Cgt provisions, Taxation

Assignment Help:

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.


Related Discussions:- Cgt provisions

Salary, what is the rule of travelling allowance of 2013-14

what is the rule of travelling allowance of 2013-14

Flow throw entity, For purposes of this problem, ignore the possibility tha...

For purposes of this problem, ignore the possibility that there might be a disguised sale, assume that DEF uses the traditional method for making § 704(c) allocations, and finally

During the current year, During the current year, Deborah Baronne, a single...

During the current year, Deborah Baronne, a single individual, paid the following amounts: Federal income tax $10,000 State income tax $4,000 Real estate taxes on land $1,400

Tds , tds late filing fee code & late filing interest code

tds late filing fee code & late filing interest code

GST, I WOULD LIKE TO KNOW ABOUT GST. FROM WHERE IT HAVE COME AND HOW IT WOR...

I WOULD LIKE TO KNOW ABOUT GST. FROM WHERE IT HAVE COME AND HOW IT WORKS. ALSO INFORM ME WEATHER IT IS APPLICABLE IN INDIA OR NOT.

Compute gross income, 1. Ben lost his job when his employer moved its plant...

1. Ben lost his job when his employer moved its plant. During the year, he collected unemployment benefits for three months, a total of $1,800. While he was waiting to hear from pr

How much taxable income, Stewie loaned a friend $12,500 to buy some stock 3...

Stewie loaned a friend $12,500 to buy some stock 3 years ago. In the current year the debt became worthless. a. How much is Stewie's deduction for the bad debt for this year? (Assu

, Ken, a resident, is a handyman who contracts with people to do a variety...

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

Homework help, Hello I need some help with a tax return assignment

Hello I need some help with a tax return assignment

Federal Taxes on income, Ace Company has a 25 percent marginal tax rate and...

Ace Company has a 25 percent marginal tax rate and uses a 10% discount rate to compute NPV. The firm started a venture that will yield the following before-tax cash flows: year 0,

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd