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# As per the US Tax Laws, answer the foiiowing questions. Expiain your answer by giving the reasons. [3 Marks} a) Mr. Caivin has a iand vaiued at 3...

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the reasons. [3 Marks}
a) Mr. Caivin has a iand vaiued at 3 45,933 in the beginning I the year and the vaiue of the iand appreciated to S ﬁiiﬂﬂ'ﬂ at the end of the year. ”iii the increase in the vaiue of
iand he tamed}ll {In-t, whyill b) Mr. Peter has saved an amount ofS bﬂﬂ per month by washing his own car. In this way
he has saved an amount ofS F'Zﬂ'ﬂ during the taxabie year. What amount of his saving
in this way is taxabie? Hnot, why? c) Mr. Anderson soid his propertyfor Izﬂﬁb‘ii to Mr. David. The cost price of the property
said was 3 INLWE. What amount of the property soid is taxabie and what amount is not
taxabie. Erpiain by giving reason. d) Mr. Patti has a iife insurance policy of the sum assured of 5 1,5ﬂﬂ,ﬂﬂﬂfor a period ofﬂii
years. He paid annuai premium of 5 SﬂJiﬂﬂfor L? years and then surrendered the poiicy
for 5 SSHJiI‘iﬂ. What amount of the Life Insurance Proceeds is taxabie? Expiain why?

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