Tax2601 Assignment 3 Semester 1 Of 2022

This study source was downloaded by 100000867488176 from CourseHero.com on 08-02-2023 15:17:21 GMT -05:00https://www.coursehero.com/file/161875997/TAX2601-ASSIGNMENT-3-SEMESTER-1pdf/ TAX2601 ASSIGNMENT 3 SEMESTER 1 OF 2022 UNIQUE NUMBER: 711358This study source was downloaded by 100000867488176 from CourseHero.com on 08-02-2023 15:17:21 GMT -05:00https://www.coursehero.com/file/161875997/TAX2601-ASSIGNMENT-3-SEMESTER-1pdf/QUESTION 1 REQUIRED: Discuss whether the R3 400 000 and the R600 000 will constitute gross income for Construct (Pty) Ltd for the 2022 year of assessment. List the requirements of the gross income definition and briefly discuss each requirement using the given information at hand. Make a brief reference to relevant case law to strengthen your argument.This study source was downloaded by 100000867488176 from CourseHero.com on 08-02-2023 15:17:21 GMT -05:00https://www.coursehero.com/file/161875997/TAX2601-ASSIGNMENT-3-SEMESTER-1pdf/Gross income in relation to any year or period of assessment, means, that amount must comply with all the requirements or criteria for the definition of gross income, namely: 1. The total amount: Construct (Pty) Ltd (Construct) entered into an agreement to construct a building for a customer at a contract price of R4 000 000. The contract has an "ascertainable money value". In Inland Revenue v Butcher Bros (Pty) Ltd 13 SATC 21 (A) 1944, the court established that where an asset is received other than in cash, an "ascertainable money value" needs