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Show the effect on taxable income

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QUESTION - Trading stock is regarded as a revenue asset. Lux Cars (Pty) Lid, a company operating as a retailer of motor vehicles, purchased a motor vehicle in January 2020 for R650 000 (net of VAT) and sells it in March 2020 for R720 000 (net of VAT). The company's year of assessment ends on the last day of February each year. Show the effect on taxable income of the above transactions for Lux Cars (Pty) Lid for the 2020 and 2021 years of assessment.

Reference no: EM132925009

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