John Peter is aware that there is no Capital Gains tax in Barbados. He decided to buy a large piece of land. The land was hilly, so he blasted it to make it flatter, installed a soak away so the water does not settle on the land, and made several roadways for ease of access. After 6 months of purchasing the land, he subdivided the land and sold it to 30 separate persons making a large gain. Advise Mr. Peter whether the gains are taxable in Barbados. Appropriate case laws should be referenced in your assessment.
John Peter is aware that there is no Capital Gains tax in Barbados. He decided to buy a large piece of land. The land was hilly, so he blasted it to make it flatter, installed a soak away so the water does not settle on the land, and made several roadways for ease of access. After 6 months of purchasing the land, he subdivided the land and sold it to 30 separate persons making a large gain. Advise Mr. Peter whether the gains are taxable in Barbados. Appropriate case laws should be referenced in your assessment.
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 5DQ
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John Peter is aware that there is no
Advise Mr. Peter whether the gains are taxable in Barbados. Appropriate case laws should be referenced in your assessment.
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