n Without Prejudice - When and how losses on a share sale are tax deductible : tax
|Article Title||When and how losses on a share sale are tax deductible : tax|
|© Publisher:||JetBlue Publishers (Pty) Ltd|
|Author||Barry Garven and Monique Jefferson|
|Publication Date||Feb 2010|
|Pages||37 - 38|
In 1994, Anglovaal Mining, the taxpayer, acquired shares in National Brands. Five years later, during the taxpayer's 1999 year of assessment, these shares were sold at a loss of R159,7m. The taxpayer claimed an income tax deduction equal to the loss in its 1999 tax return.
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