Russell , Alexander, and Oliphant from a corporation and elect to treat it as Y- Corporation. Their capital structure is in the ratio 1:2:3. Their corporation reported R600 000 profits, and their annual turnover was above R800 000 current threshold.
a) What is the corporation's taxable income and calculate the tax liability for the corporation?
b) Compute the tax liability for each shareholder.
c) Compute the tax liability for each shareholder.
d) Assume that the annual turnover was below the current K800 000 threshold, Calculate the tax liability for each stockholder.