Question [20 marks] [36 minutes] Throughout their 2021 year of assessment, the shareholdings in the Meet...

   

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Question [20 marks] [36 minutes] Throughout their 2021 year of assessment, the shareholdings in the "Meet" Group of Companies was as follows: Butchery Ltd Lamb Itd (see below) Beef Itd (see below) Pork Itd Mitchell Loin Simon Rump Roxanne Porterhouse Nigel Mutton (Director of butchery Itd) Members of the General Public Beef Itd Lamb Itd (see below) Rowan Porterhouse Roxanne Porterhouse (wife of Rowan Porterhouse) Ruby Porterhouse (minor daughter of Rowan & Roxanne Porterhouse) Cyril Brisket Simon Rump Mitchell Loin Mike Loin (director of beef Itd and husband of Mitchell Loin) Pork Itd Lamb Itd (see below) Ivan Hock (director of Pork ltd) Beef Itd (see above) % 5 30 30 3 10 2 10 10 100 % 20 2 9 4 14 37 10 4 100 % 19 51 30 100 Lamb 5,20 جارہا 44 BEEF Lamb ltd Mitchell Loin (director of lamb ltd) Rowan Porterhouse (director of lamb ltd) Roxanne Porterhouse (wife of Rowan Porterhouse) Nigel Mutton Saddle (Pty) Itd (see below) Saddle (Pty) Itd Fillet Itd (see below) Fillet Itd Members of General Public Denzil Chump-chomp (director of Fillet Itd) % 5 17 12 15 51 100 % 100 100 % 60 40 100 None of the companies in the "Meet" group of companies is listed on a recognized stock exchange. All companies are residents of Namibia. YOU ARE REQUIRED TO: a) Determine whether or not Butchery Ltd is classified as a public company or private company for tax purposes. (20 marks) Question [20 marks] [36 minutes] Throughout their 2021 year of assessment, the shareholdings in the "Meet" Group of Companies was as follows: Butchery Ltd Lamb Itd (see below) Beef Itd (see below) Pork Itd Mitchell Loin Simon Rump Roxanne Porterhouse Nigel Mutton (Director of butchery Itd) Members of the General Public Beef Itd Lamb Itd (see below) Rowan Porterhouse Roxanne Porterhouse (wife of Rowan Porterhouse) Ruby Porterhouse (minor daughter of Rowan & Roxanne Porterhouse) Cyril Brisket Simon Rump Mitchell Loin Mike Loin (director of beef Itd and husband of Mitchell Loin) Pork Itd Lamb Itd (see below) Ivan Hock (director of Pork ltd) Beef Itd (see above) % 5 30 30 3 10 2 10 10 100 % 20 2 9 4 14 37 10 4 100 % 19 51 30 100 Lamb 5,20 جارہا 44 BEEF Lamb ltd Mitchell Loin (director of lamb ltd) Rowan Porterhouse (director of lamb ltd) Roxanne Porterhouse (wife of Rowan Porterhouse) Nigel Mutton Saddle (Pty) Itd (see below) Saddle (Pty) Itd Fillet Itd (see below) Fillet Itd Members of General Public Denzil Chump-chomp (director of Fillet Itd) % 5 17 12 15 51 100 % 100 100 % 60 40 100 None of the companies in the "Meet" group of companies is listed on a recognized stock exchange. All companies are residents of Namibia. YOU ARE REQUIRED TO: a) Determine whether or not Butchery Ltd is classified as a public company or private company for tax purposes. (20 marks)

Answer rating: 100% (QA)

ANSWER Butchery Ltd is classified as a private company for tax purposes EXPLANATION A ... View the full answer