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Question 1:
Show the tests developed by court cases to differentiate between losses and outgoings on revenue account and on capital account.
Show the deductibility, with reference to legislation or case law, of the subsequent losses or outgoings of Michael, a solicitor:
You should describe why you have come to your decision in each case above.
Question 2:
Justin, aged 58, is about to sell his lawn mowing business that he has owned for 14 years, and has come to you for advice to minimize his tax in relation to the sale. He evaluates he will make a gain on sale of $90,000. He is considering moving overseas permanently and selling this business as well as a rare artwork and a canoe he acquired in September 2012.
Advise Justin of the capital gains tax implications if he sells these assets now.
Determine taxable income before considering expense.
Prepare a tax research memo to the file that addresses the issues you feel are most relevant to Mimi's various issures.
Explain what is meant by income by ordinary concepts
Identify the tax issues that are raised and the relevant sections of the legislation. Identify any cases and other sources of law or information that apply.
Calculate Carolines taxable income
Show the tax issues that are raised and the relevant sections of the legislation.
Brief statement in your own words of the facts of the cases.
Prepare the C Regular Corporation Tax Return for the Lawson And Norman Enterprise
Advise the participants in the ‘barter' system of the income tax implications, if any, of participating in the system.
Discuss- A tax on cigarettes is a good way of raising tax revenue for the government
Prepare the required journal entry to record the tax expense
Calculate Barb's taxable income? What nonrefundable credit is Barb eligible for based on the information you have?
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