QUESTION 7 Which of the following statements relating to intestate succession are correct? (i) A person dies intestate if the person did not have a will, or his/her will is entirely, or partially, invalid. (ii) A childs share is calculated by dividing the estate by the number of surviving spouses, and surviving and deceased children, of the deceased. (iii) Adopted children can inherit intestate from their adoptive parents. a. (i) b. (i) and (ii) c. (i) and (iii) d. (i), (ii) and (iii) e. None of the above QUESTION 8 Which of the following statements relating to donations tax are correct? (i) A company can donate R100 000 per year to any person, without incurring donations tax. (ii) The percentage of donations tax payable, is a flat rate of 20% of the value of the donation, irrespective of the value of the donation. (iii) The person receiving the donation is always liable for the payment of donations tax. a. (i) and (iii) b. (i) and (ii) c. (ii) and (iii) d. (i), (ii) and (iii) e. None of the above QUESTION 9 Which of the following statements relating to companies are correct? (i) To raise funds for a new project, CoCorp (Pty) Ltd (CoCorp) advertises for the sale of its shares in its local newspaper. CoCorp is acting in contravention of its memorandum of incorporation by offering its shares to the public. (ii) John Smith and Peter Smith are the current directors of CoCorp. As directors, they are automatically jointly and severally liable for all CoCorps debts and liabilities, while they are company directors. (iii) John Smith and Peter Smith are directors of CoCorp. They may not be appointed as directors of other companies while they are CoCorps directors. a. (i) b. (i) and (ii) c. (ii) and (iii) d. (i), (ii) and (iii) e. None of the above QUESTION 10 Which of the following statements relating to provident funds are correct? (i) For a person to be a member of a specific provident fund, the persons employer must be a participating employer in the fund, and the person may only be a member of the fund whilst he or she is in the employment of the participating employer. (ii) If a provident fund member retires today, assuming the total benefit is R1 million, the member may withdraw the entire benefit in cash. (iii) A provident fund member may deduct his/her contributions to the fund up to a maximum of 27.5% of the lower of his/her taxable income, or remuneration, subject to an annual maximum of R350 000. a. (i) b. (i) and (ii) c. (ii) and (iii) d. (i), (ii) and (iii) e. None of the above