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
John and Ellen Brite are married and file a joint return. John owns an unincorporated specialty electrical lightning retail store, Brite-On had the following assets on January 1, 2

At the beginning of 2010,Marquee Inc. has two assets in Class 10 . The balance in this class is $7,423. The cost of each asset in the class was $7,500. On June 30, 2011, one of the

Dan and Cheryl are married, file a joint return, and have no children. Dan is a pharmaceutical salesman and Cheryl is a nurse at a local hospital. Dan%u2019s SSN is 400-20-1000 and

Macy had a lot of medical expenses this year that were not covered by her insurance (either due to a deductible, co-insurance, or co-pay). Her un-reimbursed qualifying medical expe

I have an assignment for tax subject I need it done by 04/24/2013 midnight here''s the case: Sarah is an economist for Smith LLC. In January 2009, she inherited three parcels of

28) Explain how Treasury Department Circular 230 differs from the AICPA’s Statements on Standards for Tax Services.

fiduciary income calculation and other relevant calculations. Jack Green established the Jackson Trust by a gift in 1999. The trust instrument requires that the trustee (Fifth-Four

This assignment is to be done ALONE. It is due IN CLASS by the posted due date with no exceptions. Other than the textbook and class notes, the ONLY other resources that should be

Q. Which are the allowances are exempted from the income tax? Ans: 1. Uniform Allowance and Sumptuary Allowance 2. Death cum Retirement gratuity received by Government

Your firm  purchased a line of computer equipment for $1.5M  four  years ago.  It is assigned a CCA rate of 20% and the firm has a tax rate of 35%.  At the end of this year (year 4