5 John bought a second property on 01/07/2007 for R800 000 and have spend R200 000 on maintenance and R700 000 on improvements up to the date of sale 31/12/2017 for a selling price of R2 000 000. The estate agents commission was 7%. Johns other taxable income for the year was R360 000. Calculate the amount of tax that John would be liable for the 2018 tax year (15)

Answer rating: 100% (QA)

To calculate the amount of tax that John would be liable for in the 2018 tax year we need to determi... View the full answer