i need the answer quickly On 1 August 2016, Blue Sdn Bhd (Blue) acquired 80,000 shares in the capital of a realproperty company, Red Sdn Bhd (Red) at a cost of MYR1.24 million. The shares wereacquired after the date when Red became a RPC. Both Blue and Red are controlledcompanies. The net assets position for Blue, at defined value, immediately after theacquisition were:MYROffice buildingPlant and equipmentShares in Red1,800,000170,0001,240,00060,00088,00045,000120,000(25,000)(150,000)BankInventoriesReceivablesPatentPayablesLong term loanOn 14 April 2020, the net assets position for Blue, at defined value, were:MYRPlant and equipmentShares in RedBank520,0001,010,00030,00062,00035,000150,000(75,000)(140,000)InventoriesReceivablesPatentPayablesLong term loanRainbow Sdn Bhd (Rainbow) purchased 50,000 shares in Blue on 10 March 2014 forMYR425,000 when the company was not a real property company.Required:Discuss the real property gains tax implications on Rainbow with relevant working andjustifications on the following situations:Rainbow disposed 12,000 shares in Blue on 31 January 2020 at MYR18.30per share.(a)(b)Rainbow disposed 15,000 shares in Blue on 5 November 2020 at MYR11.20per share.2.

Answer: REAL PROPERTY GAIN TAX (RPGT) Every person whether or not resident is chargeable to RPGT on…

On 1 August 2016, Blue Sdn Bhd (Blue) acquired 80,000 shares in the capital of a real property company, Red Sdn Bhd (Red) at a cost of MYR1.24 million. The shares were acquired after the date when Red became a RPC. Both Blue and Red are controlled companies. The net assets position for Blue, at defined value, immediately after the acquisition were: 2.

On 1 August 2016, Blue Sdn Bhd (Blue) acquired 80,000 shares in the capital of a real property company, Red Sdn Bhd (Red) at a cost of MYR1.24 million. The shares were acquired after the date when Red became a RPC. Both Blue and Red are controlled companies. The net assets position for Blue, at defined value, immediately after the acquisition were: 2.

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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