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Expert Q&A Done Kala Ltd is an Irish resident company. Its recent results are as follows: Year ended Period 31 December 2018 30 June Case I profit/(loss) 400,000 700,000 Case II 35,000 50,000 Case IV 8,200 (1,500) Case V profit/(loss) 3,000 (4,000) Capital gains/(losses) (15,000) 9,000 Development land gains 10,000 0 Trade Charges (3,000) o Notes 1. The capital gains/(losses) noted above are the actual capital gains and losses and have not been adjusted. These transactions related to disposals of shares that did not derive their value from development land. 2. The development land gains of 10,000 and 50,000 arose on two sales of development land in June 2018 and April 2020 respectively. 3. The trade charges relate to the purchase of a patent royalty that was used for the purpose of the Case I trade. 4. Unutilised trading losses from the Case I trade at 1 January 2018 were 10,000. Required Calculate the corporation tax payable by the company for each period on the basis that full relief is claimed for all available losses at the earliest opportunity. As part of your answer, clearly explain your treatment of the development land gains. Expert Q&A Done Kala Ltd is an Irish resident company. Its recent results are as follows: Year ended Period 31 December 2018 30 June Case I profit/(loss) 400,000 700,000 Case II 35,000 50,000 Case IV 8,200 (1,500) Case V profit/(loss) 3,000 (4,000) Capital gains/(losses) (15,000) 9,000 Development land gains 10,000 0 Trade Charges (3,000) o Notes 1. The capital gains/(losses) noted above are the actual capital gains and losses and have not been adjusted. These transactions related to disposals of shares that did not derive their value from development land. 2. The development land gains of 10,000 and 50,000 arose on two sales of development land in June 2018 and April 2020 respectively. 3. The trade charges relate to the purchase of a patent royalty that was used for the purpose of the Case I trade. 4. Unutilised trading losses from the Case I trade at 1 January 2018 were 10,000. Required Calculate the corporation tax payable by the company for each period on the basis that full relief is claimed for all available losses at the earliest opportunity. As part of your answer, clearly explain your treatment of the development land gains