Assessable Income Note 

1 Salary $650,000.00 

2 Restrictive Covenant $30,000.00 

3 Alpaca Wool $250,000.00 

4 Profit from Property Development $6,700,000.00 

Proft - Total cost(market value +Construction cost+ subdivision cost)= $32m - ( $1.25m+$24m+$50,000)= $6.7m 

5 Dividend $25,000.00 Total $7,655,000.00 

1 Alpaca food $30,000.00 

2 Interest Expenses $1,500.00 75% usage of laptop for work*$3000cost of laptop = 2250/3 year usedul life of laptop = $750 

3 Depreciation on Laptop $750.00 

4 Alpaca Shear $24,000.00 

5 Feasibility expesnes $4,000.00 3/4 *16000= 12000 

6 Education Trip $12,000.00 Total $72,250.00 Net taxable Income $7,582,750.00 

explain the calcuation with case law and related legislation 

Answer rating: 100% (QA)

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