Harriman is 54 years old years old. During the current year of assessment, he sold some of her capital assets. These assets resulted in the aggregate capital gain of R180 000. You may assume that the assessed capital loss brought forward from the prior year is R40 000. YOU ARE REQUIRED to determine the net capital gain: a. R40 000 ○ b. R180 000 C. R140 000 ○ d. R100 000

Question

15-05-2024
SAT

Answered

Harriman is 54 years old years old. During the current year of assessment, he sold some of her capital assets. These assets resulted in the aggregate capital gain of R180 000. You may assume that the assessed capital loss brought forward from the prior year is R40 000. YOU ARE REQUIRED to determine the net capital gain: a. R40 000 ○ b. R180 000 C. R140 000 ○ d. R100 000

Answer :

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AyeAkash AyeAkash · Answer 1 · 2024-05-15T07:39:17-04:00

To determine the net capital gain, we need to subtract any assessed capital losses brought forward from the prior year from the aggregate capital gain.

In this case, the assessed capital loss brought forward from the prior year is R40 000. The aggregate capital gain is R180 000.

To calculate the net capital gain, we subtract the assessed capital loss from the aggregate capital gain:

Net capital gain = Aggregate capital gain - Assessed capital loss brought forward

Net capital gain = R180 000 - R40 000

Net capital gain = R140 000

Therefore, the correct answer is:

c. R140 000