2.Ronald owns a cronut shop. He undertakes the following activities: a) Repainting the ceiling which was...

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2.Ronald owns a cronut shop. He undertakes the following activities: a) Repainting the ceiling which was turning yellow due to the baking in the shop. b) Redoing the floor of the shop with tiles. The floor needed to be redone as it was timber and had been so well used that it was very slippery. Ronald decided to use tiles this time so the floor could have a non-slip surface. c) d) Repainting the sales counter to make it more appealing to customers. There was nothing wrong with the existing counter, but Ronald felt that the new colour would be more attractive. Replastering and repainting a wall in the kitchen. The wall required work when Ronald bought the shop but as it was in the kitchen and could not be seen by customers, Ronald did not bother getting the work done until now. Advise Ronald as to his income tax consequences in relation to the above information. 2.Ronald owns a cronut shop. He undertakes the following activities: a) Repainting the ceiling which was turning yellow due to the baking in the shop. b) Redoing the floor of the shop with tiles. The floor needed to be redone as it was timber and had been so well used that it was very slippery. Ronald decided to use tiles this time so the floor could have a non-slip surface. c) d) Repainting the sales counter to make it more appealing to customers. There was nothing wrong with the existing counter, but Ronald felt that the new colour would be more attractive. Replastering and repainting a wall in the kitchen. The wall required work when Ronald bought the shop but as it was in the kitchen and could not be seen by customers, Ronald did not bother getting the work done until now. Advise Ronald as to his income tax consequences in relation to the above information.

Answer rating: 100% (QA)

Income tax consequences for Ronald in relation to the activities mentioned above are as follows 1 Re... View the full answer