Capital Allowances 1 Mobile one Sdn Bhd, a manufacturing company, acquired a BMW care of the peneral manager on 1.2.2007 e hire purchase. The company cases its 309 TO CE Details Cash price Deposit Hire Purchase loan Amore of each installment There were monthly installments comming from February 2007 Required Compare capital allowance for motor vehicle for the YAS 2007 to 2009 2 A new motor car which cod RM120,000 hu been wholly wed by A-Team Traders business since its acquisition on 12 January 2007 On 21 November 2009. A-Team traded in the master car for van to be wholly used in the business Details as follows: Details RM Cost of the van TIDO Cash deposit 2.000) Trade-in-value of the car BRO Hire purchase loon (excluding interest), Total number of installments Date of first installments Required Compute the capital allowances in respect of the motor cu for the YA 2007 YA 2008 and the balancing allowance charge upon its disposal in the YA 2009 Compare the capital allowances in tespect of the ven for the YA 2009 as 2010 b) Employment Income Mac Wamer is a technical manager in a manufacturing company operating in Shah Alam and cared the following remuneration for the year ended 31.12.2009 Details Salary Bonus Entertainment allowance Travelling allowance RM 72.000 12.000 3.000 3.000 During the year, the company paid RM 1.200 for medical treatment received by Mac Warner. In addition, he was provided with unfurnished accommodation. The rent paid by the employer was RM19,200 for the year Required Compute the gross income from the employment for YA2009. 4. Mike Miller commenced employment with Power Learning Sdn Bhd on 1.1.2012. He was provided with the following: RM 96.000 Details Salary Bonus Perquisite Unfurnished accommodation 16 000 7.000 2.000 per month Compute the gross income adjusted income from the employment for YA2012 Real Property Gain Tax 5. On 1 June 2007, Mr.X transferred his house to Ms. Jones for RM 500,000. The transfer followed an agreement made verbally on 2 January 2007. The consideration was paid in full on 15 April 2007. The house has been purchased by Mr. Xon 11 May 2004 for RM 280,000. Prior to the disposal of the house, Mr.X incurred the following expenditure: Stamp duty on purchase was RM6, 700. Interest on a mortgage loan incurred from 1 January to 31 December 2005 was RM 13,000 Ms Jones subsequently sold the house for RM600,000 and incurred agents fees of RM 5,000 in connection with disposal. Prior to the disposal of house. Ms Jones spent RM30. 000 on an extension to the property. The Sales and Purchase agreement (S&P) for this disposal was signed on 23 September 2010. Mr.X is a citizen of Malaysia and Miss Jones is American citizen Compute the real property gains tax payable by Mr. X and Ms Jones respectively. Income Tax Computation 6. Mr. Peter has the following income for the year ended 31 December 2011 RM RM 50.000 3,000 Sole proprietorship business Net profits paccount After including the following Lottery Winnings After deducting the following Salary Employee Provident Funds Van running expenses 9.000 Depreciation 6300 The Inland Revenue Bourd has agreed that three quarters of the expenses was incurred for business purpose The capital allowance in respect of the van for the year assessment 2011 amet te RM 6.800.00 18,000 Rental Income from a furnish house Statement of receipts and clasing Rat Ressigts Jan-Dee RM 1,500/month Quiring seases Quit rent and assessment Cost of replacing the lounge furniture Fire Insurance SOO 2.100 500 A gross dividend amounting to RM 5,000 was received in December 2011 Peter has made the following claims for the year of assessment 2011. Personal contribution to Employee Provident Funds Required a) Compute the tax payable by Peter for the year of assessment for 2011 b) Explain your treatment of the following item in the sole-proprietorship business . Lottery winning Salary to Peter Capital Allowances 1 Mobile one Sdn Bhd, a manufacturing company, acquired a BMW care of the peneral manager on 1.2.2007 e hire purchase. The company cases its 309 TO CE Details Cash price Deposit Hire Purchase loan Amore of each installment There were monthly installments comming from February 2007 Required Compare capital allowance for motor vehicle for the YAS 2007 to 2009 2 A new motor car which cod RM120,000 hu been wholly wed by A-Team Traders business since its acquisition on 12 January 2007 On 21 November 2009. A-Team traded in the master car for van to be wholly used in the business Details as follows: Details RM Cost of the van TIDO Cash deposit 2.000) Trade-in-value of the car BRO Hire purchase loon (excluding interest), Total number of installments Date of first installments Required Compute the capital allowances in respect of the motor cu for the YA 2007 YA 2008 and the balancing allowance charge upon its disposal in the YA 2009 Compare the capital allowances in tespect of the ven for the YA 2009 as 2010 b) Employment Income Mac Wamer is a technical manager in a manufacturing company operating in Shah Alam and cared the following remuneration for the year ended 31.12.2009 Details Salary Bonus Entertainment allowance Travelling allowance RM 72.000 12.000 3.000 3.000 During the year, the company paid RM 1.200 for medical treatment received by Mac Warner. In addition, he was provided with unfurnished accommodation. The rent paid by the employer was RM19,200 for the year Required Compute the gross income from the employment for YA2009. 4. Mike Miller commenced employment with Power Learning Sdn Bhd on 1.1.2012. He was provided with the following: RM 96.000 Details Salary Bonus Perquisite Unfurnished accommodation 16 000 7.000 2.000 per month Compute the gross income adjusted income from the employment for YA2012 Real Property Gain Tax 5. On 1 June 2007, Mr.X transferred his house to Ms. Jones for RM 500,000. The transfer followed an agreement made verbally on 2 January 2007. The consideration was paid in full on 15 April 2007. The house has been purchased by Mr. Xon 11 May 2004 for RM 280,000. Prior to the disposal of the house, Mr.X incurred the following expenditure: Stamp duty on purchase was RM6, 700. Interest on a mortgage loan incurred from 1 January to 31 December 2005 was RM 13,000 Ms Jones subsequently sold the house for RM600,000 and incurred agents fees of RM 5,000 in connection with disposal. Prior to the disposal of house. Ms Jones spent RM30. 000 on an extension to the property. The Sales and Purchase agreement (S&P) for this disposal was signed on 23 September 2010. Mr.X is a citizen of Malaysia and Miss Jones is American citizen Compute the real property gains tax payable by Mr. X and Ms Jones respectively. Income Tax Computation 6. Mr. Peter has the following income for the year ended 31 December 2011 RM RM 50.000 3,000 Sole proprietorship business Net profits paccount After including the following Lottery Winnings After deducting the following Salary Employee Provident Funds Van running expenses 9.000 Depreciation 6300 The Inland Revenue Bourd has agreed that three quarters of the expenses was incurred for business purpose The capital allowance in respect of the van for the year assessment 2011 amet te RM 6.800.00 18,000 Rental Income from a furnish house Statement of receipts and clasing Rat Ressigts Jan-Dee RM 1,500/month Quiring seases Quit rent and assessment Cost of replacing the lounge furniture Fire Insurance SOO 2.100 500 A gross dividend amounting to RM 5,000 was received in December 2011 Peter has made the following claims for the year of assessment 2011. Personal contribution to Employee Provident Funds Required a) Compute the tax payable by Peter for the year of assessment for 2011 b) Explain your treatment of the following item in the sole-proprietorship business . Lottery winning Salary to Peter