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South Africa Case Law

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Tax Law [2016] ZATC 8

M Family Trust v Commissioner for the South African Revenue Services (13935)

M Family Trust v Commissioner for the South African Revenue Services (13935) [2016] ZATC 8; 79 SATC 266 (14 December 2016)

Court
Tax Court
Case number
13935
Judge
R Allie

The court found that the proceeds from the sale of D Ltd shares were received by the taxpayer and could not be reduced by the amount allegedly embezzled, as paragraph 35(3)(c) of the Eighth Schedule applies only to amounts accrued, not received. The alleged embezzlement was committed by a party unrelated to the transaction for the disposal of the shares, and thus does not qualify for deduction under the relevant provision. The cost of the 12,100,000 share options converted into 1,210,000 shares should be included in the base cost of the shares disposed of, as the options were exercised and no…

Source excerpt

  • Capital Gains Tax
  • Base Cost Determination
  • Understatement Penalty
  • Bad Debt Deduction
  • Share Option Conversion
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Tax Law [1990] ZASCA 138

Burman v Commissioner for Inland Revnue (72/89)

Burman v Commissioner for Inland Revnue (72/89) [1990] ZASCA 138; 1991 (1) SA 482 (AD); [1991] 3 All SA 950 (AD) (23 November 1990)

Court
Supreme Court of Appeal
Case number
72/89
Judges
Botha, Nestadt, Kumleben, Nicholas, Goldstone

The majority of the court held that the losses sustained by Burman on loans to property companies were of a capital nature and therefore not deductible from taxable income. The court reasoned that the loans constituted fixed capital, as the funds were advanced once and for all and were not intended to be used in a recurring business operation. The anticipated recoupment of the loans was to occur through the sale of shares and loan accounts as a package, but this did not alter the legal nature of the loans as fixed capital. The court distinguished between the acquisition of shares as trading s…

Source excerpt

  • Income Tax Deduction
  • Capital Vs Revenue Expenditure
  • Shareholder Loans
  • Bad Debt Deduction
  • Suretyship Liability
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About this LexChat collection

South Africa decisions are organised by court, judge, legal area and indexed issue so a practitioner can move from a proposition to a citable authority with the surrounding context intact.

Source links and collection timestamps are retained alongside the indexed records.