Discuss the income tax implications of the following Include references to the legislation, case law and taxation rulings (a) Profit of $25,000 made by a manufacturing company on the disposal of one of the machinery it has leased to carry on its business (b) Gifts and payments made by a soccer club and its supports to a star professional player, largely in their delighted response to his being selected to play for Australia The club gave him a car valued at $35,000 supporters through a collection at one game, gave him $2,900 (c) An exchange gain of $750,000 made by a manufacturer in respect of money borrowed in 1997 and used to finance construction of a new factory building (d) A boat valued at $75,000 given to an amateur tennis player to turn professional (e) A $20,000 bonus paid by the Australian Cricket Board to the captain of the Australian cricket team for outstanding leadership during a successful tour around Australia (f) A waitress in a restaurant receives flowers every week from a regular Friday night customer (g) Patrick Mills, a non resident, arrived in Australia to play basketball for the Sydney Kings team His earnings for the year ended 30 June were $200,000 for playing basketball, $20,000 for coaching and $550,000 for advertising sportswear (h) A lump sum received for the sale of a right to use your trademark (i) A $100 allowance paid by a husband to his wife for doing the housework (j) A cash payment of $30,000 won by Sarah on a TV quiz show, she also wins a car worth $75,000 and when she is invited back the next week she wins another $70,000

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Discuss the income tax implications of the following. Include references to the legislation, case law and taxation rulings.
1. (a) Profit of $25,000 made by a manufacturing company on the disposal of one of the machinery it has leased to carry on its business.
2. (b) Gifts and payments made by a soccer club and its supports to a star professional player, largely in their delighted response to his being selected to play for Australia. The club gave him a car valued at $35,000; supporters through a collection at one game, gave him $2,900.
3. (c) An exchange gain of $750,000 made by a manufacturer in respect of money borrowed in 1997 and used to finance construction of a new factory building.
4. (d) A boat valued at $75,000 given to an amateur tennis player to turn professional.

(e) A $20,000 bonus paid by the Australian Cricket Board to the captain of the Australian cricket team for outstanding leadership during a successful tour around Australia.
(f) A waitress in a restaurant receives flowers every week from a regular Friday night customer.
(g) Patrick Mills, a non-resident, arrived in Australia to play basketball for the Sydney Kings team. His earnings for the year ended 30 June were $200,000 for playing basketball, $20,000 for coaching and $550,000 for advertising sportswear.
(h) A lump sum received for the sale of a right to use your trademark.
(i) A $100 allowance paid by a husband to his wife for doing the housework.
(j) A cash payment of $30,000 won by Sarah on a TV quiz show, she also wins a car worth $75,000 and when she is invited back the next week she wins another $70,000.