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Question 6 (4 points) Required: Discuss whether each of these receipts constitutes ordinary income (4 marks): Suits Pty
Posted: Mon Apr 25, 2022 7:53 am
by answerhappygod
- Question 6 4 Points Required Discuss Whether Each Of These Receipts Constitutes Ordinary Income 4 Marks Suits Pty 1 (28.74 KiB) Viewed 17 times
Question 6 (4 points) Required: Discuss whether each of these receipts constitutes ordinary income (4 marks): Suits Pty Ltd is a
company that owns a business that sells men's business suits in Melbourne to individuals. During the current tax year it also earned the following receipts: • $50,000 for supplying business suits to a reality TV show called 'The Office Professional'. The TV show used these suits to dress its male contestants. • $10,000 paid by someone opening up a similar business in Sydney, The amount was paid in exchange for the list of importers that Suits Pty Ltd purchases its inventory from.