Discuss whether the proceeds from the recent sale

Assignment Help Accounting Basics

Reference no: EM132751610

Question - Mellisa has been working as a consultant giving tax advice to ASX listed mining companies for the last 20 years trading under the business name Mining Partners Pty Ltd.

Due to an injury, Mellisa had to dissolve her practice. Mellisa then demolished her old 1950s office that sat on prime commercial property in the heart of Perth City. She added extensive underground power provisions, built in a fully sustainable back up power generator and laid new cobblestone roads. Mellisa then sold the land and retired in time for the end of the 2019 tax year.

Briefly discuss whether the proceeds from the recent sale would be classified as income from business and therefore ordinary income. Make reference to two cases when completing your answer.

Reference no: EM132751610

Questions Cloud

Show for Bridge Finance plc the amount that would be charged : Show for Bridge Finance plc the amount that would be charged to the statement of comprehensive income for the year ending 31 December 2017

Employees influence work satisfaction and motivation : Do the values, attitudes, and personality of employees influence work satisfaction and motivation?

What is the value of studying the humanities : What is the value of studying the humanities in the field of health professions? How might a topic such as art, literature, music, dance, etc. from other time.

Employees influence work satisfaction and motivation : Do the values, attitudes, and personality of employees influence work satisfaction and motivation?

Discuss whether the proceeds from the recent sale : Briefly discuss whether the proceeds from the recent sale would be classified as income from business and therefore ordinary income

Define how civil is your workplace : Post a brief description of the results of your Work Environment Assessment. Based on the results, how civil is your workplace? Explain why your workplace is.

Paradox called paradox of thrift arises : An interesting paradox called the "Paradox of Thrift" arises when households become concern about their future and attempt to increase their saving.

Estimate the closing balance of allowance of doubtful debts : Balance in the ledger of Acc. Receivable before the estimation of bad debt expense $1,000,000. Estimate the closing balance of allowance of doubtful debts

Drug assumes correct diagnosis of disorder : Risk-benefit calculation for any drug assumes a correct diagnosis of disorder. Many investigators and clinicians feel current epidemic of child psychiatric

User Account

All Pages