Answer to Question #75652 in Other Management for ibn
Sipho has been a partner in a gardening service. He sold his share of the goodwill for 2% of the Gross Income payable for the next 15 years. In the 2017 year of assessment, he received 3 such pay-outs of R15 000 each, as the turnover monthly is fairly stable.
Discuss in terms of the “definition of Gross Income” and any special inclusion if the scenarios above relate to Gross Income. Consider the effects of any exemptions if applicable.
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