Tutorial_12-Unit_trust.doc - UKAT3043 Taxation lll (2018)...

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UKAT3043Taxation lll (2018)UNIVERSITI TUNKU ABDUL RAHMANFACULTY OF ACCOUNTANCY AND MANAGEMENTACADEMIC YEAR 2020BACHELOR OF ACCOUNTING (HONS)YEAR 3/4TUTORIALTUTORIAL 13 : Unit Trust & REITQuestion 1People Unit Trust (resident in Malaysia) was formed on 1.4.2008.It invests its funds locallyin blue chip shares and fixed deposits. Its profit and loss account for the year ended31.3.2019 was as follows:Income:RMDividends ( Malaysia; single tier )1,200,000Dividends ( Malaysia; Pioneer exempt income)100,000Interest (Note 1)200,000Dividends (China)100,000Rent (Note 2)300,000Gains from sale of Investments1,000,0002,900,000Less:ExpensesShare registration expenses48,000Fund manager’s remuneration130,000Audit & Secretarial15,000Trustee fees50,000Entertainment2,000Postage & Stationery6,000Bank charges5,000Depreciation6,000262,000Net profit:2,638,000Notes:1. Interest is paid in respect of debentures approved by the Securities Commission.The debenture is not a convertible loan stock.2. A centralised air conditioner was installed for RM 40,000 in 2017 at the premisesrented out in Malaysia.

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Term
Summer
Professor
N/A
Tags
Income Statement, Real Estate Investment Trust, Expense, Financial services, Taxation in the United States

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