- 5 Marks
PT – Nov 2023 – L2 – Q5d – Income Tax Liabilities
Explain the tax treatment for the gift of a vehicle received by a business under the Income Tax Act.
Question
Bansey Enterprise received a vehicle from Unilever as the best distributor of Unilever products.
Required:
Explain to the Managing Director of Bansey Enterprise how to treat the gift of the vehicle for tax purposes. (5 marks)
Find Related Questions by Tags, levels, etc.
- Tags: Business Gifts, Business Profits, Corporate Tax, Gift tax, Income Tax Act
- Level: Level 2
- Topic: Corporate Tax Liabilities
- Series: NOV 2023
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