Mr Cash earned the following amounts during the 2022/2023 year of assessment. He is 67 years old and unmarried. Share of profits from a partnership R 700 000 Loan from partnership R 200 000 Interest earned on savings account R 22 500 Rental of second property R 77 000 Local dividends received R 10 000 He has contributed R30 000 to a retirement annuity fund during the 2022/2023 year of assessment. He paid interest on the loan from the partnership in the amount of R15 000 during the year of assessment. This loan was used to finance the acquisition of his second property which is rented out. Calculate his taxable income for the 2022/2023 year of assessment.

SWFT Comprehensive Volume 2019
42nd Edition
ISBN:9780357233306
Author:Maloney
Publisher:Maloney
Chapter27: The Federal Gift And Estate Taxes
Section: Chapter Questions
Problem 38P
icon
Related questions
Question

E3

Mr Cash earned the following amounts during the 2022/2023 year of assessment. He is 67 years old and unmarried.
Share of profits from a partnership R 700 000
Loan from partnership R 200 000
Interest earned on savings account R 22 500
Rental of second property R 77 000
Local dividends received R 10 000
He has contributed R30 000 to a retirement annuity fund during the 2022/2023 year of assessment. He paid interest on the loan from the partnership in the amount of R15 000 during the year of assessment. This loan was used to finance the acquisition of his second property which is rented out.
Calculate his taxable income for the 2022/2023 year of assessment.

Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Knowledge Booster
Wealth Planning and Strategies
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
SWFT Comprehensive Volume 2019
SWFT Comprehensive Volume 2019
Accounting
ISBN:
9780357233306
Author:
Maloney
Publisher:
Cengage
SWFT Corp Partner Estates Trusts
SWFT Corp Partner Estates Trusts
Accounting
ISBN:
9780357161548
Author:
Raabe
Publisher:
Cengage
SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
Accounting
ISBN:
9780357391723
Author:
Maloney
Publisher:
Cengage
CONCEPTS IN FED.TAX., 2020-W/ACCESS
CONCEPTS IN FED.TAX., 2020-W/ACCESS
Accounting
ISBN:
9780357110362
Author:
Murphy
Publisher:
CENGAGE L
Income Tax Fundamentals 2020
Income Tax Fundamentals 2020
Accounting
ISBN:
9780357391129
Author:
WHITTENBURG
Publisher:
Cengage
SWFT Essntl Tax Individ/Bus Entities 2020
SWFT Essntl Tax Individ/Bus Entities 2020
Accounting
ISBN:
9780357391266
Author:
Nellen
Publisher:
Cengage