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- 2. The regulatory requirements and statutory bodies involved in starting a business?These facts will be used for questions 1 - 10. A, an individual, transfers land with an adjusted basis of 40 and fair market value of 100, to Newco in exchange for 50 Newco shares, fair market value of 100. B, an individual, transfers equipment with an adjusted basis of 70 and fair market value of 110 to Newco in exchange for 50 Newco shares, fair market value 100, plus GM (General Motors) stock with a fair market value of 10. 1. What is A's realized gain or loss? a loss 10 30 O 60 none of the above What is A's recognized gain or loss? Oa loss 10 30 O 60 none of the above What is B's realized gain or loss? a loss 10 O 30 60 none of the above7.0 an association of two or more people who co-own a business for the purpose of making profit is A sole proprietorship B Franchise C Partnership D corporation 8.0 Which of the following is not a role of entrepreneurship in socio-economic development? A creation of employment B provision of opportunities to entrepreneurs C contributing to government revenue D Providing goods and service 9.0 An enterprise is A a Physical building B A business undertaking or venture C any organization D an activity undertaken by a person 10.0 which of the following is part of the network of an entrepreneur? A Customers B Channel members C Suppliers D All of the above
- What would be the average tax rate for a person who paid taxes of $13,365 on a taxable income of $49,500?3 00 Which of the following is/are fully exempt from Capital Gains Tax? Select one: O a. A family home which was owned for 15 years by the taxpayer and has been rented out for the last 7 years as the taxpayer relocated to the UK for work purposes. The owner, upon returning to Australia, has lived in the property for 2 months prior to selling the house (to fund the purchase of a new family home). There have been no other claims of main residence by the taxpayer. O b. A motor vehicle purchased by the taxpayer, held for 24 months then disposed of for a value above the cost base. c. O d. O e. A lottery win by a Uber driver. Two of the specific events are fully exempted from CGT. All of the specific events are fully exempted from CGT.1.1) Differentiate between the different types of partnerships. In your answer:• identify the types of partnership• explain the characteristics of that particular partnership• explain the liability of each of the partners with respect to the type ofpartnership 1.2) Judy is a shareholder in Pat-X Ltd. She believes that she can use the sharecertificate to make a payment. She wants to exchange the certificate for apair of shoes. The last time she checked the shares were valued at a R1000and she figures she could put them to good use. Can she do so? Discuss withreference to the nature of a share certificate.