IN July 2014 John decided to clear out his garage and have a sale of the miscellaneous
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Question:
A) What is Johns liability to tax (if any) on these e-bay sales in year of assessment 2014?
John became very proficient at selling on e-bay. In early 2015 he saw that there was a market for certain items such as hand-printed T-shirts of which he had a large personal collection.
When he had sold his collection, he bought in a closing out sale, 20 dozen hand printed T-shirts which he put on e-bay and sold in lots of three for the price of two.B) Is John trading? Give reasons for your answer and referring to leading cases in this area.
Related Book For
Canadian Income Taxation Planning And Decision Making
ISBN: 9781259094330
17th Edition 2014-2015 Version
Authors: Joan Kitunen, William Buckwold
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