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TAX1501 ASSESSMENT 6 SEM 2 OF 2023 EXPECTED QUESTIONS AND ANSWERS

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THIS DOCUMENT CONTAINS TAX1501 ASSESSMENT 6 SEM 2 OF 2023 EXPECTED QUESTIONS AND ANSWERS. USING IT CORRECTLY AS A GUIDE WILL HELP YOU SCORE ABOVE 75%

Vista previa 4 fuera de 372  páginas

  • 30 de octubre de 2023
  • 372
  • 2023/2024
  • Examen
  • Preguntas y respuestas

2  reseñas

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Por: mbalimangadi • 1 año hace

I FAILED THE ASSESSMENT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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Por: Oustandingtutors • 1 año hace

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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
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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
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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
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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.

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