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The Trading Stock Related to Income Tax

   

Added on  2020-04-01

13 Pages2134 Words50 Views
Running head: TAXATION LAWSTaxation LawsName of the StudentName of the UniversityAuthors NoteCourse ID

TAXATION LAWS1Table of ContentsAnswer to question A:................................................................................................................2Answer to question B:................................................................................................................3Answer to question C:................................................................................................................5Answer to question D:................................................................................................................6Answer to question E:................................................................................................................7Answer to question F:................................................................................................................8Answer to question G:................................................................................................................9Reference List:.........................................................................................................................11

TAXATION LAWS2Answer to question A:

TAXATION LAWS3Answer to question B: Issue: The present issue is concerned with the determination of methods to be adopted forvaluing the trading stock related to income tax purpose. Laws: 1.Section 70-402.Sub-division of 328-EApplication: As evident from the present case study it can be stated that the taxpayer in the presentcircumstances make the use of absorption costing in order to value the trading stock at costfor the purpose of income tax. In respect of the absorption costing, the cost that can be

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