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Scott is an accountant who purchased a vacant block of land in
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.
Requirement:
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?
The Daily Terror newspaper offers her $10,000 for her life story, if she will write it, and she writes a story and assigns all her right, title and interest in the copyright for $10,000 to the Daily Terror. She also sells the manuscript to the Mitchell Library for $5,000 and several photographs for $2,000.
Answer:
These three payments are income from personal exertion, because the book was written personally and the rights, manuscript and photos were sold in accordance with the law. If she wrote the story for her own satisfaction and only decided to sell it later, the situation will be the same.
Scott is an accountant who purchased a vacant block of land in
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.
Requirement:
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?
Your client is a parent who lent $40,000 to her son to provide a
short-term housing loan. The agreement is that the son will repay
$50,000 at the end of five years.
Reconsider this question in light of the following facts. The loan was
made to the son without any formal agreement and without any
security provided for the sum lent. In addition, the client (the
mother) has informed you that she told her son that he need not
pay interest. However, the son repaid the full amount after two
years and included in his payment an additional amount which was
equal to 5% pa on the amount borrowed. Only one cheque was
presented for the total amount.
Requirement:
Discuss the effect on the assessable income of the paren
Explain the alteration of capital
Explain five circumstances when shares may be issued at a discount.
Explain three ways in which a company may raise capital.
Discuss the rules relating to appointment and vacation of office of directors.

Monique parks her car in the mall parking lot. When she returns, she discovers that Simone has crashed into her car , causing 2,000 worth of body damage. The person did not leave any information. If she has insurance, ____ will cover her damages , nuns any___
thomas jefferson view on civil diosobedience and justice