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Case Study on the Sale of Land | Taxation Law Assignment

   

Added on  2020-04-07

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Running head: TAXATION LAWTaxation LawName of the StudentName of the UniversityAuthors NoteCourse ID
Case Study on the Sale of Land | Taxation Law Assignment_1
TAXATION LAW1Table of ContentsAnswer to Part A:.......................................................................................................................2Answer to question 1:.................................................................................................................2Answer to Part B:.......................................................................................................................5Answer to requirement 1:...........................................................................................................5Answer to requirement 2:...........................................................................................................6Reference List:...........................................................................................................................8
Case Study on the Sale of Land | Taxation Law Assignment_2
TAXATION LAW2Answer to Part A:Answer to question 1: The contemporary case study is based on the ascertainment of whether the sale of landwould be considered as the mere realisation of the land or whether the sale of land will beaccounted as the isolated transaction1. From the current situation, it is observed that MrPhillips had twelve hectares of land which he intended to sale in the current tax year.According to the “Taxation Ruling of TR 92/3” profits that is generated from the sale of theisolated transactions would be considered as the isolated transactions and therefore theywould be considered as the taxable proceeds under “Subsection 25 (1) of the ITAA 1936”. The term isolated transactions can be defined as the isolated transactions if thosetransactions are not inside the normal course of trade of the taxpayers performing on of atrade. It also comprises of the transactions that are entered by the taxpayers. Citing thereference of “FC of T v The Myer Emporium Ltd (1987)” the federal court passed itsdecision by stating that the amount that is concerned in the subject constituted a income fromthe transaction that though not inside the normal course of business of the taxpayers2.However, the taxpayer entered into the transactions with the with objective of deriving profitand was in the business course of the taxpayer. As evident from the present study of Mr Phillips an assertion can be bought forwardthat the sale of land has resulted in profit, which is although not in the ordinary course of the1Barkoczy, Stephen. "Foundations of Taxation Law 2016."OUP Catalogue(2016).2Snape, John, and Jeremy De Souza.Environmental taxation law: policy, contexts andpractice. Routledge, 2016.
Case Study on the Sale of Land | Taxation Law Assignment_3

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