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Q1. Explain the tax treatment for the following transactions under article (9) of the income tax law :( 7.5 marks) Tax payer disposed an asset
Q1. Explain the tax treatment for the following transactions under article (9) of the income tax law :( 7.5 marks)
- Tax payer disposed an asset encumbered by debt amounted to SAR 120,000 but Its market value is SAR 100,000 with cost base of SAR 80,000 .What is the gain or loss on the disposed asset?
Answer:
- Tax payer converted an asset used in the activity to his personal use with a cost base of SAR 50,000 and market value of SAR 40,000. What is the gain or loss on the disposed asset and whether gains or losses taken into consideration when determining tax base?
Answer:
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Accounting And Financial Management For Builders Remodelers And Developers
Authors: Emma S. Shinn, Doris M. Tennyson
3rd Edition
0867183861, 978-0867183863
