Jeffrey (59 years old), a successful businessman, disposed of his assets during the 2022 tax year, when he decided to retire to the tranquillity of Bredasdorp. Below follows a list of the proceeds and associated costs incurred by Jeffrey, with corresponding dates. Costs incurred Date incurred Total Proceeds Date sold House in Pretoria - Purchase price / sale of house R3 million 1/10/2000 R7.5 million 30/9/2021 - Additional acquisition costs on purchase of house R130 000 1/10/2000 - Sales commission paid on sale of house R300 000 30/9/2021 - Swimming pool R200 000 30/6/2006 Cost to close-up pool R80 000 1/11/2018 Business R4 million 15/6/2006 R8 million 31/1/2022 Boat (15 metres) - Purchase cost & proceeds on sale of boat R350 000 15/11/2001 R850 000 15/10/2021 - Transporting the boat to the buyer R50 000 14/10/2021

Additional information:

House in Pretoria primary residence

Jeffrey has always made use of a home office to work from for business purposes. His home office comprised 10% of the total floor space of the house.

- The pool was built for his children, but when they had all moved out of home, he decided to have the swimming pool filled with soil and covered it with grass.

- On 1 October 2001, the houses market value was R3 900 000 and the time-apportionment base cost, correctly calculated, was R4 100 000. Business:

- Jeffrey purchased the franchise and was actively involved in the operations of the franchise.

- The franchise is a small business as defined. Boat: - The boat was used for private purposes only. - As the buyer was based in Durban Jeffrey agreed to transport the boat to Durban at his own cost on sale of the boat.

REQUIRED: MARKS Calculate Jeffreys taxable capital gain/(capital loss) for the 2022 year of assessment. 15