Question
Answer it based on the tax law of assessable income Question 6 (4 points) Required: Ignoring capital gains tax, discuss whether receipt of the Tesla
Answer it based on the tax law of assessable income
Question 6 (4 points) Required: Ignoring capital gains tax, discuss whether receipt of the Tesla constitutes ordinary income (citing authority where appropriate) (4 marks). Kevin and Naomi have been friends since their university days. Kevin's full time job is as an obstetrician at a major hospital. When Naomi was giving birth, coincidentally Kevin was the obstetrician on duty. The birth was subject to complications and it was only Kevin's high level of skills that saved the baby's life. A month later, when Kevin's birthday came around, Naomi (who was very wealthy) bought him a new Tesla car valued at around $80,000. With it she gave him a card that read "Thanks for your everything over the years". Naomi also gave the 2 nurses that assisted with her baby's delivery new televisions, valued at $2,000 each.
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