Violet Anamas is a dentist specialising in porcelain veneers and other cosmetic adjustments to a patients dental profile. Violet needs to prepare her tax return for the 2022 year of assessment and is uncertain as to what amounts need to be considered. She has approached you to assist her in the taxable calculation as a Namibian Tax guru from the University of Namibia. Violet has given you the following information for her 2023 tax year: INCOME EARNED FOR THE YEAR N$ A small manufacturing company in which she holds 25% of the shares liquidated in the current year paying out a distribution from which N$ 1 500 was paid out of capital reserves and the rest out of revenue reserves. 5 500 Sales that she had generated from her medical practice 1 250 600 Dividends from a South African technologies company. 17% of the distribution comprises out of capital reserves. 1 200 Waltons Namibia (Pty) Ltd, in which she owns 5%, out of a total issued share capital of 200 000, paid out a total dividend of N$ 350 000. N$ 150 000 was paid out of Retained Earnings and N$ 200 000 was paid out of the Share Premium account. ? Prime Printing Ltd had requested a share buyback at N$ 7/share. Violet owns 500 shares in Prime Printing. The nominal value of each share is N$ 1/share. 3 500 The Linen Company Ltd had issued a capitalisation issue at a total price of N$ 3/share. Violet owns 1,200 shares in the company that had financed the capitalisation issue using 40% from the share premium account. The nominal value of the capitalisation issue was also financed out of the Share Premium account. 3 600 Distributions received from a local co-operative society 1 879 As a shareholder of Bank Windhoek, Violet received an IPad as part of celebrating Bank Windhoeks 20th anniversary. At the time of receiving the gift, the IPad had a market value of N$ 12 500. Violet leases out two properties: 1. One in Cape Town, a small bachelor flat for a monthly rental of N$ 2 000. 2. The other a three-bedroom townhouse in Rocky Crest (Windhoek) for N$ 8 000 per month. The flat in Cape Town is immaterial to her medical practice that she is conducting in Windhoek. Both properties were purchased in the 2010 year of assessment. ? THE FOLLOWING EXPENSES WERE INCURRED Violet obtained a loan in order to buy the shares in Bank Windhoek and Prime Printing. The total interest paid on the loan was N$ 3 700 during the year. 3 700

Consumables, such as cotton swabs, syringes and ethanol etc. and other materials used in the supply of her services that were purchased throughout the year 25 780 The opening stock and closing stock of such consumables amounted to N$ 5 640 and N$ 3 440 respectively. - Salaries and Wages paid for staff working at the medical practice 322 100 Repairs and Maintenance on the above rental properties 1. Cape Town property: N$ 2 430 2. Rocky Crest property: N$ 6 310 8 740 During the year, on 31 May 2022 Violet purchased a patent from a German develop in the application of the porcelain veneers on her patients. The patent has a useful life of 5 years. 25 500 YOU ARE REQUIRED TO Calculate the taxable profit of Violet Anamas for the tax year ended 28 February 2023. (20 marks