Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Which of the following receipts is least likely to be included in assessable income? A. An employee taxpayer receives a cash bonus from their employer

Which of the following receipts is least likely to be included in assessable income? A. An employee taxpayer receives a cash bonus from their employer for exceeding their sales target. B. A business taxpayer receives a cash bonus from their supplier for exceeding their sales target. C. A business taxpayer receives a one-off cash payment from one of their suppliers for displaying the suppliers product advertisement at their store. D. A business taxpayer is given a second hand motorcycle valued at $2,500 by a customer in exchange for trading stock. E. A taxpayer wins $10,000 playing poker machines at Star City Casino. The taxpayer visits the Casino at least five time a week.

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

Computer Auditing Security And Internal Control Manual

Authors: Javier F. Kuong

1st Edition

0131629670, 978-0131629677

More Books

Students also viewed these Accounting questions

Question

b. Explain how you initially felt about the communication.

Answered: 1 week ago