Page 3 - P6 Slide Taxation - Lecture Day 5 - Trading stock
P. 3

Closing stock









          • Included in taxable income




          • Amount included:






                                                                  Cost





                                                                     LESS


               Amount the Commissioner may think just and reasonable by which the

               value has been diminished

               by             damage, deterioration, change of fashion, decrease in the market
               value or for any other reason satisfactory to the Commissioner.





                                                                   N/A fin

                                                                   instruments
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