Reference no: EM132213361
Question: a- A tax payer acquires an asset through manufacturing it and he incurred the following costs: direct material SR 100,000, direct labor SR 50,000 and manufacturing overhead SR 50,000. After 3 years the taxpayer disposed of that assets for SR250,000 cash
Required: Compute the taxable gain or loss.
b- A tax payer acquired a non-depreciable asset for SR 200,000 and he incurred subsequent expenses for SR 30,000 to alter and improve that asset, after 2 years the tax payer disposed of that asset for SR 215,000 cash.
Required: Compute the taxable gain or loss.
c- A tax payer acquired an asset for SR 100,000 and subsequently he disposed of that assets as a gift.
Required: how much is taxable gain if the market value of that assets at date of disposing for SR120,000.
d- A tax payer acquired an asset for SR 150,000 through borrowing and he subsequently disposed of that assets when the market value of the asset was SR 140,000 and value of the debt was SR 150, 000.
Required: Compute the taxable gain or loss.
e- A tax payer incurred expenses of SR 75,000 to purchase equipment used for research and development and incurred Research and development expenses connected with the earning of taxable of SR 50,000.
Required: Which of the two expenses are deductible under Saudi Tax law?
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