Answer the following questions: (0.5 Mark each) 1. A taxpayer dispose of an asset by gift with a Cost base of 50000 SR. The market value of those assets at the time of disposal is 70000 SR. Required: What is gain or loss on the asset disposed of and determine whether or not the gain taxable and the loss deductible? 2. In 2015 a taxpayer purchased a piece of land for 100000 SR and in 2020; he incurred expenses of 30000 SR to improve the land. In 2020 he sold the land for 150000 SR. Required: What is gain or loss on the asset disposed of and determine whether or not the gain taxable and the loss deductible? 3. A taxpayer disposed a part of asset for 100000 SR in cash. The taxpayer purchased that asset for 90000 SR 5 years ago but the market value of the complete assets was as follows: Part disposed 100000 Retained part150000 Total250000 Required: Calculate the cost base of the disposed asset and the gain of the disposal. 4. In 2019 a taxpayer sold a merchandise for 100000 SR on credit but he did not report that sales in his tax return. In 2020 it is proved that impossibility of collecting receivable accounts. Required: Is taxpayer’s bad debt deductible or not? 5. In 2019 a taxpayer sold a merchandise for 100000 SR on credit and he reported that sales in his tax return. In 2020 it is proved that impossibility of collecting receivable accounts. Required: Is taxpayer’s bad debt deductible or not? 6. A taxpayer applied depreciation rates of 10% on his assets using straight-line method. While depreciation rate by tax law is 15%. Required: What is the effect of that transaction on the tax base? Requirements: mentioned | .doc file ‘
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