Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 14.the high court in the case of scott v fc of t d

14.The High Court in the case of Scott v FC of T determined that: a....

50.1K

Verified Solution

Question

Accounting

14.The High Court in the case of Scott v FC of T determined that: a. amounts that are mere gifts, such as the gift of a large sum of money Mr Scott received from his friend who was a widow and the wife of a former client, are not considered to be ordinary income b. amounts that are gifts must always be treated as ordinary income c. amounts that are mere gifts, such as the gift of a large sum of money Mr Scott received from his friend who was a widow and the wife of a former client, are fully tax deductible to the person making the gift d. None of the above.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

On January 1, 2018, Instaform, Inc., issued 10% bonds with a face amount of $58 million,...

Accounting
Q

(a) Find the Riemann sum for f(x) = 4 sin(x), 0 ≤ x ≤ 3π/2, with six terms, taking...

Advance Math
Q

Explain about Command, Contol , Communications and Intelligent(Also Knowns as C3I) In 300-400 words)

Psychology
Q

One of your friends argues that ocean pollution is not that big of an issue...

Biology
Q

What major event during the first half of the 20th century changed the economic and...

Biology
Q

A disc is placed on the surface of pond with liquid of refractive index 3...

Physics
Q

Homer Simpson notices that his shower is covered in a strange green slime His friend...

Geometry
Q

Solve for X X x X 5

Basic Math
Q

8 In roulette a ball is dropped onto a spinning wheel The ball is equally...

Basic Math
Q

ASSUME THAT YOUR AUDIT CLIENT IS A MANUFACTURER OF COSMETICS, AND IT MAKES 90% OF...

Accounting
Q

List down different problems faced by accounting students and graduates that may be used as...

Accounting
Q

Calculate the bond equivalent yield and effective annual return on fed funds that are 29...

Finance