Question
Bills Fishing Tackle business premises was adversely affected by a fire that resulted from an electrical fault at the shop. Fortunately Bill was fully insured
Bills Fishing Tackle business premises was adversely affected by a fire that resulted from an electrical fault at the shop. Fortunately Bill was fully insured and received the following compensation payments from his insurance company. Which of these receipts are most likely to be included in assessable income? A. Compensation of $50,000 received for personal burn injuries Bill suffered when attempting to fight the fire at the business premises. B. Compensation of $50,000 received for the loss of trading stock. C. Compensation of $50,000 received for permanent damage to the shop building. D. Compensation of $50,000 received for the loss of plant and equipment. E. Compensation of $50,000 received for damage to his wifes private car that was parked near the shop building.
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