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GROSS INCOME, The term amount must be given a wider and must not only…
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The term amount must be given a wider and must not only include money, but also the value of every property earned by a taxpayer, whether corporeal or incorporeal which has a monetary value
-The word amount refers to the amount with determinable value. The Onus rests on the commissioner to determine the amount
- The amount does not have to be turned into money by a taxpayer to be an amount for the purpose of the gross income definition. The amount merely had to be in the form of an asset which could be turned into money
An amount is received by a taxpayer only if it is received by him on his own behalf for his own benefit
Even though the receipts are illegal, they are still received ,and therefore gross income
Deposits are revenue in nature, arising in the ordinary course of trade
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Once income has accrued, subsequent disposal is irrelevant
Accrual means unconditionally entitled to. An amount has not accrued to a taxpayer if it is dependant on a future event
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Accrued to means entitled to. Provision added to Gross Income : The accrual is the face value, not a discounted value
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Kruger Rands are unique where the only income earned is through sale. Therefore it will normally be seen as Capital unless it your trade to buy and sell them
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A taxpayer entered into an agreement of which he disposed of wine of which he made during the year of assessment
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A taxpayer entered into an agreement of which he disposed of wine of which he made during the year of assessment
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A taxpayer companies developed retirement villages and sold life rights in the dwelling units to old age people