Can you give me advice to solve the question below?;
Elwood has interests in many businesses. One particular business is a clothing store. This store imports a lot of clothing from overseas and is entitled to a concessional rate on the customs duty for a quota (a particular quantity) of protective clothing. However, this protective clothing was not selling well so Elwood sold the quota to another business for $50 000. The value of the quota at purchase 5 years ago was $25 000. Elwood also has to pay an annual fee of $5000 to renew the quota.
Advise Elwood as to the tax implications of this disposal and calculate any amounts required to be declared in his tax return.
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