Question $2$

$(25$ Marks$)$

Triumph Ltd has provided you with the following information pertaining to its income and expenses, profits and losses for the year:

Gross income: R$5000000$

Tax$-$deductible expenses: R$2200000$

Capital gain on sale of shares in See Ltd amounted to R$500000$ and the capital gain on sale of shares in Zee Ltd was R$400000.$ However, the company sustained a capital loss in sale of shares in Gee Ltd of R$350000.$

The company disposed of gold coins that was purchased for R$90000$ on $1$ July $2020$ for R$140000.$

The directors sold the company's fishing boat which was $9$ meters in length for R$120000.$

Triumph Ltd has an assessed loss of R$200000$ carried forward from the previous year of assessment.

The company tax rate is $28\%.$

Required:

$2\mathrm{.}1$ Calculate the tax payable by Triumph Ltd as at $28$ February $2023.$

$(21$ marks$)$

$2\mathrm{.}2$ Briefly discuss when capital gains may be taxed on a disposed asset should the Roll$-$over requirements $(4$ marks$)$ be met.