Compute the capital transfer tax that would be payable assuming Mr. Monametsi is deceased now...
80.2K
Verified Solution
Question
Accounting
Compute the capital transfer tax that would be payable assuming Mr Monametsi is deceased now Details of Mr Monametsis assets and liabilities were as follows: i The family house which originally cost P in March and now has a market value of P The house was acquired through a mortgage. The balance outstanding on the mortgage was P The family house was bequeathed to Blessing his wife. ii A VW Touareg vehicle which cost P in The market vehicle of the vehicle P The car was bought through a Stanbic Bank loan and the outstanding loan was P The motor vehicle was bequeathed to Kagiso. iii Personal possessions and chattels with a total market value of P was bequeathed to Blessing. iv Monametsi has a life assurance policy of P The proceeds from the policy is to be shared equally between Bakang and Kagiso. v A joint bank account with Blessing his wife of P His share of the bank account is bequeathed to Bakang. vi A house in Kumakwane which has a market value of P The house will be left to Bakang and Kagiso jointly. vii A house in Phase originally cost P in August and now has a market value of P The house was acquired through a mortgage. The balance outstanding on the mortgage was P The house was bequeathed to Blessing, iix A house in France valued at P to Noel his step son domiciled in France. ix A Nissan Navara with a market value of P was bequeathed to Blessing.
Compute the capital transfer tax that would be payable assuming Mr Monametsi is deceased now
Details of Mr Monametsis assets and liabilities were as follows:
i The family house which originally cost P in March and now has a market value of P The house was acquired through a mortgage. The balance outstanding on the mortgage was P The family house was bequeathed to Blessing his wife.
ii A VW Touareg vehicle which cost P in The market vehicle of the vehicle P The car was bought through a Stanbic Bank loan and the outstanding loan was P The motor vehicle was bequeathed to Kagiso.
iii Personal possessions and chattels with a total market value of P was bequeathed to Blessing.
iv Monametsi has a life assurance policy of P The proceeds from the policy is to be shared equally between Bakang and Kagiso.
v A joint bank account with Blessing his wife of P His share of the bank account is bequeathed to Bakang.
vi A house in Kumakwane which has a market value of P The house will be left to Bakang and Kagiso jointly.
vii A house in Phase originally cost P in August and now has a market value of P The house was acquired through a mortgage. The balance outstanding on the mortgage was P The house was bequeathed to Blessing,
iix A house in France valued at P to Noel his step son domiciled in France.
ix A Nissan Navara with a market value of P was bequeathed to Blessing.
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.