Josh is a builder and helping Greg at weekend to build his shed, Greg promised Josh to
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Question:
Josh is a builder and helping Greg at weekend to build his shed, Greg promised Josh to give him his old caravan (which cost him $12,000 on 1’st July 2000 when he bought it). Assume the shed was done on 1’st July 2020 when Greg handed over the Caravan to Josh. (Assume the value of Josh’s works was for $15,000, and the market value of the caravan was for $16,000)
Discuss whether Josh needs to declare it as an ordinary income or not?
Related Book For
Business Law Text and Cases
ISBN: 978-1285185248
13th edition
Authors: Kenneth Clarkson, Roger LeRoy Miller, Frank Cross
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