Which of the following is NOT a corporate governance best practice? Question 8 options: Public company directors should hold meaningful amounts of stock as long as they are on the board. Internal auditor should be hired by the senior management of an organization. The board of directors should establish committees for audit, compensation and nominations. Board of directors should include completely independent directors. 2:54 p.m. You wish to compare the financial statements of two firms without scale effects. You should use: Question 7 options: Common-size financial statements Financial statements prepared according to GAAP Financial statements prepared according to ASPE Financial statements prepared according to IFRS 2:54 p.m.

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A:

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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.