Ali, Ahmad and Sam shared and bought a Play Station III for RM1500. Each of them took turns to keep it for a week. While it was with Sam, he sold it to James for RM1450 without the knowledge of Ali and Ahmad. Now Ali and Ahmad are aware of the sale and want the Play Station III back but James is refusing to return it. Advise Ali and Ahmad.

Ali, Ahmad and Sam shared and bought a Play Station III for RM1500. Each of them took turns to keep it for a week. While it was with Sam, he sold it to James for RM1450 without the knowledge of Ali and Ahmad. Now Ali and Ahmad are aware of the sale and want the Play Station III back but James is refusing to return it. Advise Ali and Ahmad.

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter14: Property Transactions: Determination Of Gain Or Loss And Basis Considerations

Section: Chapter Questions

Problem 32P

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