Year of Assessment – NBC Institute

AT – Nov 2017 – L3 – Q4 – Capital Gains Tax (CGT)

Compute capital gains tax for equipment sale; define key CGT concepts.

Question

Mr. Afolabi, owner of Afolabi Mining Limited in Itakpe, bought a pulverizing equipment on hire purchase on January 1, 2013, making a deposit of ₦49,875,000 against a cash price of ₦78,750,000. The balance was payable in 20 monthly installments of ₦1,750,000 starting February 1, 2013.

As the Tax Consultant, you are required to:
a. Compute the Capital Gains Tax (CGT) payable for the relevant Years of Assessment, assuming the equipment was sold for:
i. ₦ 84,700,000 after installment payments on November 3, 2013.
ii. ₦ 86,800,000 after installment payments on August 5, 2014.

b. Outline the allowable and disallowable deductions in computing Capital Gains Tax.
c. Explain ‘Year of Assessment’ in the context of the Capital Gains Tax Act CAP C1 LFN 2004.
d. Explain the term ‘Connected Persons’.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Allowable Deductions, Capital gains tax, Connected persons, Year of Assessment
Level: Level 3

Topic: Capital Gains Tax (CGT)
Series: NOV 2017

PT – Mar 2024 – L2 – Q3a – Income Tax Liabilities

Distinguish between the Year of Assessment and Basis Period as used in income taxation.

Question

The determination of a person’s tax liability is in relation to the concept of “Year of Assessment” and “Basis Period”.

Required:
In relation to the statement above, distinguish between the concept of Year of Assessment and Basis Period as used in income taxation.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Basis Period, Income Tax Act, Tax computation, Year of Assessment
Level: Level 2

Topic: Income Tax Liabilities
Series: MAR 2024

AT – Nov 2017 – L3 – Q4 – Capital Gains Tax (CGT)

Compute capital gains tax for equipment sale; define key CGT concepts.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Allowable Deductions, Capital gains tax, Connected persons, Year of Assessment
Level: Level 3

Topic: Capital Gains Tax (CGT)
Series: NOV 2017

PT – Mar 2024 – L2 – Q3a – Income Tax Liabilities

Distinguish between the Year of Assessment and Basis Period as used in income taxation.

Question

The determination of a person’s tax liability is in relation to the concept of “Year of Assessment” and “Basis Period”.

Required:
In relation to the statement above, distinguish between the concept of Year of Assessment and Basis Period as used in income taxation.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Basis Period, Income Tax Act, Tax computation, Year of Assessment
Level: Level 2

Topic: Income Tax Liabilities
Series: MAR 2024

Question Tag: Year of Assessment

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

AT – Nov 2017 – L3 – Q4 – Capital Gains Tax (CGT)

Compute capital gains tax for equipment sale; define key CGT concepts.

PT – Mar 2024 – L2 – Q3a – Income Tax Liabilities

Distinguish between the Year of Assessment and Basis Period as used in income taxation.

AT – Nov 2017 – L3 – Q4 – Capital Gains Tax (CGT)

Compute capital gains tax for equipment sale; define key CGT concepts.

PT – Mar 2024 – L2 – Q3a – Income Tax Liabilities

Distinguish between the Year of Assessment and Basis Period as used in income taxation.

Our offerings

Contact Info

Customer

Get In Touch

Question Tag: Year of Assessment

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

AT – Nov 2017 – L3 – Q4 – Capital Gains Tax (CGT)

Compute capital gains tax for equipment sale; define key CGT concepts.

You're reporting an error for "AT – Nov 2017 – L3 – Q4 – Capital Gains Tax (CGT)"

PT – Mar 2024 – L2 – Q3a – Income Tax Liabilities

Distinguish between the Year of Assessment and Basis Period as used in income taxation.

You're reporting an error for "PT – Mar 2024 – L2 – Q3a – Income Tax Liabilities"

AT – Nov 2017 – L3 – Q4 – Capital Gains Tax (CGT)

Compute capital gains tax for equipment sale; define key CGT concepts.

You're reporting an error for "AT – Nov 2017 – L3 – Q4 – Capital Gains Tax (CGT)"

PT – Mar 2024 – L2 – Q3a – Income Tax Liabilities

Distinguish between the Year of Assessment and Basis Period as used in income taxation.

You're reporting an error for "PT – Mar 2024 – L2 – Q3a – Income Tax Liabilities"

Our offerings

Contact Info

Customer

Get In Touch

admin