Chattels Essential Reading Flashcards
1
Q
What happens where part of a residence is used exclusively for business purposes throughout the entire period of ownership?
A
Gain attributable to use of that part is taxable
2
Q
What if part of a residence was used for business purposes for only part of the period of ownership?
A
The gain is apportioned between chargeable and exempt parts
3
Q
What if business part was at same time used as part of the residence?
A
Gain apportioned to that part will qualify for last nine month exemption
