Based on the above facts and relevant tax laws, how should Nick treat the amounts received from these investments? (select the best answer) A Only dividends totalling $15,600 should be recognised as statutory income and only franking credits totalling $5,200 should be recognised as a refundable tax credit. B C Dividends totalling $40,800 should be recognised as statutory income and franking credits totalling $5,200 should be recognised as a refundable tax credit. Dividends totalling $35,600 should be recognised as statutory income and franking credits totalling $5,200 should be recognised as a refundable tax credit. D Dividends totalling $10,400 should be recognised as ordinary income and franking credits totalling $5,200 should be recognised as a refundable tax credit. When returning from his lobster catching trip, Nick was fined $6,000 by Fisheries officers who inspected his catch and found 2 undersized lobsters in his possession. True False Based on the above facts and relevant tax laws, Nick can claim this amount as a deduction because it relates to his business activities.
Based on the above facts and relevant tax laws, how should Nick treat the amounts received from these investments? (select the best answer) A Only dividends totalling $15,600 should be recognised as statutory income and only franking credits totalling $5,200 should be recognised as a refundable tax credit. B C Dividends totalling $40,800 should be recognised as statutory income and franking credits totalling $5,200 should be recognised as a refundable tax credit. Dividends totalling $35,600 should be recognised as statutory income and franking credits totalling $5,200 should be recognised as a refundable tax credit. D Dividends totalling $10,400 should be recognised as ordinary income and franking credits totalling $5,200 should be recognised as a refundable tax credit. When returning from his lobster catching trip, Nick was fined $6,000 by Fisheries officers who inspected his catch and found 2 undersized lobsters in his possession. True False Based on the above facts and relevant tax laws, Nick can claim this amount as a deduction because it relates to his business activities.
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter18: Comparative Forms Of Doing Business
Section: Chapter Questions
Problem 31P
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