Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 03 Aug 2017 My Price 4.00

Fashions Pty Ltd

On 1 October 2014 Fashions Pty Ltd, a retail clothing firm which had stores around Australia, decided to sell the Melbourne store which they acquired in 1984. The store was acquired at a cost of $1,500,000. The Melbourne store was sold because of the need to finance future expansion and redevelop some existing stores. It was estimated to have a market value of $4,000,000.

In order to maximise the selling price they were advised by real estate consultants to divide the store into 10 smaller specialty stores and sell them individually. In March 2015 the subdivision was completed at a cost of $1,500,000 and the stores were sold for $1,000,000 each. However, on the 30.06.15 the proceeds for two of the stores have not been received.

Required:

Advise Fashion Pty Ltd of the tax consequences of the above transactions.

Answers

Maurice Tutor
(5)
Status NEW Posted 03 Aug 2017 06:08 PM My Price 4.00

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