Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jack, 6 2 years old, a resident of South Africa, disposed of a few items in 2 0 2 2 . He was unsure on

Jack, 62 years old, a resident of South Africa, disposed of a few items in 2022. He was unsure on how to calculate the capital gains on the disposal and requested assistance on the calculations
Bought a home for R3200000 on 1 January 2019. He spent R800000 renovating. Other costs incurred:
Rates and taxes R 22500
Transfer costs R 100000
He sold it on the 31 December 2022 for R5000000 as he was relocating
He acquired shares for R55000 as long-term investment in 2014 and decided to dispose of the shares for R105000 in 2022.
On 1 June 2022 Jack, who was the owner of OMG Ltd decided to sell his business for R2000000 as he was going to pursue other interests (market value a time of sale is R4000000.)
He also sold the following assets:
Gold Jewellery R65000
Proceeds from Long term insurance policy R155000
Capital loss as at 31 December 2021 is R85000
Calculate the taxable gain for the year ended 31 December 2022.

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