- 5 Marks
PT – Nov 2021 – L2 – Q5c – Taxation of Capital Gains
Compute the appropriate tax for gifts received by Flowqueen for the 2020 year of assessment.
Question
Flowqueen, a sole proprietor of Freddy Ent, was adjudged the best distributor of Mino Ltd for the year 2020 and received the following gifts:
- 70 Inches Samsung LED valued at GH¢50,000 from Freddy Ltd.
- Toyota saloon car worth GH¢80,000 from the clients of Freddy Ltd.
Her income from the business for the 2020 year of assessment amounted to GH¢120,000.
Required:
Compute the appropriate tax or taxes of Flowqueen for the 2020 year of assessment.
Find Related Questions by Tags, levels, etc.
- Tags: Business income, Capital gains tax, Gift tax, Sole Proprietor, Tax computation
- Level: Level 2
- Topic: Taxation of Capital Gains
- Series: NOV 2021
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