Question: John Snow ( John ) ( 4 5 years old ) was married in community of property to Karen Snow ( Karen ) ( 3
John Snow John years old was married in community of property to Karen Snow Karen years old for years until the couple divorced on November Both are South African residents. Property Prior to the divorce, the couple lived in their home in Johannesburg, which they bought on January for R To cover this purchase price, they took out a bond with First Regional Bank FRB for which they paid R monthly. Of this, went towards capital, and the other went towards interest. The bond registration fee was R The monthly rates and taxes for the house are R covering electricity, water, and waste disposal as well. Johns employment John is employed as a business development director for Serve IT Pty Ltd an IT consulting company that provides software as a service and his work requires him to identify potential clients, establish relationships, prepare proposals, and meet with prospective clients. His monthly remuneration package for the current year of assessment was structured as follows: R Salary Cell phone allowance Travel allowance Note Employer contribution to medical aid Note Note : John kept an accurate logbook and travelled a total of km for the year of assessment, of which were for business. He drove a Land Rover Freelander, which he acquired for Rincluding VAT He spent R on fuel during the year, the car service cost was R He kept records of all expenses related to the car. Note : John is the main member of BeWell Medical Aid Scheme, with Karen being the sole dependent. He paid R per month towards the medical aid throughout the year, even after the divorce Karen was still listed as a dependent on the medical aid.
Required Calculate the capital gain or loss resulting from the sale of the property for each spouse. Provide reasons for any amounts that have a Rnil impact.
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