Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Compute the capital transfer tax that would be payable assuming Mr . Monametsi is deceased now Details of Mr . Monametsi s assets and liabilities

Compute the capital transfer tax that would be payable assuming Mr. Monametsi is deceased now
Details of Mr. Monametsis assets and liabilities were as follows:
(i) The family house which originally cost P1,110,000 in March 2006 and now has a market value of P2,150,000. The house was acquired through a mortgage. The balance outstanding on the mortgage was P760,000. The family house was bequeathed to Blessing his wife.
(ii) A VW Touareg vehicle which cost P780,000 in 2016. The market vehicle of the vehicle P444,000. The car was bought through a Stanbic Bank loan and the outstanding loan was P180,600. The motor vehicle was bequeathed to Kagiso.
(iii) Personal possessions and chattels with a total market value of P165,000 was bequeathed to Blessing.
(iv) Monametsi has a life assurance policy of P1,122,000. The proceeds from the policy is to be shared equally between Bakang and Kagiso.
(v) A joint bank account with Blessing his wife of P400,000. His share of the bank account is bequeathed to Bakang.
(vi) A house in Kumakwane which has a market value of P1,440,000. The house will be left to Bakang and Kagiso jointly.
(vii) A house in Phase 4 originally cost P1,152,000 in August 2008 and now has a market value of P1,680,000. The house was acquired through a mortgage. The balance outstanding on the mortgage was P672,000. The house was bequeathed to Blessing,
(iix) A house in France valued at P1,650,000 to Noel his step son domiciled in France.
(ix) A Nissan Navara with a market value of P396,000, was bequeathed to Blessing.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting

Authors: Michael J. Jones

2nd Edition

0470017791, 978-0470017791

More Books

Students also viewed these Accounting questions

Question

Create the basic ERD for the database shown in Figure.

Answered: 1 week ago

Question

What other requirements do they have for admission?

Answered: 1 week ago

Question

Briefly describe the five principles of succession planning.

Answered: 1 week ago

Question

What are the disadvantages of succession planning?

Answered: 1 week ago