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Provisions available for the purpose by the law in Taxation Question 1 3

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Added on  2019-10-31

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Taxation Question 1 3 Detail of the case 3 Provisions available for the purpose by the law 3 Applicability in present 3 Question 2 4 Details of the case 4 Provisions available for the purpose by the law 5 Applicability of the law to the present case 5 Question-3 5 Provisions available for the purpose by the law 6 Applicability of the provisions in the present case 6 Question-4 6 Case 6 Provisions available for the purpose by the law 6 Applicability in present 6 Question- 5

Provisions available for the purpose by the law in Taxation Question 1 3

   Added on 2019-10-31

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Provisions available for the purpose by the law in Taxation Question 1 3_1
TABLE OF CONTENTSQuestion 1........................................................................................................................................3Detail of the case.........................................................................................................................3Provisions available for the purpose by the law..........................................................................3Applicability in present................................................................................................................3Question 2........................................................................................................................................4Details of the case........................................................................................................................4Provisions available for the purpose by the law..........................................................................5Applicability of the law to the present case.................................................................................5Question-3........................................................................................................................................5Provisions available for the purpose by the law..........................................................................6Applicability of the provisions in the present case......................................................................6Question-4........................................................................................................................................6Case..............................................................................................................................................6Provisions available for the purpose by the law..........................................................................6Applicability in present................................................................................................................6Question- 5.......................................................................................................................................7Details of the case........................................................................................................................7Provisions and Applicability........................................................................................................7References........................................................................................................................................8
Provisions available for the purpose by the law in Taxation Question 1 3_2
QUESTION 1Detail of the caseEric had bought some assets which he sold during the same year. The details of the assetsbought and sold during the year were as follows- Assets Purchasing price Selling Price An antique vase$2,000$3,000An antique chair$3,000$1,000A painting$9,000$1,000A home sound system$12,000$11,000Shares in a listed company$5,000$20,000The issue is to compute taxable amount for occurred capital gain transactions.Provisions available for the purpose by the lawAustralian taxation provisions states that if holding period of assets is less than 12 months thencapital gain tax will be computed by making use of “Other method” in which cost is deductedfrom sales price (Barkoczy, 2016).Applicability in presentAs per the given case; Eric had bought assets which he sold during the same year due to whichholding period for assets will be lesser than 12 monthsCapital Gain(selling price- purchasing price)Asset Amount in $Shares in a listed company($20000-$5000)$15000Antique vase($3000-$2000)$1000Total Loss$16000
Provisions available for the purpose by the law in Taxation Question 1 3_3

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