Gross Income CL

Question 1

Lategan

Answer 1

Included into gross income is not only money, but also corporeal and incorporeal property with a monetary value

Question 2

Brummeria Renaissance

Answer 2

If the benefit received has an ascertainable monetary value, the benefit must be included in his gross income

Question 3

Lever

Answer 3

Source means originating cause of income

Question 4

People’s stores

Answer 4

Accrued to means entitled to even if not immediately enforceable

Question 5

Wits racing clubs

Answer 5

An intention to donate proceeds does not create a legal obligation so the proceeds are still included in gross income

Question 6

Geldenhuys

Answer 6

The receipt must be for the taxpayers own benefit and on their own behalf

Question 7

MP Finance group

Answer 7

If the taxpayer intends to retain the amount for his own benefit the illegal proceeds were received by the taxpayer despite its illegal nature and it is included in gross income

Question 8

Pyott

Answer 8

Deposits must be placed in a separate trust otherwise they will constitute gross income

Question 9

Delagoa Bay Cigarette

Answer 9

The legality of the source of income is immaterial

Question 10

Mooi

Answer 10

If there is an issue of conditionality only include once condition has been satisfied

To accrue to means the taxpayer is unconditionally entitled to

Question 11

Gross income definition

Answer 11

The total amount in cash or otherwise
Received by or accrued to in favor of a person
During the period of assessment
Excluding receipts or accruals of a capital nature