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AC2301 Principles Of Taxation

tag 1 Download 9 Pages / 2,193 Words tag 12-04-2021

Question:

Eisner v Macomber was the first case that Courts used to distinguish between income and capital for tax purpose. 
Prepare an academic report (not exceeding 1,500 words) on why is it important to distinguish between “income” and “capital” in Singapore’s Tax Regime. Your write-up should focus on the following:
 1) Provide an extensive analysis on how such distinctions are made for example using a fruit and tree analogy or any other characteristics;
2) Relate your own two examples of an income or capital transactions such as compensation of cancellation of contracts or others; 
3) Why are such distinctions critical by explaining the methods used in the tax regime; 
4) Your report should include support of at least 3 relevant case laws (including) on how the courts makes the interpretations and make the judgements for the purpose of tax law; 3 case laws for income & capital (Singapore Cases)
5) Finally, a Singapore tax resident taxpayer is planning to sell his condominium (property) for $1million dollars. Is this transaction income or capital? Provide your professional tax advice based on your understanding from part 1 to 4. 
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Total 9 pages

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