Reference no: EM131036180 , Length: word count:1500
Question 1:
Hilary is a well-known mountain climber. The Daily Terror newspaper offers her $10,000 for her life story, if she will write it. Without the assistance of a ghost writer, she writes a story and assigns all her right, title and interest in the copyright for $10,000 to the Daily Terror. The story is published and she is paid. She has never written a story before. She also sells the manuscript to the Mitchell Library for $5,000 and several photographs that she took while mountain climbing for which she receives $2,000.
Requirement:
Discuss whether or not the three payments are income from personal exertion. Would your answer differ if she wrote the story for her own satisfaction and only decided to sell it later?
Question 2
Your client is a parent who lent $40,000 to her son to provide a short-term housing loan. The agreement is that the son will repay
$50,000 at the end of five years.
Reconsider this question in light of the following facts. The loan was made to the son without any formal agreement and without any security provided for the sum lent. In addition, the client (the mother) has informed you that she told her son that he need not pay interest. However, the son repaid the full amount after two years and included in his payment an additional amount which was equal to 5% pa on the amount borrowed. Only one cheque was presented for the total amount.
Requirement:
Discuss the effect on the assessable income of the parent.
Question 3
Scott is an accountant who purchased a vacant block of land in Brisbane on 1 October 1980. On 1 September 1986, Scott built a house on the land. At the time, the land was valued at $90,000 and the cost of construction was $60,000. The property has been rented out since construction was completed. On 1 March of the current tax year, Scott sold the property at auction for $800,000.
Requirement:
a) Based on the information above, determine Scott's net capital gain or net capital loss for the year ended 30 June of the current tax year.
b) How would your answer to (a) differ if Scott sold the property to his daughter for $200,000?
c) How would your answer to (a) differ if the owner of the property was a company instead of an individual?
Word Count - 1500
Its 1500 words from latest law book.
Why the maximum flow rate per unit area for a given gas
: Explain why the maximum flow rate per unit area for a given gas depends only on P0/ 0.For an ideal gas with k = 1.4 and R = 0.287 kJ/kg · K, find the constant a such that m . /A* = aP0/0.
|
Calculate the pressure temperature velocity mass
: Calculate the pressure, temperature, velocity, and mass flow rate in the test section for a Mach number Ma= 2. Explain why the air must be very dry for this application.
|
Calculate and plot the exit pressure
: calculate and plot the exit pressure, the exit velocity, and the mass flow rate versus the back pressure Pb for 0.9 ≥ Pb ≥ 0.1 MPa.
|
How is the modern workforce different from that of the past
: How is the modern workforce different from that of the past? What should employers consider about compensation and benefits for successful recruitment of talented Gen Xers and millennials?
|
Discuss whether or not the three payments are income
: Discuss whether or not the three payments are income from personal exertion. Would your answer differ if she wrote the story for her own satisfaction and only decided to sell it later?
|
Problem regarding the asset allocation model
: The asset allocation model you developed may be useful in modifying the portfolios for all of the firm's clients whenever the anticipated yields for the three funds are periodically revised. What is your recommendation as to whether use of this mo..
|
Determine the flow area at the location
: Assuming the flow to be isentropic, determine the flow area at the location where the Mach number is 1.2.
|
Plan to access the data stored in productlistarr
: Assignment CSC 1401. In the beginning of the program, print to a table the catalogue for all products including name, code, and price, to assist users shopping.
|
What is the machining cycle time
: What is the machining cycle time (in seconds) for each of the four machines? For each machine, please provide at least one step of calculation and the correct answer for full credit.
|