In August 2014, Jim acquired a 99-year lease on a flat for 170,000. In August 2020, he
Question:
In August 2014, Jim acquired a 99-year lease on a flat for £170,000. In August 2020, he assigned the lease to Shirley for £212,000. The flat was never Jim's residence. Compute the chargeable gain.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (3 reviews)
The chargeable gain in this case is simply 42000 212000 170000 The fact that the l...View the full answer
Answered By
Leah Muchiri
I am graduate in Bachelor of Actuarial Science and a certified accountant. I am also a prolific writer with six years experience in academic writing. My working principle are being timely and delivering 100% plagiarized free work. I usually present a precised solution to every work am assigned to do. Most of my student earn A++ GRADE using my precised and correct solutions.
4.90+
52+ Reviews
125+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
In August 2011, Jim acquired a 99-year lease on a fl at for 170,000. In August 2017, he assigned the lease to Shirley for 212,000. The flat was never Jim's residence. Compute the chargeable gain.
-
Mabati Ltd is expected to pay a DPS of Sh.6 in one year's time. The dividend payout ratio is 60% and the Return on Equity is 15%. Using relevant calculations, determine whether the share is...
-
PCC Ltd is a manufacturing company which prepares accounts to 31 December each year. The company made the following disposals of chargeable assets in the year to 31 December 2020: (i) On 12 September...
-
Solve the system of equations by substitution. Sx+ y=0 2x + 3y = -7 x = 6, y = -6; (6, -6) x = 7, y = -7; (7, -7) x = -6, y = 6; (-6, 6) x= -7, y = 7; (-7, 7)
-
Write a research paper on a subject of Business intelligence. Integrate what you have learned from the course resources into your document. As you consider the topic for your research paper, try and...
-
Write an LL(1) parser generator in purely functional Scheme. If you consult Figure 2.24, remember that you will need to use tail recursion in place of iteration. Assume that the input CFG consists of...
-
Which of the following requires UK limited companies to publish financial information? a. The Companies Act b. The Corporation Act c. European Union Directive 421B d. The Partnership Act
-
Identify each of the following accounts of Advanced Services Co. as asset, liability, owners equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit. a....
-
3. Find the perimeter of a square whose side is 10mm. Perimeter = mm
-
Jean acquired a 30-year lease on a property in July 2010 for 132,000. In July 2020 she assigned the lease to Lawrence for 145,000. The property was never Jean's residence. Compute the chargeable gain.
-
On 31 March 1980, Philip acquired a 48-year copyright at a cost of 85,000. The copyright was valued at 92,000 on 31 March 1982. On 31 March 2021, Philip sold the copyright for 47,000. Compute the...
-
Refer to Krispy Kremes balance sheet in Appendix A. What title does Krispy Kreme use for its plant assets? What is its book value of plant assets as of February 2, 2003, and February 3, 2002?
-
Human services professionals require skills in reflective practice to critically engage in ethical and professional practice. Skills in identifying and critically considering underlying beliefs and...
-
is discussion activity features a dream vacation of your choice and associated annuity calculations. Tell us about your dream vacation. Do some quick research to find out how much this dream vacation...
-
Question 1 A."An investment is the current commitment of dollars for a period of time in order to derive future payments that will compensate the investor for the time the funds are committed, the...
-
8. The Milham Company has two divisions - East and West. The divisions have the following revenues and expenses: Sales......... Variable costs....... Traceable fixed costs.......... Allocated common...
-
Case 17-1 Randall Corporation Paul Syrie, senior partner at Newcombe Consulting, was preparing his presentation for the CEO of a large client, Randall Corporation, the following day. Newcombe had...
-
Homeowners Heroes Inc., manufactures household products such as windows, light fixtures, ladders, and work tables. During the year it produced 10,000 Model 10X windows but only sold 5,000 units at...
-
What recommendations would you make to Big Four firms to help them (1) avoid confrontations with governmental officials in an authoritarian society and (2) deal effectively with such confrontations...
-
Barbara makes the following payments for 2017-18: Compute the late payment penalties (if any) which Barbara would incur and state the dates by which these penalties should be paid. 31 January 2018 8...
-
Barbara's liability to income tax and Class 4 NICs for 2016-17 was 26,000, of which 4,000 was deducted at source. Her liability for 2017 -18 is 30,000, of which 1,000 has been paid by deduction at...
-
Barbara (see Examples 2 and 3 above) pays all of her late payment penalties on 3 March 2020. Calculate the total interest payable by Barbara in relation to her income tax and Class 4 NICs for...
-
Based on the? accounts, create the journal entries that resulted from the six transactions. Include explanations with each journal entry. Cash Supplies Building Equipment (1) 35,000 (4) 10,000 (2)...
-
Select the most correct answer from the material provided in this course that finishes the collowing statement. An option for temporary leased space is: A. working outdoors near the damaged facility...
-
3 1 pts Ancient Grains, Inc. issued a 4 month note in the amount of $500,000 on October 1, 2021 with an annual rate of 5%. What amount of interest has accrued as of December 31, 2021? Note: your...
Study smarter with the SolutionInn App