LAW6300.TutorialPaper.No.2.2.2016

LAW6300.TutorialPaper.No.2.2.2016 - EDITH COWAN UNIVERSITY...

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EDITH COWAN UNIVERSITY PRINCIPLES OF TAXATION LAW – LAW6300 TUTORIAL PAPER NO. 2 2/2016 QUESTION 1 Mary is a furniture retailer carrying on business as a sole proprietor in Perth. In the current income tax year, she received the following: (1) Proceeds from her retail business - $798,000; (2) Interest derived from a bank deposit - $5,000; (3) A gift received under a will of a deceased relative - $10,000; (4) A new lounge suite, received in August 2015, as a prize supplied by a manufacturer for selling the highest value of the manufacturer’s products during the past six months. The lounge suite retails at $3,500 and normally would cost Mary $1,800 to acquire from the manufacturer. Mary uses the prize to replace the existing lounge suite in her private
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