- 3 Marks
AT – Nov 2015 – L3 – Q3c – Business income – Corporate income tax
Explanation of the tax implication of a land gifted under a will.
Question
Kwame Patapaa has written in his Will that a parcel of land located in Kasoa should be given to his friend Adongo Muda upon his death in his Will. He is, however, not sure of the tax implication of this transaction and has approached you for assistance in this direction.
Required:
Detail out your response to this question.
Find Related Questions by Tags, levels, etc.
- Tags: Gift tax, Land, Tax Exemptions, Wills
- Level: Level 3
- Topic: Business income - Corporate income tax
- Series: NOV 2015
