+1-415-670-9189
info@expertsmind.com
Explain what is meant by income by ordinary concepts
Course:- Business Law and Ethics
Reference No.:- EM13413




Assignment Help
Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Business Law and Ethics

Schubert, Mahler and Tull are resident Australian seamen employed on the fishing trawler MV St Cecilia. Whilst on a routine fishing operation the captain of St Cecilia heard a radio message that SS Titan, an abandoned oil tanker about 20 nautical miles to the south was drifting towards the Australian coast. The vessel was badly holed, leaking oil and with present currents and tidal situations it was drifting towards a coral reef a short distance from a stretch of environmentally sensitive coastline. If the tanker wrecked on the reef the environmental and economic consequences would be enormous.

Tull sold the video to Channel 9 for $8,000 and it was shown exclusively on that station throughout Australia. Later that year he was paid $50,000 to travel to the USA to provide technical advice on a proposed telemovie of the event tentatively entitled ‘Aqualung'. He plans to stay in the US indefinitely and pursue other filmmaking opportunities.

Required

(a) Describe what is meant by ‘income by ordinary concepts'.

(b) Advise what tax consequences arise in respect of the payments to Mahler, Schubert and Tull.




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Business Law and Ethics) Materials
As science marches forward, reproductive cloning of humans will likely become a reality. It has already been accomplished with dogs, cats, cows and monkeys. This means that
Based on this passage, what did European explorers expect to find in the New World? Based on your reading this week, did they find what they were looking for? Why or why not
Can someone help with "outlining the protocol for performance service agreements greater than 1 Million projects" for contractors? Please outline all the points in the proto
Using your critical thinking skills, identify and discuss problems with the academic team's handling of this case. Write a 1-2 page memo to your supervisor explaining your t
For public administrators, analyze the possible benefits of a public administrator knowing how to research regulation. Determine which of your listed benefits is the stronge
What is the issue in this scenario with the president in term of both a legal and an ethical dimension? what is the president's legal obligation to Acme, and any other person?
Analyze these claims in light of Galanter, Llewellyn, Frank, Garth and Sterling, Kagen, et al and any other texts or lectures you wish to incorporate into your response. Kee
Locate and review a professional, peer reviewed journal article(s) or case study(s) (minimum article length 7 pages) relating to a business law topic. summarize the salient