21.4 In July 2009, Phillip (a sole trader) gave his entire business to his grandson. Both Phillip...

Question:

21.4 In July 2009, Phillip (a sole trader) gave his entire business to his grandson. Both Phillip and his grandson elected that the gains arising on this gift should be held-over. The chargeable gains arising were as follows:

Freehold buildings 23,500 Goodwill 40,000 Listed investments 10,600 State the amount of the gains which could be held-over.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Taxation

ISBN: 978-0273730156

15th Edition

Authors: Alan Melville

See More Books

Question Posted: Jul 15, 2024 01:09 AM

See More Questions

Consider the following information: Rate of Return if State Occurs State of Economy Boom :57 Bust of Economy .66 .34 Probability of State Stock A .09 .13 Stock B Stock C .03 .19 .24 -.04 a. What is...
I need help working through this problem. Most of the work I have completed but I need help ensuring that my answers are correct before submitting the assignment. I have attached the problem...
I need help on the 1065 partnership return. Its the one with Bilco Products. Thank you for whoever does. :) 2012 Edition Individuals', Corporation, Partnership, and Fiduciary Fact Patterns and Blank...
Consider the following grooves, each of width W, that have been machined from a solid block of material. (a) For each case obtain an expression for the view factor of the groove with respect to the...
Wireless devices have quickly become an indispensable part of many consumers lifestyles. How do you view this rapid transition to a situation where many of us are lost without our Crack Berrys or...
In what way does discrimination redistribute national income? How does it reduce national income?
Administration overheads are recorded as a percentage of (a) Works cost (b) Prime cost (c) Direct materials (d) Direct wages
The data shown in Table 6E.4 are the deviations from nominal diameter for holes drilled din a carbon-fiber composite material used in aerospace manufacturing. The values reported are deviations from...
The following financial statement data for the year ending December 31 are for Aero Company: What is the asset turnover for the year? a. 1,56 b. 1.33 c. 1.50 d. 1.45
21.5 In August 2009, Susannah (a sole trader) gave her business premises to her son. The premises had been bought by Susannah for 91,500 in July 2000 and extended in May 2001 at a cost of 34,500....
21.3 In September 1999, Pamela bought a building for business use at a cost of 150,000. In September 2009 she sold the building for 261,400 and immediately bought another building, again for business...
In Problems evaluate the expression. In how many ways can four variables be chosen from x 1 , x 2 , x 3 , x 4 , s 1 , s 2 , s 3 , s 4 and assigned the value 0?
Use as many directional terms as possible to describe therelationshipbetween: a. the antecubital region and the poplitealregion b. the acromial region and the mentalregion c. the gluteal region and...
Average rate of return-cost savings Maui Fabricators Inc. is considering an investment in equipment that will replace direct labor. The equipment has a cost of $114,000 with a $10,000 residual value...
Alan was rated as excellent on his individual work performance evaluation, earning him $2,000, provided as a merit pay increase. His annual salary this year is $48,000. He works in a team of 3...
Josie spends $60 at the end of each month on cigarettes. If shestops smoking and invests the same amount in an investment planpaying 6% compounded monthly, how much will she have after fiveyears? 2...
Say we have a Boeing 747 whose longitudinal flight dynamics for a given flight condition may be approximated using the following state equation (uncontrolled motion; thus no need to consider the...
Compare sand, die, investment, lost foam, and continuous casting techniques.
Can partitioned join be used for r r.A s? Explain your answer
Berbice Inc. has a new project, and you were recruitment to perform their sensitivity analysis based on the estimates of done by their engineering department (there are no taxes): Pessimistic Most...
#3) Seven years ago, Crane Corporation issued 20-year bonds that had a $1,000 face value, paid interest annually, and had a coupon rate of 8 percent. If the market rate of interest is 4.0 percent...
I have a portfolio of two stocks. The weights are 60% and 40% respectively, the volatilities are both 20%, while the correlation of returns is 100%. The volatility of my portfolio is A. 4% B. 14.4%...

21.4 In July 2009, Phillip (a sole trader) gave his entire business to his grandson. Both Phillip...

Question:

Step by Step Answer:

Taxation

Students also viewed these Business questions