On 1 August 2023, Alex bought an apartment in Johannesburg for R1 200 000. He decided to sell a 40% interest in the apartment to his best friend, Mark, for R600 000 on 1 December 2024. The market value of the apartment on 1 December 2024 was R1 900 000. REQUIRED: Calculate the transfer duty payable by Mark.

On 1 August 2023, Alex bought an apartment in Johannesburg for R1 200 000. He decided to sell a 40% interest in the apartment to his best friend, Mark, for R600 000 on 1 December 2024. The market value of the apartment on 1 December 2024 was R1 900 000. REQUIRED: Calculate the transfer duty payable by Mark.

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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