Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › 165:Micheal Chin (Kap)
- This topic has 3 replies, 2 voices, and was last updated 2 years ago by Tax Tutor.
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- February 17, 2022 at 5:49 am #648743
Sir,
The goodwill and freehold property were
Not owned 2 yrs prior..
So why is disposal qualified fir BAD-RQues:
On 30 June 2020 Michael sold a business that he had run as a sole trader since 1st January 2016. He realised the following gains and losses on the chargeable assets of
the business:Goodwill 60,000
Freehold property 64,000
Storage unit (13,000)The goodwill has been built up since 1 January 2016. The freehold property had been
acquired 6 months prior to the date of disposal and the storage unit had been acquired
on 1 June 2017.February 18, 2022 at 4:39 pm #648879Can you send me a picture of the Kaplan answer please
February 19, 2022 at 7:17 am #648892https://photos.app.goo.gl/QKBc4QRoKsdTG4pSA
Sir,
Can I conclude that since entire business is being disposed the date of incorporation matters?February 20, 2022 at 11:56 am #648967There is no incorporation – this is an unincorporated trade and as I suspected the Kaplan answer does answer your question – read the tutorial note!
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