Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Which of the following compensation receipts is least likely to be included in assessable income? Compensation of $50,000 received for the cancellation of ordinary business

Which of the following compensation receipts is least likely to be included in assessable income?

Compensation of $50,000 received for the cancellation of ordinary business contracts.

Compensation of $50,000 received for the loss of trading stock.

Compensation of $50,000 received for permanent damage to income-producing assets.

Compensation of $50,000 received for the cancellation of an agency agreement when such cancellations are frequent.

Compensation of $50,000 received for the loss of income due to a temporary disruption to production.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Social Media Audits Achieving Deep Impact Without Sacrificing The Bottom Line

Authors: Urs E Gattiker

1st Edition

1843347458, 978-1843347453

More Books

Students also viewed these Accounting questions