Which two of the following statements indicate that a trade is being carried on? A Henry has just sold a house that he bought three months ago. He spent £78,000 purely to make the property more attractive to potential purchasers. B Omar sold a third batch of shares in a single week, making a substantial profit. C Tariq is experiencing cash flow problems and has had to sell a car that he bought three months ago to replace his old car. This is Tariq's fourth car in the past year. D William restores and resells antique chandeliers for a profit in his spare time. He has just sold a chandelier that he has been renovating for the last six months. This is the third renovated chandelier that he has sold in the last two years.

Which two of the following statements indicate that a trade is being carried on? A Henry has just sold a house that he bought three months ago. He spent £78,000 purely to make the property more attractive to potential purchasers. B Omar sold a third batch of shares in a single week, making a substantial profit. C Tariq is experiencing cash flow problems and has had to sell a car that he bought three months ago to replace his old car. This is Tariq's fourth car in the past year. D William restores and resells antique chandeliers for a profit in his spare time. He has just sold a chandelier that he has been renovating for the last six months. This is the third renovated chandelier that he has sold in the last two years.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter15: Taxing Business Income

Section: Chapter Questions

Problem 3DQ

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