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问答题

问答题(c) Compute Ryan’s and Kate’s income tax due for the tax year 2008 on the assumption that they are jointly assessed. (16 marks)

问答题

问答题(a)AccraLtdrunsabusinesssellingAfricanvegetablestorestaurants.Thecompany’stradingprofitfortheyearended31March2014was￡244,000.On1April2013,AccraLtdsetupa100%ownedsubsidiarycompany,BanjulLtd,torunaretailshopsellingAfricanfoodproducts.BanjulLtd’stradingprofitfortheyearended31March2014was￡36,000.Neithercompanyhasanyotherincomeoranyotherassociatedcompanies.Required:Calculatetheoverallcorporationtaxsavingfortheyearended31March2014if,ratherthansettingupBanjulLtdasasubsidiarycompany,theretailshophadinsteadbeenrunbyAccraLtdaspartofitsexistingbusiness.Note:Youshouldassumethatthetradingprofitsof￡244,000and￡36,000wouldhaveremainedthesame.(4marks)

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问答题Thefollowingclientshaveapproachedyouforadviceregardingcorporateincometax(CIT)in2010:

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问答题6.LuckyLtdwasincorporatedon20July2014,andcommencedtradingon1December2014.Thefollowinginformationisavailableforthefour-monthperiod1December2014to31March2015:(1)Theoperatingprofitforthefour-monthperiodended31March2015is￡532,600.Advertisingexpenditureof￡4,700(incurredduringSeptember2014),depreciationof￡14,700,andamortisationof￡9,000havebeendeductedinarrivingatthisfigure.Theamortisationrelatestoapremiumwhichwaspaidon1December2014toacquirealeaseholdwarehouseona12-yearlease.Theamountofpremiumassessedonthelandlordasincomewas￡46,800.ThewarehousewasusedforbusinesspurposesbyLuckyLtdthroughouttheperiodended31March2015.(2)LuckyLtdpurchasedthefollowingassetsduringtheperiod20July2014to31March2015:Theintegralfeaturesof￡141,200areinrespectofexpenditureonelectricalsystems,aventilationsystemandliftswhichareintegraltoafreeholdofficebuildingownedbyLuckyLtd.ThemotorcarhasaCO2emissionrateof82gramsperkilometre.(3)LuckyLtdmadealoantoanothercompanyfornon-tradingpurposeson1February2015.Loaninterestincomeof￡700wasaccruedat31March2015.Required: