Preview

Taxpayer Case

Satisfactory Essays
Open Document
Open Document
756 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Taxpayer Case
Question 1
There is a time table about John: DATE | ACTIVE | $ | PROPERTY | 01/03/1996 | Purchase | $100,000.00 | Burwood | 01/07/2011 | Purchase | $300,000.00 | Camberwell | 01/09/2011 | Declared this house to be his main residence | | Camberwell | 30/12/2011 | Post to New York, rent property | | Camberwell | 01/03/2012 | Sell | $175,000.00 | Burwood | 30/12/2016 | Back to Melbourne | | | 01/02/2017 | Sell | $500,000.00 | Camberwell |

The CGT consequences of these events must process as follow:
Property at Burwood
Step 1 - has he made a capital gain or loss? Step 1. has he made a capital gain or loss? | BURWOOD | CAMBERWELL | | | | Question 1. | Has a CGT event happened to the taxpayer? | Disposals | [s104-A] | Disposals | [s104-A] |
…show more content…
| Is the asset a CGT asset? | land and buildings | [s108-5] | land and buildings | [s108-5] | Question 3. | Does an exception or exemption apply? | No* | [s 118-100] [s118-100] | Yes** | [s 118-100] [s118-100]

You May Also Find These Documents Helpful

  • Satisfactory Essays

    law case

    • 427 Words
    • 2 Pages

    The purpose of this arbitration paper is written for arbitration meeting conducted on April 4th 2014 for the incident happened in February 15th.…

    • 427 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Case 11 6 Lessee Ltd

    • 672 Words
    • 2 Pages

    Case 11-6 deals with Lessee Ltd., a company that operates in Britain and uses IFRS. The question in this case is how to classify a lease that Lessee, Ltd. acquired from Lessor Inc. The accounting standard that deals with leases under IFRS is IAS 17. IAS 17 was originally issued in September 1982 and was reissued in December 2003. It classifies leases as either finance leases or operating leases. Finance leases make it so that the lessee recognizes an asset and a liability and the lessor recognizes a receivable, basically transferring all the risks and benefits of ownership. Under operating leases, the lessor still recognizes the asset and the lessee recognizes an expense.…

    • 672 Words
    • 2 Pages
    Good Essays
  • Satisfactory Essays

    Case 08-1

    • 874 Words
    • 4 Pages

    According to ASC 230-10-45-14, sale of accounts receivable should presented as financing cash inflows in the statement of cash flows. According to ASC 230-10-45-12, Cash received from…

    • 874 Words
    • 4 Pages
    Satisfactory Essays
  • Good Essays

    Case 07-2

    • 683 Words
    • 3 Pages

    Western Aluminum, INC expanded its operations through the acquisition of Smelter. By the end of 2007, Smelter is projected to produce 30% of Western Aluminum’s inventory. Western Aluminum evaluated its current practices in comparison to Smelters current FIFO Inventory management system and issued a proposal to change their inventory valuation method from LIFO to FIFO.…

    • 683 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    Case 11-4

    • 1095 Words
    • 5 Pages

    Sparkle Company is a Nigerian diamond mining company. Sparkle is a joint venture, 50 percent owned by Shine and 50 percent owned by Brighten. Both Shine and Brighten are U.S.-based companies with their functional currency being the American dollar. Sparkle Companies functional currency is that of Nigeria, being the Naira. During 2009, Sparkle had several transactions with its joint venture owners and outside parties. The details of Sparkle’s transactions are three loans, three expenditures, and one revenue stream. The loans the company took out were $1 million from Brighten, $1 million from Shine, and 300 million Naira from a local Nigerian bank. The expenditures for 2009 included 850 million Naira on local labor, 75 million Naira on operating expenses, and $15 million on machinery. The revenue streams for the current period for Sparkle are $35 million in sales within the United States, which equals 80 percent of total sales. According to the joint venture agreement, all sales proceeds are retained by Sparkle as long as control is equally divided between Shine and Brighten. Direct sales transactions with Shine and Brighten are considered to be relatively small.…

    • 1095 Words
    • 5 Pages
    Powerful Essays
  • Good Essays

    Law and Case

    • 1897 Words
    • 8 Pages

    Legal research is not only about discovering how the law applies, it is also about determining how strong case is. Using legal research we are analyzing strength and weaknesses of client’s case, and using counteranalysis we determine how opponent can use weaknesses against us. In this paper we will establish why counteranalysis is important and why do we use it, when we use it and where we can apply it.…

    • 1897 Words
    • 8 Pages
    Good Essays
  • Powerful Essays

    Case 12-02

    • 967 Words
    • 4 Pages

    Case 12-02 To Recognize or Not to Recognize, That Is the Question Shakespeare Inc. (“Shakespeare” or the “Company”) is a privately held book printing and publishing company with a December 31 year-end. The summary balance sheet as of December 31, 2010, included: Current assets Noncurrent assets Total assets Current liabilities Noncurrent liabilities Total liabilities Total shareholder equity $ 6,500,000 28,250,000 $34,750,000 $ 4,500,000 13,750,000 $18,250,000 $16,500,000…

