Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Jack Hammer (a sole trader) sold his accountancy business on 30 June 2012. The capital proceeds attributable to the internally generated goodwill are $2,000,000 (the rest of his business assets were matched by compensating liabilities and were sold at their cost base). Jack started the business in 1988 and he now plans to work for the purchaser. Jack's cost base for the goodwill is nil. Jack is 57 years old. Apart from a share portfolio worth $3,500,000, Jack's other assets are a vintage car (worth $100,000) which Jack uses for personal enjoyment, his family home (worth $1,000,000) which has been used exclusively as a home, and his superannuation fund (worth $300,000).
Required
(a) Outline whether Jack passes the maximum net asset value test in s. 152-15. Identify all inclusions and exclusions with brief justification (you must quote specific legislation).
(b) Briefly justify whether Jack can obtain the 15-year exemption in s. 152-105.
(c) Assuming that Jack cannot obtain the 15-year exemption and ignoring the small business rollover concession, calculate Jack's minimum net capital gain on the sale of his business. Do not explain your answer. Do not quote legislation.
Compute Kit Inc.'s general rate income pool (GRIP) account balance as of December 31, 2011.
terry owns real estate with an adjusted basis of 600000 and a light market value of 1.1 million. the amount of the
Determine whether the following benefits are fringe benefits or exempt fringe benefits and, where applicable, the relevant category of fringe benefit.
Compute Cholati's branch profits tax, and determine its branch interest withholding tax obligations. Assume that Cholati does not reside in a treaty country - What are the tax advantages of operating in the United States through an unincorporated b..
questionuse the given information to complete phillip and claire dunphys 2012 federal income tax return. if information
Evaluate the amount of foreign source income Eastwood will include in the US tax return in each of the 3 years and evaluate the amount of foreign tax credit Eastwood will be allowed to take in evaluate its US tax liabilty in each of the 3 years.
Illustrate the impact on the tax liability of the parent company of the activities and how does the establishment of the coordination center impact the tax liability of companies that lease assets from the center and organizations that finance asse..
Peter sold an investment property in Sydney and the transaction was settled on 30 June 2012 for $800,000. He incurred legal fees of $1,100 and a real estate agent's commission of $9,900 in relation to the sale.
the proceeds of that auction returned to unique donors to the Foundation, would this alternative provision affect the Foundation's request for tax exemption and how?
Advise Chatswood Pty Ltd as to its fringe benefits tax liability for the year ended 31 March 2012.
problem 1the average prices for a product in 12 stores in a city are given
Advise Sam on the legal issues arising in relation to the contract between Sam and Giant Copper Ltd, and the television interview. Discuss any points the other parties may counter argue.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd