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Taxation Rulings | Assignment

   

Added on  2020-03-28

15 Pages2962 Words32 Views
Running head: TAXATION TaxationName of the Student: Name of the University: Author’s Note:

1TAXATION Table of ContentsAnswer to Question No 1...........................................................................................................3Issue:......................................................................................................................................3Laws:......................................................................................................................................3Calculations:...........................................................................................................................3Applications:..........................................................................................................................3Conclusion..............................................................................................................................4Answer to Question No 2...........................................................................................................4Issue:......................................................................................................................................4Laws:......................................................................................................................................4Calculations:...........................................................................................................................5Applications:..........................................................................................................................5Conclusion..............................................................................................................................6Answer to Question No 3...........................................................................................................6Issue:......................................................................................................................................6Laws:......................................................................................................................................6Applications:..........................................................................................................................6Conclusion..............................................................................................................................8Answer to Question No 4...........................................................................................................8Answer to Question No 5...........................................................................................................9Issue:......................................................................................................................................9Laws.......................................................................................................................................9

2TAXATION Applications:..........................................................................................................................9Conclusion............................................................................................................................11Reference List..........................................................................................................................12

3TAXATION Answer to Question No 1 Issue: The key concern with respect to this question has been the purpose for seeking thecapital losses and gains that have been gathered from the sale of numerous assets, which isdepicted in “Section 108-20 of ITAA 1997”. There exist numerous laws that are interlinkedwith the case study and hence have been disclosed later. Laws: Section 108-10 of ITAA 1997Section 108-20 of ITAA 1997Calculations: Asset DescriptionCost BaseCapital ProceedsCapital gainsCapial lossAntique Vase200030001000Antique Chair300010002000Painting 900010008000Home Sound System12000110001000Shares in listed company50002000015000ParticularsAmount ($)Loss on sale of Antique Chair2000Loss on sale of Painting 8000Less: Gain on sale of Antique Vase1000Total Collectable loss to be carried forward9000Computation of net capital loss for the yearParticularsAmount ($)Gains on sale of shares$15,000Computation of Net capital gains for the year Applications: If the calculations are compared with “Section 108-20 of ITAA 1997”, it can be seethere has been a loss of $1000 due to the sale of the household sound system. The loss thathas taken place will not be permissible for any set off; due to the fact such losses cannot be

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