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Question 1: Consider the following situations and discuss whether or not they are income in ordinary concepts: A cash prize for being the best student in income tax law received by a student who also receives a Youth Allowance from the government. A gratuity (not being superannuation) received by a widow from her husband’s former employer in recognition of her husband’s services. An honorarium received by a student for acting as honorary secretary of a small country town football club. A bonus received by an employee for a suggestion adopted by the management. Question 2: Peter is a farmer with 15 hectares of land on which he has grown oranges since 1960. He inherited the land from his father in that year. The farm has gradually been surrounded by urban development and, three years ago, following complaints from the neighbours about pesticides, he decided to sell the land. Two years ago Peter contracted with a consulting engineer and surveyor who prepared a subdivision plan and who applied to the local council for rezoning. Peter was not directly involved in the plan or the rezoning, which was granted by the council later that year. Nearly all expenses were paid by Peter, although he had to borrow $120,000 to cover some incidental expenses. Following completion of the development the land went on sale through a real estate firm and to date 150 of the 200 blocks have now been sold for residential housing. Blocks sell for an average of $150,000 each. Advise Peter as to his tax liability, if any.

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More Management: Questions & Answers

Q

Security Analysis and Portfolio Management (FIN3001S)

Assessment is undertaken to establish the extent of student learning on completing a module and according to Biggs and Tang[1] (2009) it is the senior partner of teaching and learning. This module has three assessment components with specific weightings and marks awarded totalling 100[2]. The purpos ...

View Answer
Q

Planning and Environment Law

With reference to the Queensland Coordinator-General's November 2012 report on the environmental impact statement  for the Ella Bay Resort project, outline and describe the Environment Protection and Biodiversity Conservation Act 1999 (Cth) ('the EPBCA 1999') based scheme of assessment and appr ...

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Q

Health professional Essentials

Hi, this is a health and professionals essentials assignment that is due on the 30th. I have attached a couple of folders that could easily help with the set up of the assignment. However, the actual assignment is 2 pages with 1000 words, therefore, 4 pages is too much for 1000 words. Please get bac ...

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Q

Marketing

Find a non-profit organization that implements the marketing concept. What is the exchange taking place? What is the profit they seek? DO the apply the marketing concept. How can one tell? ...

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