he Ahram Company net income was 100,000 L.E. for the year ended on 31/12/2016. The examination of the income statement of this year revealed that the income statement included a deduction of the following a) The cost of computers that were purchased on 1/6/2016 for 15,000 b) Depreciation expense of 9,000 for furniture’s at a rate of 10% Required: Calculate Taxable net income and indicate the reasoning for your calculations for 2016. (Be careful, needs a bit of thought )

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.