Solution-Explain transaction should have created a capital

Explain transaction should have created a capital income

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Case A: A taxpayer carried on a full time business as an interior designer. While carrying on this business he bought, lived in for short periods of time, and resold numerous residential properties. In most cases, improvements were made and the property modernized prior to resale. The sales prices were usually well in excess of costs.

Question 1: Please explain if this transaction should have created a capital gain or income?

Reference no: EM132468338

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Explain transaction should have created a capital income

Reference no: EM132468338

Reference no: EM132468338

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