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Mrs Judy, a South African resident who is 72 years old has the following investment income: South African dividends (exempt in terms of s 10(1)(k)) R50 000 South African interest R40 000 Foreign dividends (exempt in terms of s 10(1)(k)(ii)) R7 500 Foreign dividends (not specifically exempted) R750 Foreign interest R200 Required: 2.1 Calculate Mrs Judy’s gross and exempt income for the 2020 year of assessment.

Mrs Judy, a South African resident who is 72 years old has the following investment income: South African dividends (exempt in terms of s 10(1)(k)) R50 000 South African interest R40 000 Foreign dividends (exempt in terms of s 10(1)(k)(ii)) R7 500 Foreign dividends (not specifically exempted) R750 Foreign interest R200 Required: 2.1 Calculate Mrs Judy’s gross and exempt income for the 2020 year of assessment.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Mrs Judy, a South African resident who is 72 years old has the following investment income:

South African dividends (exempt in terms of s 10(1)(k)) R50 000

South African interest R40 000

Foreign dividends (exempt in terms of s 10(1)(k)(ii)) R7 500

Foreign dividends (not specifically exempted) R750

Foreign interest R200 Required:

2.1 Calculate Mrs Judy’s gross and exempt income for the 2020 year of assessment.

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