A, who was a director and secretary of R’s co-operative society, bought land at the price of RM900,000 on behalf of R. A knew that the vendor had earlier paid RM450,000 for it but did not inform R accordingly. It turned out that A had received RM150,000 as a benefit from the vendor. Advise R.
A, who was a director and secretary of R’s co-operative society, bought land at the price of RM900,000 on behalf of R. A knew that the vendor had earlier paid RM450,000 for it but did not inform R accordingly. It turned out that A had received RM150,000 as a benefit from the vendor. Advise R.
Chapter14: Property Transact Ions: Capital Gains And Losses, § 1231, And Recapture Provisions
Section: Chapter Questions
Problem 37CE
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A, who was a director and secretary of R’s co-operative society, bought land at the price of RM900,000 on behalf of R. A knew that the vendor had earlier paid RM450,000 for it but did not inform R accordingly. It turned out that A had received RM150,000 as a benefit from the vendor. Advise R.
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT