Part CJohn Peter is aware that there is no Capital Gains tax in Jamaica. He decided to buy a large piece of land. The land was hilly, so he blasted it to make it flatter, installed a soak away so the water does not settle on the land and made several roadways for ease of access. Six months after he purchased the land, he subdivided the area and sold it in lots to 30 separate persons, thereby making a large gain. RequiredAdvise Mr. Peter how these gains would be treated for tax purposes in Jamaica. Appropriate case laws should be included in your answer.

Explain why the loss resulting from the sale of a computer in the following three situations is treated differently for income tax purposes:a. Monica sells her personal computer at a loss of $1,300. None of the loss is deductible.b. Omar sells a computer used in his carpeting business at a loss of $4,300. The loss is fully deductible.c. Jerry sells his computer at a loss of $3,800. Jerry used the computer to keep track of his investment portfolio. Only $3,000 of the loss is deductible.

A2

Glen Campbell owns a small office building adjacent to an airport. He acquired the property 10 years ago at a total cost of $608,000—that is, $70,000 for the land and $538,000 for the building. He has just received an offer from a realty company that wants to purchase the property; however, the property has been a good source of income over the years, and so Campbell is unsure whether he should keep it or sell it. His alternatives are as follows: a. Keep the property. Campbell's accountant has kept careful records of the income realized from the property over the past 10 years. These records indicate the following annual revenues and expenses: Campbell makes a $13,450 mortgage payment each year on the property. The mortgage will be paid off in eight more years. He has been depreciating the building by the straight-line method, assuming a salvage value of $80,700 for the building, which he still thinks is an appropriate figure. He feels sure that the building can be rented for another…

Chuck sold a tractor to a dealer for $16,000. He bought the tractor for $25,500 several years ago and has claimed $12,000 of depreciation deduction on the tractor. What is the amount and character of his gain or loss from the sale of the tractor?

lois bought a house in july 2009 for $200000 and moved in immediately. in july 2012, she rented it out as she was sent overseas ny her employer. at that time, the house was valued at $350000. she sold it in july of the current tax year for $360000. Calculate Bunny’s net capital gain/(loss) for the current tax year, indicating where  appropriate which element of the cost base is applicable for each outlay. Support your  answer with income tax legislation where necessary

please help me solve

QUESTION 5  Howard and Raj are married out of community of property. The couple has two daughters, Penny (16) and Bernadette (28). Bernadette immigrated to Switzerland two years ago; she became a permanent resident of that country. Howard started a trust with their daughters as beneficiaries. Howard donated a house to the trust. The trust rents the house to tenants. The trust received R98,000 in rent for the year. The rent received was distributed to each daughter equally. Required With reference to legislation and reasons, calculate the amount to be included in the income of Howard and his daughters. Total M

Voytek transfers land worth $200,000 with an adjusted basis of $17,000 to his wife Gosha for her birthday. The land was purchased 3 years ago. Assume no gift tax was paid on the transfer. a) Does Gosha have gross income as a result of the gift? Yes or No. No?   b If the answer is no, Explain why.   c)What is Gosha basis in the land?   d)What is Gosha holding period in the land?