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HI6028 Taxation Theory, Practice and Law

Added on - 30 Oct 2019

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Running head: TAXATION LAWTaxation LawName of the UniversityName of the StudentAuthors Note
2TAXATION LAWTable of ContentsSolution to Question 1:...............................................................................................................3Solution to Question 2:...............................................................................................................4Solution to Question 3:...............................................................................................................7Solution to Question 4:...............................................................................................................9Solution to Question 5:...............................................................................................................9References................................................................................................................................12
3TAXATION LAWSolution to Question 1:Identified Issue:The current issue indicates towards determination of both capital gains or else losses acquiredfrom sale of different assets that can be defined under the regulation 108-20 stipulated underITAA 1997 (Barkoczy 2016).Specific Laws:The specific regulations under consideration are as follows:
4TAXATION LAWSpecific Implementation:As per the regulations specified under the section 108-20 mentioned under ITAA of 1997, aloss of nearly $1000 from selling of system of home sound cannot be allowed for themeasured set off, since no losses can be regarded founded on the disposal of personal use ofassets. As per the regulation mentioned under section 108 to 110 of particularly ATAA 1997,different collectable losses that cannot be settled against the regular gains acquired from salesof shares (Snape and De Souza 2016). In addition to this, the process of offsetting can betaken into consideration as per Section (108 to 110) of the regulation ITAA of 1997 (Caoetal.2015). Since Eric has acquired gains from disposal of normal assets and there are nopresent year capital or else other types of applicable deductions. In addition to this, capitalgains of Eric currently stand at $15000.ConclusionIt can be hereby concluded that Eric cannot compensate the loss from different collectables ashe has acquired only profits from the disposal of regular assets.Solution to Question 2:Identified Issue:The current issue can be related to the process of determination of FBT as per the rulings oftaxation mentioned under TR 93/6 (Daviset al.2015).Applicable Laws:The rulings that are applicable include:
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