Robert Robinson operates a bakery shop situated on a sharp bend in the road. A delivery truck failed to take the bend and badly damages the front of the bakery shop. Robert is undecided whether to restore the front of the bakery shop to its original condition at a cost of $25,000 or to spend $45,000 rebuilding the front of the bakery shop so that it has a much more modern appearance. Required: With reference to case law and legislation, advise Robert of the tax implications of: a) Restoring the front of the bakery shop to its original condition; and b) Rebuilding the front of the bakery shop

Robert Robinson operates a bakery shop situated on a sharp bend in the road. A delivery truck failed to take the bend and badly damages the front of the bakery shop. Robert is undecided whether to restore the front of the bakery shop to its original condition at a cost of $25,000 or to spend $45,000 rebuilding the front of the bakery shop so that it has a much more modern appearance. Required: With reference to case law and legislation, advise Robert of the tax implications of: a) Restoring the front of the bakery shop to its original condition; and b) Rebuilding the front of the bakery shop

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