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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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2. 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 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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