1.Which of the following statements is correct? a. Gains that are ordinary income will be assessable income under s .6-5 of ITAA 1997. b. Gains will be ordinary income if they are the type of gains that courts of law consider to be of an income character. c. A gain that comes in regularly/periodically is more likely to be ordinary income than a lump-sum gain. d. Whether or not a gain arises from an illegal activity does not affect whether it is ordinary income. e. All of the above.
1.Which of the following statements is correct? a. Gains that are ordinary income will be assessable income under s .6-5 of ITAA 1997. b. Gains will be ordinary income if they are the type of gains that courts of law consider to be of an income character. c. A gain that comes in regularly/periodically is more likely to be ordinary income than a lump-sum gain. d. Whether or not a gain arises from an illegal activity does not affect whether it is ordinary income. e. All of the above.
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 76DC
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Multiple Choice Qsn .You have to choose one answer.
1.Which of the following statements is correct?
a. Gains that are ordinary income will be assessable income under s .6-5 of ITAA 1997.
b. Gains will be ordinary income if they are the type of gains that courts of law consider to
be of an income character.
c. A gain that comes in regularly/periodically is more likely to be ordinary income than a
lump-sum gain.
d. Whether or not a gain arises from an illegal activity does not affect whether it is
ordinary income.
e. All of the above.
(2) Which of the following statements is correct?
a. Capital gains and capital losses arising from a CGT event are always assessed to the
individual partners of a partnership according to their interest.
b. partner can have more than one interest in a partnership asset.
c .There is a disposal of part of an interest in a partnership asset whenever a new partner
is admitted to a partnership.
d.All of the above
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