Sherry Jones (59 years old), a qualified chartered accountant, decided to emigrate to the United Kingdom. The move occurred at the end of the 2024 year of assessment after she disposed of most of her assets.
Details of the disposals are as follows:
Sherry has been the sole proprietor of a private consulting business for the past seven years. She managed to sell the business during the year of assessment for R3 400 000. Sherry cor- rectly determined that the cost of acquiring and creating the business amounted to R600 000.
Sherry made a capital gain of R30 000 on the sale of a painting. The painting had decorated Sherry's living room.
Sherry lived in her house in Waterkloof (Pretoria) for 23 years. She purchased the house initially for R700 000. Additional legal fees and transfer duty amounted to R50 000 at the time of pur- chase. She made improvements prior to 1 October 2001 of R200 000. Assume on 1 October 2001 the market value of the house was R1 200 000 and the time-apportionment base cost was R1 142 000. She installed a sprinkler system during October 2014 at a cost of R10 000. She sold the house in February 2024. She received the net amount of R2 200 000 after the deduction of agent's commission of R180 000. Sherry always used 5% of her house for business purposes.
Calculate Sherry's taxable capital gain or assessed capital loss for the year ended 29 February 2024. Sherry has an assessed capital loss of R55 000 brought forward from the previous year of assessment.