Which of the following items forms part of the assessable income of an Australian resident taxpayer (under any provisions, but not the CGT provisions). Give brief reasons for your answers. 

a. A table purchased at a garage sale for $80 and sold for $250. 

b. 500 shares in a company allotted at a price of $1 each to an employee of the company. At the time of issue, shares of the company were being traded on the stock exchange at $1.50 but at the end of the year of income their price had dropped to $0.90. 

c. A prize in a literary competition won by a journalist.
 

Answer rating: 100% (QA)

Solution Option1 Part of assessable income As per Sec 25A of Income t... View the full answer