Nico (age 22), a South African tax resident, sold his rights in a recording of a worldwide
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Question:
Nico (age 22), a South African tax resident, sold his rights in a recording of a worldwide hit to a local record company for R4 000 000 in the current year of assessment. The market value of the recording rights was R6 000 000 at the time of the disposal and SARS accepted this as a fair and reasonable value. You may assume that no other donations were made during the year. Indicate the correct answer: A. There will be no donations tax payable. No donation took place B. Nico is liable for donations tax of R80 000 C. Nico is liable for donations tax of R380 000 D. Nico is liable for donations tax of R400 000
Related Book For
Modeling the Dynamics of Life Calculus and Probability for Life Scientists
ISBN: 978-0840064189
3rd edition
Authors: Frederick R. Adler
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