Question

What are the names of three assets that deserve special attention with respect to their potential tax consequences?

Answer 1

1. Land = land is an asset in which no depreciation is to be calculated and hence it will always be a long term capital gain.

2. Investment in equity = investment in equity are sometime exempt from taxation if certain specific condition are being filled.

3 . Intangible assets = although sometimes intangible assets are not shown as any asset an financial statements but still from tax point of view they are treated as asset and thus amortized as per their useful life.

answered by: anonymous