Your client, Mary Allen, runs a small retail business specializing in women's fashion clothes in Melbourne. The
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Question:
Receipts
$
378,000 Sales of clothes
1,000 Interest on Bank deposits.
42,000 Partly franked dividend from BHP - franked to 80%
22,000 Capital gain on a painting purchased in 2001 for $36,000 and sold in May 2023 for $58,000
18,000 Net dividend from a US company and $2,000 was deducted under the withholding tax provisions.
Calculate the net income of the trust based on taxation law only for the year ended 30 June 2023.
Related Book For
Introduction To Federal Income Taxation In Canada
ISBN: 9781554965021
33rd Edition
Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett
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