Cgt provisions, Taxation

In relation to the CGT provisions, which of the following statements are correct? Explain your answer citing the relevant law.

(a) When disposal of property (CGT event A1) is by gift, the capital proceeds are taken to be nil.

(b) When an asset is sold with capital proceeds received in instalments, the capital gain will be apportioned between the years when the capital proceeds will be received.

(c) Net capital losses are not deductible against any assessable income other than a capital gain.

(d) The sale of the family sedan car may result in a capital gain or loss.

(e) On 20 October 2010 Evan signed a contract with ABC Builders to construct a building on land that Evan acquired on 5 May 2009.  Building work commenced on 30 October 2010 and the construction was completed on 20 April 2011. Evan has acquired the building for CGT purposes on 20 April 2011.

Posted Date: 2/27/2013 12:13:23 AM | Location : United States







Related Discussions:- Cgt provisions, Assignment Help, Ask Question on Cgt provisions, Get Answer, Expert's Help, Cgt provisions Discussions

Write discussion on Cgt provisions
Your posts are moderated
Related Questions
28) Explain how Treasury Department Circular 230 differs from the AICPA’s Statements on Standards for Tax Services.

FOR THE RELEVANT INCOME YEAR, EILL STANNOS BE REGARDED AS A RESIDENT OR NON- RESIDENT

Erica is a citizen of a foreign country, and is employed by a foreign-based computer manufacturer. Erica's job is to provide technical assistance to customers who purchase the comp

A fund that is managed by a trust company or a bank and deals with pooled collection of trust accounts. Collective investment funds combine together the assets of several individua

Donald, a 40-year-old married taxpayer, has a salary of $55,000 and interest income of $6,000. What is the maximum amount Donald can contribute to a Roth IRA?

Given the below facts, what is the total income effect for the year for an investor for its passive-level, available-for- sale security? (Note: the investment is not sold durin

there is significant difference between the average service tax collection per assessee in Pune zone and the average service tax collection per assessee in the country

Given the below information, calculate the amount of tax expense.  Assume taxes are paid immediately (with  cash). Note: the statutory rate is assumed to be 35%. You will have t

my level Master of the Paper GST ( law) I have an exam case I have already answered I need to revise the high level tutor ( 5000 words) Can you help me?

Sales tax, as compared to VAT is the percentage of revenue imposed on the retail sale of goods. Unlike VAT, sales tax is levied on the entire value of goods and services purchased.