Q.
(a) In real property law, differentiate Chattel from Fixture. (5 marks)
(b) What is ‘drainage rate’ in the Local Government Act, 1976? Give an example. (10 marks)
(c) The Income Tax Act 1967 specifically provides that certain special buildings qualify as industrial buildings and thus, qualify for industrial building allowance (IBA). IBA is granted to a person who incurs qualifying capital expenditure on the construction or purchase of an industrial building or structure for use in a qualifying trade. Explain what are industrial buildings and the types of expenditure that qualify for IBA. (10 marks)
(25 marks)