Nothile Zibu is the owner of Zi eN Pty Ltd and she purchased trading stock in year 1 at a cost of R364 000. Nothile did not make any sale during year 1 , she then sold trading stock for R500 000 in year 2 and was only allowed to claim up to R250 000 of the cost in year 2 , the remaining balance will only be claimed in year 3 . Required: You are qualified tax advisor and Nothile has asked you to advise on the tax consequences for the above years of assessment. Show all your calculations and mention all the applicable Acts/Sections that relates to the figures.
Nothile Zibu is the owner of Zi eN Pty Ltd and she purchased trading stock in year 1 at a cost of R364 000. Nothile did not make any sale during year 1 , she then sold trading stock for R500 000 in year 2 and was only allowed to claim up to R250 000 of the cost in year 2 , the remaining balance will only be claimed in year 3 . Required: You are qualified tax advisor and Nothile has asked you to advise on the tax consequences for the above years of assessment. Show all your calculations and mention all the applicable Acts/Sections that relates to the figures.
Chapter6: Corporations: Redemptions And Liquidations
Section: Chapter Questions
Problem 41P
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(M2).
Nothile Zibu is the owner of Zi eN Pty Ltd and she purchased trading stock in year 1 at a cost of R364 000. Nothile did not make any sale during year 1 , she then sold trading stock for R500 000 in year 2 and was only allowed to claim up to R250 000 of the cost in year 2 , the remaining balance will only be claimed in year 3 . Required: You are qualified tax advisor and Nothile has asked you to advise on the tax consequences for the above years of assessment. Show all your calculations and mention all the applicable Acts/Sections that relates to the figures.
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT