Computation of Chargeable Income of Executor for Ya 2014
Essay by MINGFUI SIA • January 21, 2018 • Coursework • 362 Words (2 Pages) • 928 Views
Question 1
Computation of Chargeable Income of Executor for YA 2014 | |
RM | |
Business I Business II Rental | 170,000 - - |
Aggregate Income Less: Current Year Business Loss II Less: Annuity Payable | 170,000 60,000 70,000 |
Total Income Less: Personal Relief | 40,000 9,000 |
Chargeable Income | 31,000 |
Tax Payable | |
RM | |
First RM20,000 Next RM11,000 @ 6% | 300 660 |
960 |
Question 2(a)
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Computation of Chargeable Income of Lim Soon Guan for YA 2014 | |||
Section 4a Partnership Business Income | |||
RM | RM | RM | |
Business I Adjusted Income (780,000 x 3/12 x 1/3) Business II Rental Income Less: Allowable Expenses Assessment Rates Fire Insurance Roof Repairs Interest | (4,000) (2,400) (2,200) (57,000) | 80,000 (65,600) | 65,000 |
Adjusted Income | 14,400 | ||
Deceased’s Share of Rental Income (14,400 x 3/12 x ½) | 1,800 | ||
Aggregate Statutory Business Income Other Non-Business Income Single Tier Dividend ( Exempt) | 66,800 - - | ||
Total Income Less: Relief Self Wife Medical Insurance Premium (Restricted) | (9,000) (3,000) (3,000) | 66,800 (15,000) | |
Chargeable Income | 51,800 |
Tax Payable | |
RM | |
First RM50,000 Next RM1,800 @ 19% | 2,850 342 |
3,192 |
Note: (Item ii)
- As two partners survived on Lim Soon Guan’s death, the partnership business is treated as continuing.
- Accounts continue to be made up to the normal accounting date and the profits for the year to 31 December 2014 can be apportioned (S56).
- There is no need to make up accounts to the date of Lim Soon Guan’s death as there is no permanent cessation of business.
- However, actual continuation of business by the two sons after Lim soon Guan’s death results in all of the capital allowances for the year of assessment 2014 being given to them (Income tax [capital allowances and charges] rules 1969)
Question 2(b)
Computation of Chargeable Income for The Executors of Lim Soon Guan for YA 2014 | ||
RM | RM | |
Section 4a Partnership Business Income Rental Income from Office Building in JB (1/2 share is assessable for Lim Kong Kim) | NIL NIL | |
Section 4c Interest Income from Fixed Deposits On June 2014 On 31 Dec 2014 (3.4% x 100k x 6/12) | 2,000 1,700 | 3,700 |
Dividend Income (Single Tier) | 0 | |
Aggregate Income Less: Annuity Payable to Sister (500 x 9) | 3,700 (3,700) | |
Chargeable Income | 0 |
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