Transcribed Image Text: State whether or not the following items form part of the assessable income of an Australian resident taxpayer under any provisions other

Transcribed Image Text: State whether or not the following items form part of the assessable income of an Australian
resident taxpayer under any provisions other than the capital gains tax provisions. Provide
reasons for your answer including references to legislation, case law and any relevant ATO
Guidance.
a.
A table purchased at a garage sale for $5,000 and sold for $25,000.
b.
Five-million shares in a company allotted at a price of $1 each to an emnployee of the
company. At the time of issue, shares of the company were being traded on the ASX
at $85.00, but at the end of the year of income their price had dropped to $45.00.
C.
The profit on sale of investments by a life assurance company.
d.
A prize in a literary competition won by a journalist.
A gift bequeathed to a taxpayer in consideration of his acting as a solicitor and
е.
executor of the will of the deceased husband of his friend, Lucy.

Need your ASSIGNMENT done? Use our paper writing service to score better and meet your deadline.


Click Here to Make an Order Click Here to Hire a Writer