b. Kim and Liang incorporated Musang King Sdn Bhd on 1.4.2016 to acquire durian plantations in Gua Musang, Kelantan. The company acquired several pieces of agricultural land at RM2 million and embarks on durian plantation. The land acquisition is financed by share capital as follows: Kim (30%) Liang (70%) On 1.1.2020, Kim wishes to dispose the shares to Pink at a consideration of RM1.8 million, based om market value of the durian plantation of RM 6 million. Required: i) RM'000 600 1,400 2,000 ii) Advise the tax implication on the disposal of shares to Pink. (Include computation of disposal of RPC shares that subject to RPGT) Advise Pink on the RPGT responsibility towards the acquisition of shares.

b. Kim and Liang incorporated Musang King Sdn Bhd on 1.4.2016 to acquire durian plantations in Gua Musang, Kelantan. The company acquired several pieces of agricultural land at RM2 million and embarks on durian plantation. The land acquisition is financed by share capital as follows: Kim (30%) Liang (70%) On 1.1.2020, Kim wishes to dispose the shares to Pink at a consideration of RM1.8 million, based om market value of the durian plantation of RM 6 million. Required: i) RM'000 600 1,400 2,000 ii) Advise the tax implication on the disposal of shares to Pink. (Include computation of disposal of RPC shares that subject to RPGT) Advise Pink on the RPGT responsibility towards the acquisition of shares.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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