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Elizabeth owns and operates a furniture store where she buys new and used furniture to on-sell to the public. On 1August 2012 she purchased an ornate display cabinet for $10000 as an item of trading stock. She put the cabinet in her showroom and it had a sale price of $14900. However she liked the item so much that she decided to use it for personal purposes from 1 October 2012 when the replacement price was $12600. What are the tax consequences of using the item for personal use?
Elizabeth will include $10000 in her assessable income.
Elizabeth will include $4900 in her assessable income.
Elizabeth will include $2600 in her assessable income.
Elizabeth will include $14900 in her assessable income.
Elizabeth will include $12600 in her assessable income.
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Depends on the multiple choice question
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this is a multiple choice question
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A multiple choice question is a question in which there is a selection of right and wrong answers given and you must choose the correct one, of which there is always at least one. Some tests may be specified as having multiple multiple choice questions in which one or more of the answers given may be correct.
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The responses
Multiple Choice Question based on Thermal energy?
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The part of a multiple-choice question that asks the question is known as the?
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A multiple choice question comprises a question followed by a number - usually 4 or 5 - of which only one is correct and the others are not. The candidate has to select the correct one.
What question is one for which the respondent must choose from a list of predetermined responses?
A multiple-choice question is one for which the respondent must choose from a list of predetermined responses.
