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Taxation Law Theory and Practices Case Study

   

Added on  2020-04-07

8 Pages1309 Words69 Views
Running head: TAXATIONTaxationName of Student:Name of University:Author’s Note:

1TAXATIONAnswer 1:Issue:The issue related to the matter is basically if the taxpayer can measure the amount whichis retained form the capital loss or the gains that can be considered due to the set off based onSection 108-10 of the ITAA 1997.Rules:The rules are Section 108-20 of the ITAA 1997 and Section 108-10 of ITAA 1997.Application:

2TAXATIONApplication:The situation currently is related to the taxpayer which mentions the sustained loss fromthe sale of the sound system and is\t is impossible for the approval for set off purposes. This isbecause, it has a feature of personal asset not allowed for the purpose of set off.The profits which Eric obtained on that day of the sales, were those of ordinary assets anddid not have any type of existent capital for the years or any other type of reductions as well. Thesection 108-10 of the ITAA 1997 was followed which helped in evidence regarding the loss ofthe collectables are not possible for consideration related to the set off against the ordinary gains.These are from the sales shares which are not allowed for the set off purposes (Althaus,Bridgman and Davis 2012).Conclusion:Based on the conversation it has been seen that Eric cannot possibly set off the sustainedloss from the collectables that were primarily derived by him as revenue upon the sales of theordinary assets.Answer 2:Issue:The particular scenario concerned puts forward the situation dealing with the concept ofthe calculation process of the FBT which has been defined based on the the Fringe benefit Act of1986.

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