Question
Part 2 Trading Stock is defined in s 70-10(1)(a) ITAA 1997 as 'anything produced, manufactured, acquired that is held for the purposes of manufacture,
Part 2 Trading Stock is defined in s 70-10(1)(a) ITAA 1997 as 'anything produced, manufactured, acquired that is held for the purposes of manufacture, sale or exchange in the ordinary course of *business;' REQUIRED a) Explain the relevant legislation which brings trading stock to account for income tax purposes as assessable income or as an allowable deduction. (2 marks) A BI I E 3 C 00:00 US X2 x # #
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Cornerstones of Financial and Managerial Accounting
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
2nd edition
978-0538473484, 538473487, 978-1111879044
