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Q1. (a) When disposal of property is by gift, the capital proceeds are taken to...

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Accounting

Q1. (a) When disposal of property is by gift, the capital proceeds are taken to be nil.

(4 marks) (b) The sale of a motor vehicle may result in a capital gain or a capital loss.

(3 marks)

Required:

State whether the above statements are true or false. Explain your answer and support with relevant income tax legislation.

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