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Mal-Mil Ltd
On 20 December 2009 Mal-Mil Ltd sold two of the five acres of land that had been purchased from Lim on 8 April
2009. The sale proceeds were £162,000 and legal fees of £3,800 were incurred in connection with the disposal.
The market value of the unsold three acres of land as at 20 December 2009 was £254,000. During April 2009
Mal-Mil Ltd had spent £31,200 levelling the five acres of land. The relevant retail price indexes (RPIs) are as follows:
April 2009 211·5
December 2009 218·0
Mal-Mil Ltd’s only other income for the year ended 31 December 2009 was a trading profit of £163,000.
do we had to add the levelling cost???(2) On 13 August 2009 Lim made a gift of 5,000 £1 ordinary shares in Oily plc, a quoted trading company, to her
sister. On that date the shares were quoted on the Stock Exchange at £7·40–£7·56, with recorded bargains of
£7·36, £7·38 and £7·60.
Lim had originally purchased 1,000 shares in Greasy plc on 8 July 2003 for £18,200. On 23 November 2003
Greasy plc was taken over by Oily plc. Lim received five £1 ordinary shares and two £1 preference shares in
Oily plc for each £1 ordinary share held in Greasy plc. Immediately after the takeover each £1 ordinary share in
Oily plc was quoted at £3·50 and each £1 preference share was quoted at £1·25.
Entrepreneurs’ relief and holdover relief are not available in respect of this disposal.
did we had to carry takeover calculation which results in no gain no loss?(iii) Advise Neung Ltd of the taxation disadvantages of converting its two overseas branches (see note (2))
into 100% overseas subsidiary companies.
whats the correct answer for this?Thanks Sir so i should start reading the article thanks alot God bless you guys youre such a help any tips for paper f5 revision??
question no 35bpp kit the question asks to work back and calcute learning rate is it examinable if it is help how to do it
it was brain storming of 3hrs in an exam hall it was tricky i did many silly mistakes in question 2 mixed it up 50 and 75% for group and associate but got all my performa right and my logic of calcultions were right so as far as i know if figures are wrong and logic are right we do get marks so just hoping will pass INSHALLAH
