Tax Book 2023

Assets and Depreciation Chapter- 10

(d) 100

Q.47 The normal useful life of an intangible asset is restricted upto ___ years from the date of purchase,
where the life of the intangible is either more than 25 years or not determinable.
(a) 20
(b) 25
(c) 5
(d) 2

Q.48 While considering non arm’s length transaction it ____ is considered as consideration received.

(a) WDV

(b) FMV

(c) cost

(d) all of above

Q.49 Where the consideration received is against assets sold in bulk, it would be apportioned on the basis
of _____of respective assets.
(a) WDV
(b) FMV at the date of disposal
(c) cost
(d) all of above

Q.50 _____ of an asset includes transfer of an asset between spouses under an agreement to live apart.

(a) acquisition

(b) destruction

(c) disposal

(d) none of above

Q.51 Tax depreciation is also known as _____ depreciation.

(a) statutory

(b) accounting

(c) actual

(d) all of above

ANSWERS

1 (a) 2 (d) 3 (b) 4 (c) 5 (c)

6 (d) 7 (a) 8 (a) 9 (a) 10 (d)

11 (a) 12 (b) 13 (e) 14 (c) 15 (b)

16 (c) 17 (c) 18 (a) 19 (a) 20 (c)

21 (c) 22 (a) 23 (b) 24 (b) 25 (d)

26 (c) 27 (b) 28 (a) 29 (b) 30 (c)

31 (d) 32 (a) 33 (b) 34 (c) 35 (a)

36 (a) 37 (b) 38 (a) 39 (a) 40 (a)

41 (d) 42 (c) 43 (a) 44 (b) 45 (c)

46 (d) 47 (b) 48 (b) 49 (b) 50 (c)

51 (a)