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taxation law solutions pliz Moodle FNU Website FNU Library Student Web- Moodle Mobile urses / LAW601Sem_S2_2021_Nasinu / My Assessments / Final Alternative Assessment 2 -
taxation law solutions pliz
Moodle FNU Website FNU Library Student Web- Moodle Mobile urses / LAW601Sem_S2_2021_Nasinu / My Assessments / Final Alternative Assessment 2 - Available fro Lee was a businessman in Suva. He has some commercial properties in the heart of Suva which have a total worth of $6,000,000. He was survived by one son and one daughter. As per his last will, upon his death, all the property will be under a trust named Lee & Family Trust, managed by his son Lin. He will have a share of 30% in while other daughter, Lina will be having remaining shares. During the year 2019, the following are the financial transactions: Commercial properties are rented out which generated $150,000 rent during the year Form the business they earned $130,000 They have investment in Pacific Company worth $145,000 and return is 3.5% per annum For the rented property, costs incurred were: Insurance $4,500 Depreciation $13,000 Local Council rate $3,000 Security of the premises $6,000 Required: 1. Calculate Income Tax of beneficiary Lin and Lina for the financial year ended on 31st December 2020. (10 Marks) WStep by Step Solution
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