Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Taxation Expert

Assignment:

Part A: Describe why the payment to the taxpayer in FCT v Dixon (1952) 86 CLR 540 was assessable income however the payment in Scott v FCT (1966) 117 CLR 514 was not.

In your answer you must comprise (but not essentially be limited to) the following:

a) A brief statement in your own words of the facts of the cases.
b) Recognize the issues raised and the relevant legislation in the context of ITAA97.
c) Identify any cases and other sources of information relevant to the issues and legislation.
d) Apply the law to the facts stating evidently why one taxpayer was assessable and the other was not.

Part B: Nigel is a professional percussionist and performs with a number of bands and orchestras. In order to practice, he set aside a special room in his house which is sound-proof and consists of a variety of electronic sound equipment. The room is only used for practice or performance related purposes. He pays council rates, interest on the house mortgage, repairs and maintenance, electricity and telephone expenses in connection with the house. He believes he should be capable to claim tax deductions for all such costs together with depreciation on the room and equipment.

Elucidate the tax position to Nigel. In you answer you should:

a) Identify the tax issues that are raised and the relevant sections of the legislation.
b) Identify any cases and other sources of law or information that apply.
c) Apply the law to the facts.
d) Express a conclusion in regard to the issues identified and point out any other information required.

Taxation, Accounting

  • Category:- Taxation
  • Reference No.:- M915

Have any Question? 


Related Questions in Taxation

New taxesdecisions related to taxes have a far-reaching

New Taxes Decisions related to taxes have a far-reaching impact on all U.S. citizens. Therefore, it is important to weigh the pros and cons of such decisions and ensure that they will be beneficial to the majority of cit ...

Tax questionproblemgrouse company is a furniture retailer

Tax Question Problem Grouse Company is a furniture retailer whose average annual gross receipts for the three preceding years exceeded $10,000,000. In the current tax year, the company purchased merchandise with an invoi ...

Financial cost tax accounting assignmentlength 400-500

Financial, Cost, Tax Accounting Assignment Length: 400-500 words including a chart Description Knowing that the company's former CFO and CEO not only got in trouble for fiduciary responsibility violations but IRS issues ...

1 the weighted-average cost of capital is the return the

1. The weighted-average cost of capital is the return the company needs to earn after tax in order to satisfy all its security holders. True False Question 2. Why is debt financing said to include a tax shield for the co ...

Corporate tax return projectusing the following information

Corporate Tax Return Project Using the following information, prepare a corporate tax return for 2015. You can download the tax forms from the IRS website (www.irs.gov). In addition to the basic Form 1120 (all 5 pages), ...

1the shareholders of a corporation will receive both voting

1)The shareholders of a corporation will receive both voting common stock and nonvoting preferred stock. Will this affect an S election? Why or why not? 2) The shareholders of a corporation will receive both voting commo ...

Discussion questions worksheet1jeff and louis own an s

Discussion Questions Worksheet 1. Jeff and Louis own an S Corporation. Jeff and Louis own 50% of the corporation each. Jeff's S Corporation stock basis at the beginning of the year was $150,000. Louis' was $120,000. The ...

Assignment tax issues associated with financial

Assignment: Tax Issues Associated with Financial Planning Understanding the tax consequences of your financial planning decisions is very important. These decisions may sometimes have life-long consequences in addition t ...

Issue questions1 cable corporation which operates a fleet

ISSUE QUESTIONS 1. Cable Corporation, which operates a fleet of motorized trolley cars in a resort city, is undergoing a complete liquidation. John, who owns 80% of the Cable stock, plans to continue the business in anot ...

Assignment question1 the alternative minimum tax is the

Assignment Question 1. The alternative minimum tax is the excess of the tentative minimum tax amount over the regular tax amount. True False 2. The minimum tax credit available for a corporation's alternative minimum tax ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro