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 Marks Jake, years old, a resident of South Africa, disposed of a few items in He was unsure on how to calculate the capital gains on the disposal and requested assistance on the calculations. He bought a home which he used for his primary residence for R on January He spent renovating. Other costs incurred Rates and taxes R and borrowing costs R He sold it on the December for R He bought land for farming purposes on January for R and decided to dispose of the land on September for R He donated his holiday home in Cape Town on December to his spouse. It was bought on January for R and market value at the date of donation of R He acquired shares for R as longterm investment in and decided to dispose of the shares for R in In January he won R at the casino. He also sold the following assets: Sale of Mercedes Benz R Sale of Persian carpets R Sale of Antique furniture R Jake had a capital loss from the previous year of assessment amounting to R REQUIRED: Calculate the taxable gain for the year ended February
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