Page 105 - Test 1 Slides - 4. Gross Income
P. 105
GROSS INCOME
Illustrative Example 1
• Take note of the REQUIRED part of the question.
The question required only a discussion of gross
income.
• If the question required a discussion of all income
tax implications, you would have discussed the
capital gains tax implications as well.
• If the question required a discussion of all tax
implications, you would have discussed the capital
gains tax and VAT implications of the transaction as
well.
105
