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Compute the capital transfer tax that would be payable assuming Mr . Monametsi dies today. Details of Mr . Monametsi s assets and liabilities were
Compute the capital transfer tax that would be payable assuming Mr Monametsi dies today. Details of Mr Monametsis assets and liabilities were as follows:
i The family house which originally cost P in March and now has a market value of P The house was acquired through a mortgage. The balance outstanding on the mortgage was P The family house was bequeathed to Blessing his wife.
ii A VW Touareg vehicle which cost P in The market vehicle of the vehicle P The car was bought through a Stanbic Bank loan and the outstanding loan was P The motor vehicle was bequeathed to Kagiso.
iii Personal possessions and chattels with a total market value of P was bequeathed to Blessing.
iv Monametsi has a life assurance policy of P The proceeds from the policy is to be shared equally between Bakang and Kagiso.
v A joint bank account with Blessing his wife of P His share of the bank account is bequeathed to Bakang.
vi A house in Kumakwane which has a market value of P The house will be left to Bakang and Kagiso jointly.
vii A house in Phase originally cost P in August and now has a market value of P The house was acquired through a mortgage. The balance outstanding on the mortgage was P The house was bequeathed to Blessing,
iix A house in France valued at P to Noel his step son domiciled in France.
ix A Nissan Navara with a market value of P was bequeathed to Blessing.
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