Daniella sold two assets during the current year of assessment. She had an aggregate capital gain of R200 000. She has a carried forward assessed capital loss R45 000. YOU ARE REQUIRED to calculate Daniella's taxable capital gain that will be included in the taxable income calculation for the current year of assessment.a.R155 000b.R200 000c.R115 000d.R46 000

During the current year of assessment Fellen sold her primary residence for R7 500 000. It was purchased on 1 June 2006 for R3 780 000. She incurred commission costs on the sale of property of R67 500. YOU ARE REQUIRED to calculate the taxable capital gain to be included in Fellen’s taxable income because of the sale of the primary residence. You may assume that she did not sell any other capital asset.a.R1 652 500b.R1 612 500c.R3 652 500d.R645 000

Leeanda is 56 years old. During the current year she sold her property. The taxable capital gain was correctly calculated to be R148 236. This taxable capital gain will be included in:a.Taxable incomeb.Net incomec.Incomed.Gross incomeClear my choice

During the current year of assessment Daniella sold an asset that was acquired before 1 October 2001. The selling price is greater than all the costs incurred on the asset. The Market Value of the asset was determined on 1 October 2001. The Time-Apportionment Base (TAB) cost is greater than the Market Value on 1 October 2001 and 20% of the Proceeds less allowable costs incurred on or after 1 October 2001. Daniella can prove all the costs incurred before and after 1 October 2001. The Base Cost of the asset is:a.Time-Apportionment Base (TAB) cost plus all costs incurred after 1 October 2001.b.Time-Apportionment Base (TAB) costc.The Market Value on 1 October 2001d.The Market Value on 1 October 2001 plus all costs incurred after 1 October 2001.

Jennings bought an asset before 1 October 2001. During current year of assessment, she sold the asset for R500 000. She did not keep an accurate record of the expenditure or the cost of the asset. The Market Value of the asset on 1 October 2001 was R600 000. YOU ARE REQUIRED to determine the base cost of the asset.a.The base cost is limited to the Proceeds of R500 000 because the Proceeds are less than the Market Value.b.R200 000, the base cost is 20% of the (Proceeds less cost incurred after 1 October 2001) plus expenditure incurred after 1 October 2001. This is also known as an anti-avoidance measure.c.The base cost is R600 000, the Market Value of the asset on 1 October 2001. Jennings can use the Market Value even if it creates a loss.d.The base cost is R100 000 which is the Market Value of the asset on 1 October 2001 less Proceeds of R500 000 as the sale of this asset cannot create a loss.

• Chairs-R-Us Incorporated reported a net capital loss of $25,000 in year 4. It reported net capital gains of $10,000 in year 3 (before any capital loss carryback) and $20,000 of net capital gains in year 5 (before my capital loss carryovers). Chairs-R-Us Incorporated did not report any net capital gains or losses in years 1 or 2. What is the amount and nature of the book-tax difference in year 5 related to the net capital loss arryover? • Multiple Choice $15,000 favorable $20,000 favorable $25,000 favorable None of the choices are correct.