Question
Mr James have another property, a piece of vacant land. On 11 December 2019, his land costing RM240,000, was compulsorily acquired by the Government for
Mr James have another property, a piece of vacant land. On 11 December 2019, his land costing RM240,000, was compulsorily acquired by the Government for the construction of a railway station. He received compensation of RM550,000.
Required: Discuss the tax implication on the receipt of compensation of RM550,000.
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College Accounting Chapters 1-30
Authors: David Haddock, John Price, Michael Farina
16th Edition
1260247902, 978-1260247909
