Posted: February 2nd, 2016

Explain: • the basis of the income tax computation for James in 2014-15, you are not required to calculate his income tax liability but you may include a calculation of his taxable income

Required:
Explain:
• the basis of the income tax computation for James in 2014-15, you are not required to calculate his income tax liability but you may include a calculation of his taxable income.

• You are not required to consider the income tax position of Jess.

• The capital gains tax consequences of a decision to sell their home, no calculations are required and you can assume that the Capital Gains Tax rules in force for 2014-15 will continue to apply in the future.

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