Hi Professor,
For Practice Question 34 - Jeremy
I took the warehouse lose from non - ER assets as it is taxed at a higher rate and got a CGT of 50,240.
The Answer took the warehouse lose for ER assets and got CGT of 55,240.
Can you please advise if there is a reason I have to take it from ER assets?
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Practice Question 34
Firstly my apologies for delay in reply and though thank you for the esteemed title I am just a Chartered Accountant and lecturer!
I understand what you are trying to do with the loss on the warehouse and it is of course what we would like to do BUT we must first net off a loss on the disposal of one of the business assets against gains made on the other business assets
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