Tiakies Limited has an assessed loss of R420 000 from the year ended 30 June 2021....

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Tiakies Limited has an assessed loss of R420 000 from the year ended 30 June 2021. During the 2022 tax year the company earned a gross income of R480 000 and incurred deductible expenses of R110 000. One creditor, to whom the company owed R120 000, agreed to accept the lesser amount of R90 000 in full and final settlement. Questions: Q.6.1 Calculate Tinkies Limited's taxable income or assessed loss for the 2022 tax year. Assume ring fencing is not applicable. Assume that the 80% limitation is not effective. Round your calculations to the nearest Rand. Tiakies Limited has an assessed loss of R420 000 from the year ended 30 June 2021. During the 2022 tax year the company earned a gross income of R480 000 and incurred deductible expenses of R110 000. One creditor, to whom the company owed R120 000, agreed to accept the lesser amount of R90 000 in full and final settlement. Questions: Q.6.1 Calculate Tinkies Limited's taxable income or assessed loss for the 2022 tax year. Assume ring fencing is not applicable. Assume that the 80% limitation is not effective. Round your calculations to the nearest Rand.

Answer rating: 100% (QA)

Step 1 A Gross Income R480000 B Deductible Expenses R110000 C ... View the full answer