genrate answer in 3 steps with explantion in aech steps and each step by step and make some good headings , explanation, and final solution also 3.1 State which person/s are specifically excluded and disqualified as micro-businesses?3.2 Define turnover tax and state which receipts are excluded from qualifying turnover?3.3 DJ Ltd is a business corporation that manufactures and supplies goods. Mr Dave does not hold shares orinterest in any other company The following is summary of income and expenditure for the year ended 28February 2023:Gross incomeInterest IncomePurchase of machinery (brought into use immediately)Office Equipment purchasedR 3 000 000R 275 000R 225 000R 2 000 000Calculate the tax due by DJ Ltd for the year ended 28 February 2023. The taxpayer chooses the mostpreferential wear and tear allowance? Discuss whether the DJ Ltd qualifies as a SBC?

Explanation:- Step 1: Identify Public Companies and State-Owned Entities: Public companies and…

Answered: 3.1 State which person/s are…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter14: Choice Of Business Entity—operations And Distributions

Section: Chapter Questions

Problem 14P

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CONCEPTS IN FED.TAX., 2020-W/ACCESS

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L