Matterson enterprises carries on a manufacturing business and had a number of transactions for the current tax
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Question:
Matterson enterprises carries on a manufacturing business and had a number of transactions for the current tax year ended 30 June relevant to calculating its ordinary income:
- received $100 000 as compensation for the loss of trading stock due to flooding in its business premises;
- received $300 000 for the outright sale of a patent/copyright for a product it no longer manufactures;
- received $400 000 from the sale of its manufactured goods to a retailer.
Based on this information what amount of ordinary income will Hannant Ltd have for thecurrent tax year ended 30 June?
Related Book For
Auditing Assurance Services and Ethics in Australia an Integrated Approach
ISBN: 978-1442539365
9th edition
Authors: Alvin A Arens, Peter J. Best, Greg Shailer, Brenton Fiedler
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