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This in criminal Justice
This is your second Life Skills Assignment. Life skills assignments are worth 5% of your final grades each for a combined total of 20% of your final grades. For this assignment, you must use the format provided below in order to brief the attached case: SALSBURY v. NORTH WESTERN BELL TELEPHONE CO., 221 N.W.2d 609 _1974
? so that she and her family could live in the house; and
? so that she could build three units on the tennis courts and sell them at a profit.
In the current tax year the tennis club next door offered to buy the old tennis courts, but only if Peta first restored them to good condition. Peta decided to accept the club�s offer instead of going ahead with her plan to build and sell units.
Peta spent $100,000 on preparing the tennis courts for sale. This involved a great deal of work. Peta had to resurface the tennis courts and build new fences around them. She then sold the tennis courts in the current tax year to the tennis club for $600,000.
Ignoring capital gains tax, discuss whether the receipt of $600,000 is ordinary income under s 6-5.
Brisbane on 1 October 1980. On 1 September 1986, Scott built a
house on the land. At the time, the land was valued at $90,000 and
the cost of construction was $60,000. The property has been rented
out since construction was completed. On 1 March of the current tax
year, Scott sold the property at auction for $800,000.
a) Based on the information above, determine Scott’s net
capital gain or net capital loss for the year ended
30 June of the current tax year.
b) How would your answer to (a) differ if Scott sold the
property to his daughter for $200,000?
c) How would your answer to (a) differ if the owner of the
property was a company instead of an individual?