QUESTION 9Joanne is a very generous person and in the current year she donated the following items todeductible gift recipients (DGR's) endorsed by the Commissioner of Taxation under Division30 of the ITAA (1997).On 4 December 2021, she donated trading stock costing $500 when purchased for her retailbusiness on 10 October 2021. The stock had a market value of $600 on the day it wasdonated.On 23 January 2022, she donated a painting which she had purchased on 13 November2015 for $1,700. The painting had a market value at the time of donation of $2,300 (asvalued by the Australian Valuation Office).On 5 June 2022, Joanne also donated cash of $300.The amount that Joanne can claim as a deduction for the year ended 30 June 2022 underSection 30-15 of the ITAA (1997) is:(a) $800;(b)$900;(c)$2,600;(d) $3,200.QUESTION 10Nicholas owns and operates his own furniture store. Recently he donated a table from hisstock to a deductible gift recipient (DGR). The table was new and in perfect condition.Nicholas purchased the table three months before making the donation.The table cost him $400. The market value of the table at the time the donation was madewas $1,000. If he were to buy the table again at the date of the donation, the replacementvalue is $600.What amount must Nicholas include in his assessable income as a result of donating thetable?(b)the cost price of the table, being $400;the replacement price of the table, being $600;the market value of the table, being $1,000;the amount determined by the Australian Valuation Office (AVO).

Under section.30-15 of ITAA 1997 gift donations are eligible for deduction

QUESTION 9 Joanne is a very generous person and in the current year she donated the following items to deductible gift recipients (DGR's) endorsed by the Commissioner of Taxation under Division 30 of the ITAA (1997). On 4 December 2021, she donated trading stock costing $500 when purchased for her retail business on 10 October 2021. The stock had a market value of $600 on the day it was donated. On 23 January 2022, she donated a painting which she had purchased on 13 November 2015 for $1,700. The painting had a market value at the time of donation of $2,300 (as valued by the Australian Valuation Office). On 5 June 2022, Joanne also donated cash of $300. The amount that Joanne can claim as a deduction for the year ended 30 June 2022 under Section 30-15 of the ITAA (1997) is: (a) (b) $800; $900; (c) $2,600; (d) $3,200.

QUESTION 9 Joanne is a very generous person and in the current year she donated the following items to deductible gift recipients (DGR's) endorsed by the Commissioner of Taxation under Division 30 of the ITAA (1997). On 4 December 2021, she donated trading stock costing $500 when purchased for her retail business on 10 October 2021. The stock had a market value of $600 on the day it was donated. On 23 January 2022, she donated a painting which she had purchased on 13 November 2015 for $1,700. The painting had a market value at the time of donation of $2,300 (as valued by the Australian Valuation Office). On 5 June 2022, Joanne also donated cash of $300. The amount that Joanne can claim as a deduction for the year ended 30 June 2022 under Section 30-15 of the ITAA (1997) is: (a) (b) $800; $900; (c) $2,600; (d) $3,200.

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter5: Deductions For And From Agi

Section: Chapter Questions

Problem 28P

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