    • 967 Words
    • 4 Pages
    Powerful Essays
  • Good Essays

    Title Vii Case

    • 432 Words
    • 2 Pages

    1. What is one aspect of Title VII that has been violated by the company?…

    • 432 Words
    • 2 Pages
    Good Essays
  • Powerful Essays

    Legal Case

    • 1189 Words
    • 5 Pages

    In December 2002 Dominic Li answered his front door to two men (Richard Nimmo and Maua Sua) both armed with guns. Sua and Nimmo were being paid by Yonky Irvin Tan, a drug dealer whom Li’s brother in law owed money to. Both Sua and Nimmo poured hydrochloric acid onto Mr Li where he suffered burns to his face, became blind and burns to his oesophagus. Mr Li painfully passed away three weeks later due to these injuries sustained as they led to a blockage in his throat that blocked his breathing. Tan was found guilty of plannng the murder and sentenced to life in prison. Sua and Nimmo were found not guilty to the murder but found guilty on other offences.…

    • 1189 Words
    • 5 Pages
    Powerful Essays
  • Satisfactory Essays

    33. "Generally, if the taxpayer is a real estate professional and materially participates in a real property trade or business, then the rental activity should be reported on Schedule C. A taxpayer materially participates in an activity if he or she works on a regular, continuous, and substantial basis in the operation of the rental." (Cruz, 2015)…

    • 186 Words
    • 1 Page
    Satisfactory Essays
  • Powerful Essays

    Citizens United Case

    • 1758 Words
    • 8 Pages

    Although corporations are comprised of individuals, it is highly debated if corporations deserve the same rights that the Constitution grants each American citizen. The First Amendment gives each citizen equal opportunity to pursue his or her own ambitions in coalition with their great nation. In the Citizens United v. Federal Election Committee case No. 08-205, the Supreme Court validated the idea of political spending as free speech and abolished the ban on corporate political spending. Corporations are imperative to an industrialized society, but they should not have the right to control political decisions, especially when they are motivated by selfish and monetary reasons. Corporate speech involves individual speech, but it does not have the human voice. The Bill of Rights was drafted to protect the rational freedoms of an actual human voice.…

    • 1758 Words
    • 8 Pages
    Powerful Essays
  • Good Essays

    Law Case

    • 6864 Words
    • 28 Pages

    | |74 S. Ct. 686; 98 L. Ed. 873; 1954 U.S. LEXIS 2094; 53 |…

    • 6864 Words
    • 28 Pages
    Good Essays
  • Satisfactory Essays

    Criminal case

    • 359 Words
    • 2 Pages

    When dealing with a case loads that has doubled to the point o the staff being not able to handle it, it could arise many of problem in not just the criminal division but in all aspect and areas of the courts. Having fifty employees under the active administrator for the court may sound like a lot, however it can be depending on the size of the court and the work load that is given in the courthouse on the daily basis. Having a double in a workload can make many issues arise in the court when dealing with criminal cases, because it is taking too long to reach final disposition. What normally takes one month has almost doubled in time making everything build up and the more time it takes to get to that point, the more money it ‘s going to be for not the lawyers, but also for both parties (plaintiff and defendant). With only two judges things are going to take time and the process of the filling paperwork is going to be in abundance for the judges and the clerks. What can also cause another conflict is, if there is going to two judges hearing criminal cases and at the end of the one month period, what will happen when one of the judges doesn’t get done and reach their deposition until three months ? Meaning one of the criminal case judges is going to have to wait for two month in order to rotate onto the criminal bench, which can cause a major situation? By having such a massive work load there are going to be many tempers flaring in the criminal case proceeding because they feel the process is taking too long. Nonetheless, some and/or maybe both parties will get tired and wonder why the dragging out for so long is. As time goes on there is going to have to be another way to handle the workload as well as making sure things run at respectable time frame before things get so backed up, to the point of hiring more staff to make things go a little faster and easier.…

    • 359 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    court case

    • 538 Words
    • 3 Pages

    There have been events that incriminate public school teachers and other employees for having improper sexual influence and connection with their students have occurred across the country. Having students fall victim to sexual predators within a safe establishment during school, school outing, or even when participating in after school activities is unacceptable and causes potential for liability charges. In student injury cases such as Hansen vs. Board of Education, the court observed a pattern with careless hiring, neglectful supervision, and unconcerned retention. It is important to cautiously screen all candidates, conduct suitable evaluations, and to create an environment that allows teachers to have witnesses. This environment will provide adequate monitoring and a comfortable environment for staff and students.…

    • 538 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    tax court case

    • 417 Words
    • 2 Pages

    Because of the fire damage that occurred for their residence, Taylors have to stay in motel for 3 weeks, and they spend $2,500 for their living and meals. Also, their homeowners paid back for them $2,500. However, their estimation about their meals cost while they are in the motel is $300. They want tax advice from us with regards for this estimate amount. The basic issue is that does need to the entire reimbursement amount taxable?…

    • 417 Words
    • 2 Pages
    Satisfactory Essays