- 5 Marks
AT – May 2018 – L3 – SB – Q2a – Taxation of Specialized Businesses
Differentiate between “disposal” and “disposed of,” and discuss intangible drilling costs and oil mining leases.
Question
“Disposal” or “disposed of” are terminologies used frequently in relation to chargeable oil owned by an oil-producing company under the provisions of the Petroleum Profits Tax Act Cap P.13 LFN 2004.
Required:
(i) Differentiate between “disposal” and “disposed of”. (2 Marks)
(ii) Discuss the following:
- Intangible drilling costs. (2 Marks)
- Oil mining lease. (1 Mark)
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