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The legislation in Country S provides for an indexation allowance in the calculation of capital tax. STU operates in Country S where the indexation factor for the period 1 January 20X1 to 31 December 20X6 is 20%

STU purchased a building for $64,000 on 1 January 20X1, incurring legal fees of $4,000. STU sold the building for $86,000 on 31 December 20X6 before selling fees of $3,500

What is the chargeable capital gam arising on STU's disposal of the building?

Options:

S11,600

$5,700

S900

$200

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Question 2

When calculating the gam chargeable to tax on the disposal of a building, which of the following would NOT be an allowable deduction?

Options:

Interest on a loan that was used to assist with its original purchase.

Costs of constructing an extension to the building.

Legal fees arising on the original purchase of the building.

Estate agent's fee payable on its sale.

Question 3

Country X levies a duty on alcoholic drinks. Where the alcohol content is above 40% by volume the duty levied is $5 per 1 litre bottle.

What type of tax is this duty?

Options:

Specific unit tax

Ad valorem tax

Direct tax

Single-stage sales tax

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