$2$

QUESTION $8\mathrm{.}2(17$ marks, $31$ minutes$)$

Sherry Jones $(59$ years old$),$ a qualified chartered accountant, decided to emigrate to the United Kingdom. The move occurred at the end of the $2024$ year of assessment after she disposed of most of her assets.

Details of the disposals are as follows:

Sherry has been the sole proprietor of a private consulting business for the past seven years. She managed to sell the business during the year of assessment for R$3400000.$ Sherry correctly determined that the cost of acquiring and creating the business amounted to R$600000.$

Sherry made a capital gain of R$30000$ on the sale of a painting. The painting had decorated Sherry's living room.

Sherry lived in her house in Waterkloof $($Pretoria$)$ for $23$ years. She purchased the house initially for $R700000.$ Additional legal fees and transfer duty amounted to $R50000$ at the time of purchase. She made improvements prior to $1$ October $2001$ of R$200000.$ Assume on $1$ October $2001$ the market value of the house was R$1200000$ and the time$-$apportionment base cost was R$1142000.$ She installed a sprinkler system during October $2014$ at a cost of R$10000.$ She sold the house in February $2024.$ She received the net amount of R$2200000$ after the deduction of agent's commission of R$180000.$ Sherry always used $5\%$ of her house for business purposes.

$\backslash$table$[[$REQUIRED$,$Marks$],[$Calculate Sherry's taxable capital gain or assessed capital loss for the year ended,$],[29$ February $2024.$ Sherry has an assessed capital loss of R$55000$ brought forward,$],[$from the previous year of assessment.,$17]]$