What is the amount deductible under Section 14Q in Year of Assessment 2020? Group of answer choices a) $100,000 b) $136,667 c) $116,667 d) $70,000
What is the amount deductible under Section 14Q in Year of Assessment 2020? Group of answer choices a) $100,000 b) $136,667 c) $116,667 d) $70,000
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter17: Business Tax Credits And The Alternative Minimum Tax
Section: Chapter Questions
Problem 11P
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Depreciation Methods
The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.
Depreciation Accounting
In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.
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XYZ Pte Ltd commenced its first non-structural renovation works in financial year 2017 at the cost of $60,000 and incurred a further $150,000 in financial year 2018. In financial
year 2019, it upgraded its reception area and spent $200,000 on non-structural renovation costs.
What is the amount deductible under Section 14Q in Year of Assessment 2020?
year 2019, it upgraded its reception area and spent $200,000 on non-structural renovation costs.
What is the amount deductible under Section 14Q in Year of Assessment 2020?
Group of answer choices
a) $100,000
b) $136,667
c) $116,667
d) $70,000
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