LML4804 Tax Law (LML4804)

LML4804 Assignment 1 Sem 1 2022. Question 1 In order to advise Mofokeng if the proceeds of the sale of the fixed property must be included in his gross income for the 2016/2017 year of assessment one has to start by analysing the definition of gross income and it various aspects. “Gross Income” “Gross income” is defined in Section 1 of the Income Tax Act 58 of 1962 which reads as follows: “‘gross income’ in relation to any year or period of assessment, means, i) in the case...

LML4804 - Tax Law Assignment 1 Semester 2 2021. GROSS INCOME There is no definition for “accrued to” and we would therefore have to consider case law to determine what the courts held to determine the meaning of the phrase. IN ategan v CIR (1926 CPD) It was held that the meaning of ‘accrued to’ was ‘entitled to’. An amount of gross income accrues to a taxpayer in the year of assessment in which he became entitled to an amount, irrespective of the fact that the amount may only ...

LML4804-TAX LAW PORTFOLIO 2021

1.1 Without considering the different years of assessments, discuss the capital gains tax consequences of the assets belonging to Mario. [10 marks] 1.2 Discuss the capital gains tax consequences of an asset belonging to Buhle. [5 marks] SUB-TOTAL FOR QUESTION 1 [15 marks] LML4804 September/November...

1.1 Without considering the different years of assessments, discuss the capital gains tax consequences of the assets belonging to Mario. [10 marks] 1.2 Discuss the capital gains tax consequences of an asset belonging to Buhle. [5 marks] SUB-TOTAL FOR QUESTION 1 [15 marks] LML4804 September/November...

A compilation of Past Question papers for LML4804 for the following years: 2016, 2019, 2020, 2021. There are NO Answers, Just Exam Question Papers Organised in descending order by years.

LML4804 - NEW Exampack (2021)

LML4804 - Notes (Summary)

1.1 The purchase price of the bricks will be included in Mr Nkomo’s gross income once it is accrued to him.The amount can be taxed either on receiving it or on its accrual. In Lategan v CIR the court held that, 1 the taxpayer is entitled to an accrued amount and the amount, which is payable in future, its present discounted value, and not its full amount, be included in the gross income. In CIR v Peoples Stores, 2 the taxpayer sold goods on cash and credit. Goods that was sold on c...