Question: QUESTION 4 ( 2 3 Marks ) Jake, 6 2 years old, a resident of South Africa, disposed of a few items in 2 0

QUESTION 4(23 Marks) Jake, 62 years old, a resident of South Africa, disposed of a few items in 2024. He was unsure on how to calculate the capital gains on the disposal and requested assistance on the calculations. 1. He bought a home which he used for his primary residence for R2400000 on 1 January 2019.He spent 600000 renovating. Other costs incurred - Rates and taxes R 22500 and borrowing costs R 85000.He sold it on the 31 December 2024 for R4000000.2. He bought land for farming purposes on 1 January 2020 for R2800000 and decided to dispose of the land on1 September 2024 for R3000000.3. He donated his holiday home in Cape Town on 1 December 2024 to his spouse. It was bought on 1 January 2022 for R2400000 and market value at the date of donation of R2550000.4. He acquired shares for R75000 as long-term investment in 2014 and decided to dispose of the shares for R105000 in 2024.5. In January 2025, he won R125000 at the casino. He also sold the following assets: 6. Sale of Mercedes Benz R450000.7. Sale of Persian carpets R22500.8. Sale of Antique furniture R102500. Jake had a capital loss from the previous year of assessment amounting to R25000. REQUIRED: Calculate the taxable gain for the year ended 28 February 2025.

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