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Question

In relation to business income, which of the following statements is most correct?

Select one:

a. The

value of a shop fit-out received by a lessee as a lease incentive will always be ordinary income.

b. The proceeds from the sale of land purchased in 1986 to carry on a farming business will be ordinary income.

c. Australian courts tend to take a narrow view of the scope of a business.

d. The proceeds from the mere realisation of an investment or an income earning property are not always ordinary income.

e. If a business earns an amount from an unusual or one-off transaction it will not be assessable income.

Top Answer

d.The proceeds from the mere realisation of... View the full answer

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