Farming

The link to s26(1) in the income tax act is :

• 8th schedule

• 11th schedule

• 1st Schedule

• 2nd Schedule

The following items are produce:

• Cow

• Mielie Crops

• Milk

• Sheep

The value for opening stock is Market Value

• True

• False

The principles of ITC 1319 court case are:

• Income must be linked to farming activities

• Genuine intention

• Livestock speculation

• Reasonable prospect of ultimate profit

Livestock is valued at standard values or the farmer can choose own values.

• True

• False

A deemed recoupment on trading stock donated is included in income at:

• Cost

• Market Value

A cow used only for milk is capital in nature thus not included in closing/opening stock

• True

• False

The court case that actually did not want their income to be farming income

• ITC 586

• ITC 1319

• Kluh Investments

• Golden Dumps

Farmers fall in the which VAT Vendor Category in the VAT Act?

(Letter only )

(a)  

Development expenditure recoupment is determined in terms of

• S8(4)(a)

• Par12(1B)

• S22(8)