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Ms Marx recently sold her ice cream store, called 'Communist Ice Cream' in June 2015. In that income year, she made sales of $90,000. The purchaser paid Ms Marx $250,000 for the business and an additional $35,000 for Ms Marx agreeing not to operate or establish another ice cream store within a 20km radius of 'Communist Ice Cream'. Discuss each of the transactions and identify Ms Marx's ordinary income. Discuss with reference to case law and legislation.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91408808

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