LAW303 – Taxation Law Income from Business - Law Assignment Help

Assignment Task:

Task:

Question 1 – Income from Business
After entering into a management agreement two years ago for the purpose of starting a business in cattle breeding next year, Georgina paid $5,250 by cheque to ACM, whose business was transferring embryos from stud cows to ordinary breeding cows. Under the agreement she was guaranteed six calves in the next two years.

If the venture failed, ACM remained liable to supply the calves from another source. Having paid her fees for Year 2, she did not receive any subsequent notification that the implants in her recipient cows were successful. She did not follow up after the implantation notices to find out whether any of her cows were pregnant. Nor did she enquire whether her cows had been implanted a second time as contemplated by the terms of the Management Agreement, which provided that each recipient cow would be implanted once in each of the 12-month contractual periods. She said that she had spoken to her accountant who told her things were progressing, but slower than anticipated. After paying her Year 2 Fees in June, Georgina heard nothing specific from ACM except by way of newsletters containing general information. She made no attempt to contact ACM in the current year about extending the lease on her recipient cows. She said she was going through a very difficult time. Her 12-month-old child had contracted a serious illness and she had to focus on looking after him.
Required
Is Georgina carrying on business?

Question 2 – Capital Gains Tax (8 marks)
Anita is a client of yours. To fund her career as an artist Anita sold some of her art collection by other artists. It consisted of:
(a) An antique ceramic bowl purchased in February 1985 for $4,000. She sold the bowl on 1 December of the current tax year for $12,000.
(b) A sculpture purchased in December 1993 for $5,500. She sold the sculpture on 1 January of the current tax year for $6,000.
(c) A bronze figure purchased in October 1987 for $14,000. She sold the bronze figure

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