A owns a helicopter costing 1M. He lives in Manila. Later, he sold it (capital asset) for 1.8M with FMV of 3M. What is the CGT?

1. Josh is a builder and helping Greg at weekend to build his shed, Greg promised Joshto give him his old caravan (which cost him $12,000 on 1’st July 2000 when he boughtit). Assume the shed was done on 1’st July 2020 when Greg handed over the Caravanto Josh. (Assume the value of Josh’s works was for $15,000, and the market value ofthe caravan was for $16,000)Discuss whether Josh needs to declare it as an ordinary income or not?   please put 3 references

Hardev

H2.

Vincent has chosen to buy a new car with a cost of $14 000, inclusive of HST. He has saved $5000 for a down payment. How much must be financed? Enter a numeric value only, rounded to 2 decimals places. An answer of $100 should be entered as 100.00.

Jack exchanged a forklift used in his business with Joe for a different forklift. Jack's forklift had a $50,000 FMV and $30,000 basis along with $5,000 cash. Joe's basis in his forklift was $35,000. What gain/loss must Jack and Joe recognize?

David and Rita Richardson saved all their married life to open a homestay named T-Lights. They invested RM100,000 of their own money and the corporation issued common stock to them. The business then got a RM100,000 bank loan for the RM200,000 needed to get started. The corporation bought a run-down old colonial home in Ipoh for RM80,000. It cost another RM50,000 to renovate. They found most of the furniture at antique shops and flea markets – total cost was RM20,000. Kitchen equipment cost RM10,000, and a Dell computer set cost RM2,000.   Prior to the grand opening, the banker requests a report on their activities thus far. T-Lights’ bank statement shows a cash balance of RM38,000. They feel pretty good with that much net income in only six months. To better understand how well they are doing, they prepare the following statement for presentation to the bank:   T-Lights Income Statement Six Months Ended 30 June 2020 Revenues: Investment by owner Bank loan   RM100,000 100,000…