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In relation to the CGT provisions, which of the following statements are correct? Explain your answer citing the relevant law.
(a) When disposal of property (CGT event A1) is by gift, the capital proceeds are taken to be nil.
(b) When an asset is sold with capital proceeds received in instalments, the capital gain will be apportioned between the years when the capital proceeds will be received.
(c) Net capital losses are not deductible against any assessable income other than a capital gain.
(d) The sale of the family sedan car may result in a capital gain or loss.
(e) On 20 October 2010 Evan signed a contract with ABC Builders to construct a building on land that Evan acquired on 5 May 2009. Building work commenced on 30 October 2010 and the construction was completed on 20 April 2011. Evan has acquired the building for CGT purposes on 20 April 2011.
John and Ellen Brite are married and file a joint return. John owns an unincorporated specialty electrical lightning retail store, Brite-On had the following assets on January 1, 2
Dawn's new car has a FMV of $20,000 and it weighs 3,000 pounds. The county also assessed a property tax on the car. The tax was 2% of its FMV and $10 per hundred weight. The car is
Revenue: Revenue is how much a company receives in income when making sales. Revenue increased from 2011 to 2012 by 14.5%. This is great considering poor economic conditions. Gr
need help with tax return assignment
a) Using the above information you are to construct Fiona's Cash Flow Statement and then explain to her the importance of creating a surplus budget. b) The Net Worth Statement e
Tax incidence can be separated into- 1. Formal incidence: the party liable to the tax 2. Informal incidence: party, who really pays the tax The tax incidence is decided by t
In April 2016, Reiko purchased and placed a rental house in service. She paid $184,000, including $27,000 for the land. Compute her 2016 depreciation on the rental.
disadvantages of indirect taxes
need tax help requiring tax forms
Avis's taxable income for the year is $300,000 and Best's taxable income for the year is $425,000. For each of the scenarios provided, (a) state if a control group has been created
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