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
evaluate the importance of the principal issue litigated in the case in question using the tax research steps outlined in Appendix A of your text.

how are trusts considered a tax minimisation vehicle?

Tax Liability Calculation Morgan (age 45) is single and provides more than 50% of the support of Rosalyn (a family friend), Flo (a niece, age 18), and Jerold (a nephew, age 18). Bo


Good Health Company Inc. began business in 2007 and has operating results as listed below. In 2009 & 2010 it generated net operating losses of $75,000 and $120,000 respectively. Th


Ken, a resident, is a handyman who contracts with people to do a variety of jobs including repairing fences, fixing household items and small painting jobs. As part of this work, K

Questions 1. Knowledge a common feature of the enterprise: the legal form of activity, history of creation, especially business, prospects, familiarization with the documents g


Just moved out of state. My husband works 3 part time jobs instead of one full time job. Can we deduct our moving expenses?