Question 3 Angie decided to buy property at Ernie Els' golf estate in Oubaai. In order for her to do that she will have to sell the following assets: a 9-meter yacht; an aircraft (with an empty mass exceeding 450 kilograms); her primary residence; listed shares in SAB Miller; and Mercedes Benz 500SL. 9-meter yacht She purchased the yacht on 20 January 2007 for R250 000 and sold the yacht on 31 January 2009 for R200 000. An aircraft (with an empty mass exceeding 450 kilograms) She purchased the aircraft on 1 December 2006 for R2 000 000 and sold the aircraft on 1 December 2008 for R2 500 000. Primary residence She purchased a residence for R850 000 in Sandton on 15 October 2005 and sold this residence on 1 February 2008 for R1 850 000. She used it solely as a primary residence. Listed shares in SAB Miller On 20 December 2008 she sold the shares for R670 000. The base cost of the shares for capital gains tax purposes was R520 000. Mercedes Benz 500SL She purchased the motor vehicle on 31 October 2006 for R 1 475 000 and sold the motor vehicle on 1 February 2009 for R1 380 000. Angie had a net capital loss of R20 000 for the 2008 year of assessment. Angie's taxable income before taking the above-mentioned into account amounted to R350 000 for the 2009 year of assessment. Required: Determine Angie's taxable income for the 2009 year of assessment, after taking the above transactions into account (clearly show the calculations of the capital gains or losses on each asset). [10] Question 3 Angie decided to buy property at Ernie Els' golf estate in Oubaai. In order for her to do that she will have to sell the following assets: a 9-meter yacht; an aircraft (with an empty mass exceeding 450 kilograms); her primary residence; listed shares in SAB Miller; and Mercedes Benz 500SL. 9-meter yacht She purchased the yacht on 20 January 2007 for R250 000 and sold the yacht on 31 January 2009 for R200 000. An aircraft (with an empty mass exceeding 450 kilograms) She purchased the aircraft on 1 December 2006 for R2 000 000 and sold the aircraft on 1 December 2008 for R2 500 000. Primary residence She purchased a residence for R850 000 in Sandton on 15 October 2005 and sold this residence on 1 February 2008 for R1 850 000. She used it solely as a primary residence. Listed shares in SAB Miller On 20 December 2008 she sold the shares for R670 000. The base cost of the shares for capital gains tax purposes was R520 000. Mercedes Benz 500SL She purchased the motor vehicle on 31 October 2006 for R 1 475 000 and sold the motor vehicle on 1 February 2009 for R1 380 000. Angie had a net capital loss of R20 000 for the 2008 year of assessment. Angie's taxable income before taking the above-mentioned into account amounted to R350 000 for the 2009 year of assessment. Required: Determine Angie's taxable income for the 2009 year of assessment, after taking the above transactions into account (clearly show the calculations of the capital gains or losses on each asset). [10]
