TAX 2601 ASSIGNMENT 3 OF 2022 SEMESTER 1
Question 1
Gross income definition
Total amount in cash or otherwise The total amount in cash is R3 400 000 and
R600 000. Lever Brother case law the word
amount includes any form of property with an
ascertainable monetary value including debt
and rights.
Received by or accrued to or in favour of such R3 400 000 already received on 15 February
resident 2022. Geldenhuys case law the amount is only
included in gross income by a taxpayer only if it
is received by him on his own behalf, for his
own benefit. R3 400 000 already received by
Construct (Pty) Ltd for own benefits.
R600 000 is not yet received or accrued,
because it will be paid when engineer issues a
final certificate. Mooi case law accrued to is
equal unconditionally entitled to the amount.
R600 000 is conditionally entitled to Construct
(Pty) Ltd if engineer issues a final certificate
therefore it is not accrued.
FOR ACCADEMIC NEEDS CONTACT /0651609781
Question 1
Gross income definition
Total amount in cash or otherwise The total amount in cash is R3 400 000 and
R600 000. Lever Brother case law the word
amount includes any form of property with an
ascertainable monetary value including debt
and rights.
Received by or accrued to or in favour of such R3 400 000 already received on 15 February
resident 2022. Geldenhuys case law the amount is only
included in gross income by a taxpayer only if it
is received by him on his own behalf, for his
own benefit. R3 400 000 already received by
Construct (Pty) Ltd for own benefits.
R600 000 is not yet received or accrued,
because it will be paid when engineer issues a
final certificate. Mooi case law accrued to is
equal unconditionally entitled to the amount.
R600 000 is conditionally entitled to Construct
(Pty) Ltd if engineer issues a final certificate
therefore it is not accrued.
FOR ACCADEMIC NEEDS CONTACT /0651609781
