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hello
the question above asks to calculate income tax payable by Ronald. when calculating the property business income, they are calculating the premium income 12000-(12000*0.02*(30-1) giving 5040, and they are considering that whole value as income. shouldnt 5040 be divided by 30 years to get income per year and again calculate an amount equivalent to 4 months, since it was leased for 4 months before year end
My problem is
shouldn’t the 5040 be divided by 30 years to get income per year and again calculate an amount equivalent to 4 months, since it was leased for 4 months before year end??
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