FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Ravi is a software developer who has lived in Wellington for 12 years and has a partner there. He and his partner own the apartment they live in and another similar apartment in a nearby building. Ravi accepts a 2-year contract in Dublin. For the first year of his contract, Ravi returns to Wellington every few months to see his partner, after which she decides to take a year of unpaid leave and join him in Ireland for the remainder of his contract. At that time, they sell the apartment they had lived in, given that they will be down to one income and wish to travel a little in Europe in the second year of Ravi’s contract. They sold the apartment they lived in rather than the investment property because it was not subject to a lease and so was easier to sell promptly. The couple intend to return to Wellington after Ravi’s contract; they have many friends there and Ravi’s partner’s family live there. In addition to the investment property he owns with his partner, Ravi has a sizeable New Zealand share portfolio. Determine if Ravi has a permanent place of abode in New Zealand. Explain.
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