QUESTION $1(60$ marks, $105$ minutes$)$James Molokoane $($James$)(45$ years ald$)$ is the operations director tor a South African gold mining com$-$pany $($GoldCo$),$ in which he owns $55$ percent of the sharehalding. The remaining $45$ percent shareholdingRose Moiokoane $($Resel TheuhaueIncome$/$receipts$/$benefitsSalary$\_-$James is responsible for the mining operation$-$strategies of the gold mines in South Africa.Details of James and Rose's incomelreceiptsbenefits and expenses$/$contrbutions tor the $2022$ vear ofUse of a company vehicleAccommodatonSale of gald coinsRcontributionsMedical expernareent tundCurent contributions to retirement annuityNotes:Use of company vehicleJames paid the fallowing expenses for the year af assessment:Fuel for all private purposessuranoe premiumsTyresAccommodationJames has the right of use of a company vehicie from $1$ March $2021$ to vist the mining sies,aendQUESTION$1($continued$)$Rental income and expenditurePToperty rates and taxes.Rose incurred the following expenses during the $2022$ year of assessmentRose, a stay$-$at$-$home mother, also received the use of a company vehicle for the full year ofassessment. The company vehicle was purchased on $1$ March $2021$ at a cost of R$250000($VATpald all the vehicke evnanne te Pan. Koe dd rot keep a logbook The company$4.$ Sale of gold coinsTest $3$ Juy $2022$omuy or property toGaldCa provided James and his family with residential accommodation for the full year of assess$-$ment. The tive$-$foomed house, awned by GaldCo, was nat fumished and James is responsible forthe power usage. You may assume James' remuneration proxy for the previous year of assessment$6$Keplacplacement of the kitchen's linoleum $($plastic$)$ tiles with terracota $($clay$)$ tlesConversSion of veranda to a sunroomtrom the communal estate of James and RogeaeDividendNotesMedical expenditureTAX$3761$Was k$1100000$ James incurred costs of R$7500$ during the year of assessment to repair a garageRetirement fund contributionsRose owns a residental property, which she rents out for R$10000$ per manth. Rose already recelvedIhe rent for March by the end of February $2022.$QUESTION$1($continued$)$REQUIRED:$1000000300000120000384000$gaid cons$32000120007000$Test $3$ JuN $2022$James recehved the gald coins as a donation fram his father titeen years ago at a market value of$2022$ tor R$0000$ The onld coins oroinal cnst his tather R$10000$hen he nurrhased tona. Galculale dames oo nt ie et euiect to tayor not allowable as a deduction,b$.$ Jamesis considering purchasing a residence for him and his family, similar to the $|$prepared to sell the residence to James and he is considering purchasing t tromGoksCo at market value.AX$376$Using the intormation provided above, discuss the possible options available toirnance the purchase ar he Goldca resdence, inciudng where Godca can assstall the aptans available. Start each opion under a separate heading and da notshow any calculatons.GoldCa declared and paid a total dividend ot R$500$ o$001$o its shareholders during the current year ofassessment.M menbe the tami has a disahli as defioet Total medical ad cooribuons anounier nR$168000($R$14000$ per month$)$ for the year of assessment. James is responsible tor paying $2/3($twaThe medical aid fund dd oot cover R$15000$ worth of sundry presciption medicines that James hadlo pay tor himself$50014000$t fund contribeGaidta and dames each made provident tunc contrutone amaunung to ke oo during the yearassume that his gross remuneration amounted to R$1675000.$ James has a balance af retirementcontributions of R$22000$ that were nat alowed as a deduction in the previous year of assessment$\mathrm{.}60000$Test $3$ Juy $2022$TAX$3761$MARKS$50$funda cost of RA$50000($VAT exclusve$)$ and ls subject to a five$-$year or $100000$ km maintenance plan.James a logbook$,$ tor the period tram $1$ Narch $202$ unl the end of the year of assessment, indicated$31$ Ma