Accounting Notes, Questions, and Study Resources

On 24 August 2024, Mr. Jacobs, a retired businessman aged 67, died in a motor accident. He was married out of community of property to his wife Sara (both are resident in South Africa). On 24 August 2024 he owned the following assets: 1. An Audi convertible with a market value of R^850 000. He bought the car on 1 January 2024 for R^1 380 000. This motor vehicle was bequeathed to his son, Rami. 2. A holiday flat in Plettenberg Bay with a market value of R^4,5 million. He had purchased the flat on 1 May 2001 for R^2,75 million. The market value on 1 October 2001 was R^3.4 million. In his valid will he bequeathed this asset to the Rahman Family Trust. The time apportionment based cost is estimated at R^3.1 million. 3. A 12 metre long yacht with a market value of R^3.4 million. It had originally cost him R^4.6 million in 2017. This yacht was bequeathed to the Sailing for Youth Foundation, an approved public benefit organisation. 4. His Gold Krugerrand coin collection with a market value of R^750 000. This were originally purchased by his father for R^150 000 and had a market value of R^450 000 when Mr Rahman inherited the coins on 1 September 2011. He bequeathed this collection to his surviving spouse. 5. His primary residence in Constantia with a market value of R^7.5 million. He owned this property jointly with his wife i.e. each owned 50%. They had purchased the property on 30 June 1998 for R^2.2 million. The market value on 1 October 2001 was R^3.45 million. In his will he left his share to his daughter on condition that she did not attempt to sell it until the death of his wife. REQUIRED: Calculate Mr Jacobs' taxable capital gain for the 2024 year of assessment. Give reasons if any exclusions applied.

The following assets, interests etc. were found in the joint estate: 1. 2. 3. A bona fide farm "Sure Mornridge" at open market value Proceeds of policy X on the life of the deceased, paid to the estate Premiums and interest on the policy amounted to R500 000. Solly took out the policy and also paid the premiums. R4 750 000 R2 350 000 Proceeds of policy Y on the life of the deceased, paid directly to the surviving spouse. R1 450 000 Premiums and interest on the policy amounted to R350 000. Solly took out the policy and also paid the premiums. 4. 5. 6. 7. 8. Furniture and personal effects at valuation Tractor and implements at valuation Listed shares – value at listed price on date of death The executor sold the shares on 10 May 2024 for R900 000 Member’s interest in Sweet Dreams CC –auditor’s valuation 000 The executor sold this member’s interest in the CC to the other member of the CC for R700 000, in terms of an agreement between the members, made long before Solly’s death. R 795 000 R 1 100 000 R 760 000 R 8250 Solly, a retired municipal officer of the Eastrand council, received a monthly- pension of R25 000 from the Council’s pension fund. The pension will be paid to his spouse after his death but will be reduced to R18 000 per month. In Solly and Jane's valid joint will, R200 000 was bequeathed to Solly's Alma Mater, the University of South Africa, an approved public benefit fund. The residue of the estate was bequeathed to the surviving spouse. The joint will was adiated by his surviving spouse. There were no liabilities in the estate, except for funeral expenses of R20 400, and Master's fees and executor's remuneration according to the tariffs. REQUIRED: Calculate the estate duty, if any, payable in Solly Mkhize's estate.

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