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  • TAX3703 - Taxation Of Estates
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Tax3703 Assignment 2 Semester 1 Of 2022

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TAX3703 ASSIGNMENT 2 SEMESTER 1 OF 2022



Question 1



Calculation of the Value of usufruct for Estate Duty



Fair Value of the farm 6 000 000

Annual Value (6000 000*12%) 720 000

Lungile’s next birthday 46 years

Capitalisation factor 7.81924

Value of Usufruct per general rule (7.81924*720 000) 5 629 853



1st proviso (Lungilo paid bequest price)

Consideration amount 1 000 000

Period from when consideration was paid 7

Value of Consideration plus 6% interest (1000 000*(1.06) ^7 1 503 630

Value of usufruct is therefore limited to (5629853-1503630) 4 126 223



2nd Proviso (Baredominium holder acquired full ownership)

Value of usufruct when Anno died (4000 000*12%*7.25457) 3 482 194



Therefore, Value of Baredominium (6000 000-3482 194) 2 517 806



Value of Usufruct is the smallest 2 517 806

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