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Betty Bottleneck, an Australian tax resident, ceased to be an Australian tax resident on 30 June 2011. At that time, she owned the following assets:
Acquisition date
Arm's-length cost
Market value
$
1.
Wine collection (to drink)
June 2006
8,000
80,000
2.
Rental apartment in Sydney
July 2008
500,000
600,000
3.
Rental apartment in New Zealand
August 1984
450,000
4.
Shares in listed company
August 2010
200,000
260,000
(1% shareholding)
5.
Stamp collection
March 2005
150,000
110,000
Required
Calculate the capital gain/capital loss (if any) in relation to each of the above scenarios assuming that no election is made. Cite the section reference(s) (apart from simply stating ‘section 104-160') which address(es) the relevant technical issue(s) - where relevant, you must identify specific provisions/subsections/paragraphs/items etc.
A plant asset costing $20,000 was sold for its book value of $8,000. And additional plant asset was purchased for $60,000.
question as a tax practitioner you frequently get people asking questions concerning the tax effect of property
Advise FVS what income is derived and when - what tax consequences follow on default and what is the tax treatment of the trading stock the subject of a lay-by?
Write a report to Hanson based on the information above. Your report should include the chargablilty of Hanson and his wife Juliana Kaur. You are also required to explain in your report the each stages taken to obtain the chargeable income.
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The corporation was incorporated on April 3, 2004. It has only one class of stock outstanding and operates as a C corporation for tax purposes. Tasty Treats and Beverages caters kid-friendly social events.
In which of the accounts shown is the inventory likely to be? At what point may the inventory be transferred to a separate inventory account
Evaluate Jacqueline's cost recovery for 2013. Evaluate the largest tax deduction possible in 2013 for the equipment:
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There are no complex corporate transactions in this practice set beyond the calculation and payment of company tax. No dividends were paid during the period and tax effect accounting is beyond the scone of this nractice set.
Sections of the Acts and relevant case law how the Revenue and Expense items (together with the Notes) in the company's accounts are treated for tax purposes and calculate SEM Pty Ltd's taxable income for 2011/12
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