tax 2b

INFORMATION: Dental CC has a net income from operations (before the sale of capital assets) of R241 000 for the current year of assessment. Dental CC sold two assets during the year. The sale of the first asset realised was purchased for \\( R 100 \\) 000 and sold for R260 000. The sale of the second asset resulted in a capital loss of R30 000. In the previous year of assessment, Dental CC had an assessed capital loss of R40 000. Required: Calculate Dental CC's tax liability for the current year of assessment. (15 marks) 4.2 Annuities paid to former partners who refire on the grounds of old age or ill health are deductible, however, there are certain provisions which need to be met. What are these provisions