John owns a convenience shop called City Conv. The following events occurred for John during 2019- 2020 financial year.  (i) John incurred legal expenses as he was sued for false advertising.  (ii) John purchased new fridge to the shop - $800. In addition, his builder added more space to the shop front. This cost him $22,000. (iii) John ordered 1000 new T-shirts with printed City Conv’s logos for marketing purposes. These costs him $1,500. (iv) John received a City of Sydney fine for putting his sales item for display outside his shop without a permit. He required to apply for a permit to use the footpath.  Required:  With reference to relevant legislation and case law advise John on the assess ability and/or deductibility of above events.

Noelle's diamond ring was stolen in 2017. She originally paid $15,400 for the ring, but it was worth considerably more at the time of the theft. Noelle filed an insurance claim for the stolen ring, but the claim was denied. Because the insurance claim was denied, Noelle took a casualty loss deduction for the stolen ring on her 2017 tax return. In 2017, Noelle had AGI of $77,000. After Noelle threatened legal action in early 2019, the insurance company had a "change of heart" and sent Noelle a check for $9,240 for the stolen ring. The per-event floor is $100. What is the proper tax treatment of the $9,240 Noelle received from the insurance company in 2019? Noelle should _______the amount of______.

Joshua, age 16, bought a used car from a neighbor for $5,000 cash, its fair market value. Three months later, Joshua crashed the car while high on marijuana. He had no insurance and the car is badly damaged. If Joshua disaffirms the contract and returns the wrecked car, now worth $ 1,000, to the seller, in the majority of states Group of answer choices he will receive a full refund of $5,000. he will not receive anything. he will receive $2,500 (half of his money) back. he will receive $1,000.

Landlord leased her suburban ice cream parlor for three years at a rent of $2000 a month toBaskin. Six months later, Baskin transferred his interest in the lease to Herrell. One year later,Herrell transferred his interest in the lease to Ana. Now, none of the parties is paying the rent.Landlord wants to sue Herrell for the rent, "because he is the only one who can probably paythe rent that is due." In order to sue Herrell for the remaining rent, Landlady will have to prove:a-That the transfers from Baskin to Herrell, and from Herrell to Ana, both conveyed the fullremaining interest in the leasehold.  b-That the transfer from Baskin to Herrell conveyed the full remaining interest in the lease leasehold, but the transfer from Herrell to Ana conveyed less than the full remaining interest in thec-That the transfer from Baskin to Herrell conveyed less than the full remaining interest in the leasehold, but the transfer from Herrell to Ana conveyed the full remaining interest in the lease. d-…