An agent bought a piece of land for RM900,000 on behalf of his principal. The agent knew that the vendor had earlier paid RM450,000 for the land but did not inform the principal. It turned out that the agent had received RM150,000 as a benefit from the vendor. Advise the principal.

An agent bought a piece of land for RM900,000 on behalf of his principal. The agent knew that the vendor had earlier paid RM450,000 for the land but did not inform the principal. It turned out that the agent had received RM150,000 as a benefit from the vendor. Advise the principal.

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter15: Property Transactions: Nontaxable Exchanges

Section: Chapter Questions

Problem 5BCRQ

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