Question
Answer it based on the tax law of assessable income Question 5 (4 points) Required: Discuss whether each of these receipts constitutes ordinary income due
Answer it based on the tax law of assessable income
Question 5 (4 points) Required: Discuss whether each of these receipts constitutes ordinary income due to being normal business proceeds (citing authority where appropriate) (4 marks): The Flower Shop is owned by Kate who owns it as a sole trader. It sells flowers in its store. As well as in-store sales, it earned the following amounts in the current tax year: $5,000 for a large order of flowers to deliver to a wedding. $3,000 from a nearby vase shop in exchange for The Flower Shop displaying a sign informing customers that if they wish to buy a nice vase to put their flowers in, they can find it in the nearby vase shop. $2,000 paid by a filmmaker in exchange for permission to film the running of The Flower Shop for two days, so as to create footage to incorporate into the filmmaker's documentary on flower shops
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