Question The following information was provided to your relating the farming operations of Wame....
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The following information was provided to your relating the farming operations of Wame. She has opted to be registered as a farmer to allow her to utilize all the relevant loss relief available to farmers.
Results for the year ended December
PPPP
Taxable farming incomeloss
Chargeable gains
Allowable loss
Bank interest
Employment income
Required
a Calculate Wames tax liabilities tax payable for each of the four years after claiming maximum loss relief at the earliest possible times.
i Assume that Wame has decided to apply Section marks
ii Assume that Wame has decided to apply Section in marks
iii Assume that Wame has decided to apply Section in marks
iv Identify the option which minimizes Wames tax payable. marks
b Explain the different ways in which farming losses may be relieved by an individual and by a company. marks
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