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Tax Consequences - Contingent Liabilities


Marketed By :  LAP LAMBERT Academic Publishing   Sold By :  Kamal Books International  
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  • Product Description

The selling of a business as a going concern can have various tax consequences for both the seller and the purchaser. This is so whether the purchase price is determined with reference to the net asset value, i.e. gross assets less liabilities, or not. Accounting liabilities are always part of a business and therefore part of a business sales contract. The basic transaction is normally that some or all of the assets of the business are transferred to the purchaser who also assumes all or some of the liabilities of the business. The liabilities transferred may include various accounting provisions. To be more specific, if for example an bonus provision is due to the seller’s employees and the provision is set-off in determining the sale price, has these cost been incurred in the production of income on the seller’s side? If not, can the purchaser claim the deduction when they incur? Is the receipt of this amount capital or revenue in the hands of the purchaser? Uncertainty exists on the tax treatment of the transfer of these contingent liabilities.

Product Specifications
SKU :COC93399
AuthorDewald Pierre Rossouw
Number of Pages68
Publishing Year2011-09-21T00:00:00.000
Edition1 st
Book TypeTaxation & duties law
Country of ManufactureIndia
Product BrandLAP LAMBERT Academic Publishing
Product Packaging InfoBox
In The Box1 Piece
Product First Available On ClickOnCare.com2015-08-14 00:00:00