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
A1 Evaluate the accuracy of the term "New South" in describing the post-Civil War South, and discuss ways in which the term was and was not appropriate. A2 What was the Indian "

"Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2010. Alfred and Beulah will file a joint return for 2011. Alfred''s Social Security number is 111-11-1111.

Home Cable TV Company, an accrual basis taxpayer, allows its customers to pay by the month ($25 each month), by the year ($280 per year), or two years in advance ($540). In Decemb

How much is for the Roberta Santos taxation assignment?

Using tax software, file out federal and california tax form! Plus cover letter

I have MCQ In corp. Tax area ?

Assignments for Portfolio Development In order to demonstrate college-level mastery of the course objectives, you will be required to write a narrative for your electronic port

Gustav Ltd commenced operations on 1 July 2011 and presents its first statement of comprehensive income for the year ending 30 June 2012 and first statement of financial position a


T ax Shields A tax shield is defining any reduction in a corporation's tax bill which can be brought about by management. Depreciation, for example create a tax shield