- 3 Marks
PT – April 2022 – L2 – Q3e – Income Tax Liabilities
Calculate the tax liability on Bisa's bonus income for 2021
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Question Tag: Tax Calculation
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- 5 Marks
PT – July 2023 – L2 – Q5b – Taxation of Capital Gains
Calculate the capital gains tax payable on the sale of a warehouse with associated costs.
Question
Ann sold a warehouse on 13 June 2022 for GH¢640,000. The warehouse was purchased on 14 December 2020 for GH¢328,000 for investment purposes. Ann incurred the following:
| Description | Amount (GH¢) |
|---|---|
| Legal fees | 10,000 |
| Accountant’s fees | 15,000 |
| Transfer tax | 1,000 |
Required:
Calculate the tax payable.
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- Tags: Asset Disposal, Capital Gains, Tax Calculation, Warehouse Sale
- Level: Level 2
- Topic: Taxation of Capital Gains
- Series: JULY 2023
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- 9 Marks
TF – May 2018 – L3 – Q3a – Business income – Corporate income tax
Calculate the capital gain tax from the sale of shares in Annam Company Ltd.
Question
Akua is a shareholder of Annam Company Limited, a company not listed on the Ghana Stock Exchange (GSE) Market. Akua has the following transactions in Annam Company Limited:
i) On 01/07/2008, Akua purchased 200,000 ordinary shares for GH¢184,000. She purchased another 120,000 shares on 01/10/2008 at a price of GH¢1.00 per share. Akua again purchased 95,000 shares on 16/06/2009 at a price of GH¢1.15 per share.
ii) On 20/07/2009, Akua received bonus shares of 1 for every 10 shares currently held by her.
iii) On 01/01/2017, Akua accepted a right offer of 1 for 5 shares held as at 31/12/2015 at a price of GH¢0.90 per share.
iv) On 15/11/2017, Akua sold 340,000 shares for GH¢408,000, paying a commission of 2.5% of the sale value to the brokerage firm that facilitated the sale. The proceeds received from the sale were GH¢0.10 per share lower than a similar share on the Ghana Stock Exchange Market.
Required:
Calculate the capital gain tax if any.
(9 marks)
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- 3 Marks
PT – April 2022 – L2 – Q3e – Income Tax Liabilities
Calculate the tax liability on Bisa's bonus income for 2021
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Report an error
- 5 Marks
PT – July 2023 – L2 – Q5b – Taxation of Capital Gains
Calculate the capital gains tax payable on the sale of a warehouse with associated costs.
Question
Ann sold a warehouse on 13 June 2022 for GH¢640,000. The warehouse was purchased on 14 December 2020 for GH¢328,000 for investment purposes. Ann incurred the following:
| Description | Amount (GH¢) |
|---|---|
| Legal fees | 10,000 |
| Accountant’s fees | 15,000 |
| Transfer tax | 1,000 |
Required:
Calculate the tax payable.
Find Related Questions by Tags, levels, etc.
- Tags: Asset Disposal, Capital Gains, Tax Calculation, Warehouse Sale
- Level: Level 2
- Topic: Taxation of Capital Gains
- Series: JULY 2023
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- 9 Marks
TF – May 2018 – L3 – Q3a – Business income – Corporate income tax
Calculate the capital gain tax from the sale of shares in Annam Company Ltd.
Question
Akua is a shareholder of Annam Company Limited, a company not listed on the Ghana Stock Exchange (GSE) Market. Akua has the following transactions in Annam Company Limited:
i) On 01/07/2008, Akua purchased 200,000 ordinary shares for GH¢184,000. She purchased another 120,000 shares on 01/10/2008 at a price of GH¢1.00 per share. Akua again purchased 95,000 shares on 16/06/2009 at a price of GH¢1.15 per share.
ii) On 20/07/2009, Akua received bonus shares of 1 for every 10 shares currently held by her.
iii) On 01/01/2017, Akua accepted a right offer of 1 for 5 shares held as at 31/12/2015 at a price of GH¢0.90 per share.
iv) On 15/11/2017, Akua sold 340,000 shares for GH¢408,000, paying a commission of 2.5% of the sale value to the brokerage firm that facilitated the sale. The proceeds received from the sale were GH¢0.10 per share lower than a similar share on the Ghana Stock Exchange Market.
Required:
Calculate the capital gain tax if any.
(9 marks)
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