (Pty) Ltd (GP Media House). In terms of
the contract, GP Media House had to print 3000 3D posters on behalf of FMP
depicting the image of its leader for its campaign. GP Media House was also
expected to air FMP political advertisements through its media partners on radio
stations and television. On April 2024, FMP paid a deposit of R150 000 and
undertook to pay the remainder amount on 30 June 2024. After the conclusion of
national elections, FMP reviewed its performance on the national elections and
noted that it did not accumulate enough votes it hoped for. A report from the
external service provider appointed by FMP to investigate its poor performance,
concluded that FMP did not reach large audience. On August 2024, FMP wrote a
letter to GP Media House notifying the company that it will no longer pay the
outstanding amount to GP Media House and it also considered its options to sue
the company for its failure to honour the contractual obligations between the
parties. As part of the contractual obligation between the parties, FMP learned that
GP Media house failed to air its political adverts on radio station and television
according to the agreed dates. It transpired that FMP political advert was only aired
on radio station and television a day prior the date of the national elections. GP
Media House referred the matter to court to demand the outstanding amount owed
by FMP. The matter was set down for hearing for 05 October 2024. WHAT IS
REQUIRED OF YOU? With reference to tax law and case decision, discuss
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