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STOCKS, NOT fulfilled stock valued at MV - Coggle Diagram
STOCKS
in continuing buss
stock withdrawn for own use is taxed at MV
cap asset transferred into trading stock
cap asset deemed disposed at MV at date of transfer
item is taken up as trading stock at same MV
valued at MV
stocks which is physically tangible
in continuing buss
upon election valued at
total cost acq + other cost that brings the stock to present location & condition
valued @ lower of cost price or MV
Marketable securities
in a continuing buss
Immovable stocks
includes
property sold in ordinary course of buss (must commenced buss to have stock)
materials used to manufacture such property
include WIP
in discontinuing buss
for stocks sold
condition
stock becomes trading stock in acq's buss
cost of stock is deductible in computing acq's adj inc
transferor sold stock for consideration
transferor permanently discontinue his buss
unsold stocks
valued at MV at time of cessation
NOT fulfilled stock valued at MV