Question
The cost incurred by the taxpayer in moving assets from one location to another also form part of the cost of the asset. Select one:
- The cost incurred by the taxpayer in moving assets from one location to another also form part of the cost of the asset.
- Select one:
- True
- False
2.Deposits that construction companies receive in advance for work has not yet been performed will be included in gross income.
- Select
- True
- False
3.Allenby Ltd bought six new apartments on 1 June 2022 in a residential building situated in the centre of Cape Town at a cost of R 1500 000 each, all the apartments were rented from 1 August 2022. The allowance that can be claimed by Allenby Ltd for the current year of assessment is:
- A. R 4950 000
- B. R 450 000
- C. R 247 500
- D. R 1800 000
4.The tree important dates when dealing with foreign exchange transaction is:
- A. realisation, termination, translation
- B .translation, termination, translation
- C. translation, translation, realisation
- D. translation, realisation, termination
5. Prepaid expenses are fully deductible and there are no limitations to this deduction.
- Select one :
- True
- False
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started