Over the last 12 months, Eric acquired the following assets: an antique vase (for $2,000), an antique chair (for $3,000), a painting (for $9,000), a home sound system (for $12,000), and shares in a listed company (for $5,000). Last week he sold these assets as follows: antique vase (for $3,000), antique chair (for $1,000), painting (for $1,000), sound system (for $11,000) and shares (for $20,000). Calculate his net capital gain or net capital loss for the year.
Brian is a bank executive. As part of his remuneration package, his employer provided him with a three-year loan of $1m at a special interest rate of 1% pa (payable in monthly instalments). The loan was provided on 1 April 2016. Brian used 40% of the borrowed funds for income-producing purposes and met all his obligations in relation to the interest payments. Calculate the taxable value of this fringe benefit for the 2016/17 FBT year. Would your answer be different if the interest was only payable at the end of the loan rather than in monthly instalments What would happen if the bank released Brian from repaying the interest on the loan.
Jack (an architect) and his wife Jill (a housewife) borrowed money to purchase a rental property as joint tenants. They entered into a written agreement which provided that Jack is entitled to 10% of the profits from the property and Jill is entitled to 90% of the profits from the property. The agreement also provided that if the property generates a loss, Jack is entitled to 100% of the loss. Last year a loss of $10,000 arose. How is this loss allocated for tax purposes If Jack and Jill decide to sell the property, how would they be required to account for any capital gain or capital loss.
What principle was established in IRC v Duke of Westminster  AC 1 How relevant is that principle today in Australia
Bill owns a large parcel of land on which there are many tall pine trees. Bill intends to use the land for grazing sheep and therefore wants to have it cleared. He discovers that a logging company is prepared to pay him $1,000 for every 100 metres of timber they can take from his land. Leaving aside any capital gains tax issues, advise Bill as to whether he would be assessed on the receipts from this arrangement. Would your answer be different if he was simply paid a lump sum of $50,000 for granting the logging company a right to remove as much timber as required from his land.
To export a reference to this article please select a referencing stye below:
My Assignment Help. (2021). Taxatation Law. Retrieved from https://myassignmenthelp.com/free-samples/pacc6006-taxatation-law/capital-gain.html.
"Taxatation Law." My Assignment Help, 2021, https://myassignmenthelp.com/free-samples/pacc6006-taxatation-law/capital-gain.html.
My Assignment Help (2021) Taxatation Law [Online]. Available from: https://myassignmenthelp.com/free-samples/pacc6006-taxatation-law/capital-gain.html
[Accessed 27 October 2021].
My Assignment Help. 'Taxatation Law' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/pacc6006-taxatation-law/capital-gain.html> accessed 27 October 2021.
My Assignment Help. Taxatation Law [Internet]. My Assignment Help. 2021 [cited 27 October 2021]. Available from: https://myassignmenthelp.com/free-samples/pacc6006-taxatation-law/capital-gain.html.
MyAssignmenthelp.com has appointed best assignment experts who are wizards of words. Our writers know every trick of crafting high quality write-ups within a short period. With years of experiences, we have become one of the most prolific assignment help services in the USA. We deliver custom-made help to students with writing different types of assignments. We guarantee total need-based and timely service, and this is why increasing numbers of students prefer to buy assignment online.
Answers: 1. Issue As per the highlighted details of the case, a renowned mountaineer Hilary has been given the following payments. Proceeds for selling the copyrights associated with the story amounting to $ 10,0000 Proceeds for selling the manuscript associated with the story amounting to $ 5,000 Proceeds for selling the photographs clicked on expeditions amounting to $ 2,000 The payments above need to be analysed with relation to th...Read More
Answers: Question 1 Under Section 8-1 of Income Tax Assessment Act 1997: The cost of moving machinery to a new site will be allowed as deduction because it has been incurred while producing or gaining the assessable income. The cost of revaluing assets to effect insurance cover will not be allowed as a deduction because it has been incurred while producing or gaining the exempt income or non-assessable income (Tran-Nam & Evans, 2012)....Read More
Answers: Answer to Question 1: Answer to Question 1a: In order to ascertain the “Fringe Benefits Tax (FBT) liability” of ABC Private Limited from the perspective of Alan, it is crucial to undertake the below-stated assumptions: Salaries and wages: FBT does not take into account the salaries and wages that are paid to the staffs working in an organisation (Barkoczy 2016). Therefore, for calculating the FBT liability, the salary ...Read More
Answer: Introduction: According to the case study, Peta mainly bought the house two years ago, where it holds two old tennis courts. The intention of Peta was mainly to reside in the houses, while generating income from nearby tennis courts. Nevertheless, later in some point Peta sold the tennis courts for $600,000, which is mainly termed as the assessable income. However, the overall motive of Peta was to reside in the property and earn from t...Read More
Answers Part A 1. The inspector general for the taxation is an independent officer for the statutory office who recognizes the concerns related to the law management. Generally, they are concerned regarding the management issues that are not in favour for managing the administration of good tax. The inspector general provides an independent suggestion to the government officials. 2. The following legislation governs the authority of the taxati...Read More
Get top notch assistance from our best tutors !
Excel in your academics & career in one easy click!