In September 2020, Mimi received an offer from a potential buyer to acquire the property and received a deposit of RM17,000. The potential buyer decided not to pursue the acquisition as Covid case ran wild and the deposit was forfeited. On 3 November 2022, Mimi signed an agreement with Marak Sdn Bhd to dispose of the factory for RM900,000. She incurred advertising fees of RM2,000 and commission of RM19,000 in connection with the disposal. Mimi has never owned or disposed of any other property. Required: (a) Compute the chargeable gain by Mimi on disposal of the factory. You should list all items referred to in the question, indicating by the use of NIL any item which does not impact the calculation. (b) State, with reasons, whether Mimi is eligible for a lifetime exemption on the real property gains tax payable on the disposal of the factory

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Calculation of Chargeable Gain by Mimi on Disposal of the Factory Selling Price RM900000 Advertising ... View the full answer