Gross Income Flashcards
1
Q
What are the 7 considerations to determine if and asset sold is of capital nature?
A
The taxpayer’s ipse dixit
Length of time held
Frequency
Nature of the taxpayer’s business
Reason for sale
Finance
Nature of the asset
2
Q
What are the 3 considerations to determine if and asset sold is of capital nature?
A
The taxpayer’s ipse dixit
Length of time held
Frequency
Nature of the taxpayer’s business
Reason for sale
Finance
Nature of the asset
3
Q
What is does the Second Schedule contain?
A
Provisions for calculating tax on lump sums from funds
4
Q
What is the Seventh Schedule used for?
A
Including fringe benefits in gross income
