Monday revision quiz

In order to derive apparent income, the loss from selling shares will be _____ the amount of increase in net assets.

• deducted from

• excluded from

• added to

• ignored from

Criteria of substance requirements for Labuan trading entity is more than that of Labuan non-trading entity.

• True

• False

The amount of stamp duty for a house valued at RM1 million, transferred between two Malaysian citizens, is _____.

• RM9,000

• RM15,000

• RM24,000

• RM40,000

Service involving the supply and use of rigs, derricks, ocean tankers and barges is not considered as petroleum operation.

• True

• False

Gross proceeds from the sale of property constitute gross income for _____.

• life insurance business only

• general insurance business only

• shareholders' fund only

• both life and general insurance businesses

Proceeds from the disposal of asset are relevant in the computation of agriculture charge.

• True

• False

Common expenses are deductible to derived the adjusted income of a deemed sale business.

• True

• False

The following are advisable tax planning strategies related to assets, except for _____.

• Delay the disposal until balancing allowance could be generated.

• Dispose asset within two years of ownership.

• Claim the accelerated capital allowance rate wherever applicable.

• Evaluate methods of asset acquisition.