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Part A
Illustrate why the payment to the taxpayer in FCT v Dixon (1952) 86 CLR 540 was assessable income but the payment in Scott v FCT (1966) 117 CLR 514 was not.
In your answer you should add the following:
i) A brief statement in of the facts of the cases.ii) Show the issues raised and the relevant legislation in the context of ITAA97.iii) Show any cases and other sources of information relevant to the issues and legislation.iv) Apply the law to the facts stating clearly why one taxpayer was assessable and the other was not.
Part B
Nigel is a professional percussionist and performs with a number of bands and orchestras. In order to practice, he set aside a special room in his house that is soundproof and has a variety of electronic sound equipment. The room is used only for practice or performance related purposes. He pays council rates, interest on the house mortgage, maintenance and repairs, electricity and telephone expenses in connection with the house. He believes he could be able to claim tax deductions for all these costs together with depreciation on the room and equipment.
Illustrate the tax position to Nigel. In you answer you should:
i) Show the tax issues that are raised and the relevant sections of the legislation.ii) Show any cases and other sources of law or information that apply.iii) Apply the law to the facts.iv) Express a conclusion in regard to the issues identified and show any other information required.
Evaluate Ginger's gift tax liability for 2013 if she and Greg elect gift splitting and Greg gave their son Stevie stock valued at $80,000 through 2013.
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title subject to the 200000 mortgage, and agreed to pay him 100000 with interest at 6 percent one year from the date of sale. How much is robert's recognized gain on the sale.
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Taxpayer receives stock as a gift from his nephew. The adjusted basis of the stock is $10,000 and the fair market value is $30,000. Taxpayer trades the stock for bonds with a fair market value of $25,000 and $5,000 cash. What is his recognized gai..
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Is franchising a good idea for Wong if franchisees want a minimum monthly operating income of $6,000 and Wong believes that most locations could generate $26,000 in monthly sales?
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