TAX3703 - Taxation Of Estates (TAX3703)

TAX3703
EXAM
PACK

, TAX3703
EXAM PACK


TABLE OF CONTENTS

MAY/JUNE 2014 .................................................. 3

OC/NOV 2014 ........................................................8

MAY/JUNE 2015 ....................................................14

OCT/NOV 2015 .......................................................17

, May / June 2014

Question 1

Estate Duty in Rose’s Estate



- Assets

- Flat in Cape Town 1700.000

- Motor Vehicle 250 000

- Fixed Deposit 340 000

- Accrual Claim 375 000

- Usufruct 2600 00 x 8,28170 =(21 532 420 = 479 992 value shall not exceed
the difference between

1) Market Value at cessation and ( 2600 000)
2) Value of Bare Dominiun when first acquired

Usufruct 9298008

23,44

= 396 673

Bare Domininun 1200 000 – 396 673

803 327

2600000 -803327

Difference 1796 673 479992

- Shares 600 000
- Life insurance Policy 800 000
Total Assets 4544 992
- Liabilities
- Tax Payable (366 290)
- Flat left to Husband ( 1700 000)
- Funeral Expenses (16 500)
- Executers Remuneration (95 000)