The following assets, interests etc. were found in the joint estate:
1.
2.
3.
A bona fide farm "Sure Mornridge" at open market value
Proceeds of policy X on the life of the deceased, paid to the estate
Premiums and interest on the policy amounted to R500 000.
Solly took out the policy and also paid the premiums.
R4 750 000
R2 350 000
Proceeds of policy Y on the life of the deceased, paid directly to the surviving spouse. R1 450 000
Premiums and interest on the policy amounted to R350 000.
Solly took out the policy and also paid the premiums.
4.
5.
6.
7.
8.
Furniture and personal effects at valuation
Tractor and implements at valuation
Listed shares – value at listed price on date of death
The executor sold the shares on 10 May 2024 for R900 000
Member’s interest in Sweet Dreams CC –auditor’s valuation
000 The executor sold this member’s interest in the CC to the other member
of the CC for R700 000, in terms of an agreement between the members,
made long before Solly’s death.
R 795 000
R 1 100 000
R 760 000
R 8250
Solly, a retired municipal officer of the Eastrand council, received a monthly-
pension of R25 000 from the Council’s pension fund. The pension will be paid to his spouse after
his death but will be reduced to R18 000 per month.
In Solly and Jane's valid joint will, R200 000 was bequeathed to Solly's Alma Mater, the University of South
Africa, an approved public benefit fund. The residue of the estate was bequeathed to the surviving spouse.
The joint will was adiated by his surviving spouse.
There were no liabilities in the estate, except for funeral expenses of R20 400, and Master's fees and
executor's remuneration according to the tariffs.
REQUIRED:
Calculate the estate duty, if any, payable in Solly Mkhize's estate.

Question

The following assets, interests etc. were found in the joint estate: 
1. 
2. 
3. 
A bona fide farm "Sure Mornridge" at open market value 
Proceeds of policy X on the life of the deceased, paid to the estate 
Premiums and interest on the policy amounted to R500 000. 
Solly took out the policy and also paid the premiums. 
R4 750 000 
R2 350 000 
Proceeds of policy Y on the life of the deceased, paid directly to the surviving spouse. R1 450 000 
Premiums and interest on the policy amounted to R350 000. 
Solly took out the policy and also paid the premiums. 
4. 
5. 
6. 
7. 
8. 
Furniture and personal effects at valuation 
Tractor and implements at valuation 
Listed shares – value at listed price on date of death 
The executor sold the shares on 10 May 2024 for R900 000 
Member’s interest in Sweet Dreams CC –auditor’s valuation 
000 The executor sold this member’s interest in the CC to the other member 
of the CC for R700 000, in terms of an agreement between the members, 
made long before Solly’s death. 
R  795 000 
R 1 100 000 
R 760 000 
R 8250 
Solly, a retired municipal officer of the Eastrand council, received a monthly- 
pension of R25 000 from the Council’s pension fund. The pension will be paid to his spouse after 
his death but will be reduced to R18 000 per month. 
In Solly and Jane's valid joint will, R200 000 was bequeathed to Solly's Alma Mater, the University of South 
Africa, an approved public benefit fund. The residue of the estate was bequeathed to the surviving spouse. 
The joint will was adiated by his surviving spouse. 
There were no liabilities in the estate, except for funeral expenses of R20 400, and Master's fees and 
executor's remuneration according to the tariffs. 
REQUIRED: 
Calculate the estate duty, if any, payable in Solly Mkhize's estate.

StudyXY · Accepted Answer

I've formatted the given information using LaTeX syntax for better readability.             : Calculate the total assets in the estate. : Calculate the total liabilities in the estate. : Calculate the net estate value. : Determine if estate duty is payable. : Calculate the estate duty. Calculate the net estate value using Steps 1 to 3, and then calculate the estate duty, if any, using Step 5.

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I've formatted the given information using LaTeX syntax for better readability.

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