Summary PAPER 2 - ADMISSION FOR ATTORNEY - WILLS AND ESTATES

ESTATE DUTY
ASSETS AS PER LIQUIDATION ACCOUNT R


LESS: 30% farming undertaking R


LESS: Life policy with NO beneficiary R


LESS: Difference in private shares (what the shares were sold for -
R
(number of shares x price per share)/ valued at).


LESS: Spouse half share if married in COP R


LESS: Funeral Expenses R


R


ADD DEEMED PROPERTY


Donations R


Accrual claimed received R


Life policy with a named beneficiary R


Life policy with no beneficiary R


R


LESS: SECTION 4 ALLOWABLE DEDUCTIONS


Liabilities R


Charitable bequests R


Life policy where the surviving spouse is the names beneficiary R