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.
Recently Asked Questions
- Hi I'm not sure what I'm supposed to differently in this question. How does them being mutually exclusive change the question? Suppose A, B and C are 3 events
- how to do the second question？ I try to start it, but I have no idea to solve it, can you tell me what is the next step?
- the height h of a ball t seconds after it is thrown upward from a height of 6 feet and with an initial velocity of 48 feet per second is h(t) = -16t^2 + 48t +