Homework answers / question archive / QUESTION 19 Which division of the ITAA97 deals with trading stock?     Div 6     Div 40     Div 8     Div 70 QUESTION 20 Ralph is the owner of a business that sells clothing

QUESTION 19 Which division of the ITAA97 deals with trading stock?     Div 6     Div 40     Div 8     Div 70 QUESTION 20 Ralph is the owner of a business that sells clothing

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QUESTION 19

1. Which division of the ITAA97 deals with trading stock?

   		Div 6
   		Div 40
   		Div 8
   		Div 70

QUESTION 20

1. Ralph is the owner of a business that sells clothing. You have determined that he has an annual turnover of $3 million and his net asset value is $7 million. Which of the following is correct?

   		Ralph cannot claim the general small business entity concessions while he is a going concern, but he can claim the capital gains tax small business concessions when he sells the business.
   		Ralph can claim the general small business entity concessions while he is a going concern as well as the capital gains tax small business concessions when he sells the business.
   		Ralph can claim the general small business entity concessions while he is a going concern as but not the capital gains tax small business concessions when he sells the business.
   		Ralph can claim neither the general small business entity concessions while he is a going concern nor the capital gains tax small business concessions when he sells the business.