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Summary Tax3761 exam 2024 solutions

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Tax3761 exam 2024 solutions

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University Of South Africa (Unisa)
Course
Taxation of business activities and Individuals








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Taxation of business activities and Individuals
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Tax3761 exam 2024

, QUESTION 1

Part A



Adjusted Taxable Income Calculation:



Starting point: R19,500,000



*Adjustments:*



1. Trading Stock:



- Donation: R270,000 (2 cars x R135,000) – exempt (s18A)

- Closing stock: R2,640,000 (20 cars x R132,000) – deduct

- Trading stock adjustment: R2,640,000 – R1,750,000 = R890,000 (deduct)



Adjusted taxable income: R19,500,000 – R890,000 = R18,610,000



1. Warehouse:



- Construction cost: R8,000,000 – capitalize (s11€)

- No depreciation claimed yet, as completed on 20 February 2024



No adjustment



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