www.bbcnoun.com.ng ACC318 9/10 Example of a beneficiary in an estate is: An executor _____________ loss relief principle allows lossess to be relieved against prior year profit The current year The year the business of the company ceased to exist is known for tax purposes as Ultimate Year A small company is company whose turnover does_____ Not Exceed N1,000,000 Special businesses in Nigeria Constitute the following EXCEPT Free trade zone enterprises Which of the following income is taxable in a free trade zone Income of a company established with an export processing zone and 50 per cent production of such company is for export The amount of capital allowance claimable in any year of assessment for non manufacturing and non agricultural companies is restricted to : 2/3 of assessable profit For an on-going subsisting business______ is used in computing the assessable profit The preceding Year basis Bisco Nig Ltd has been in business for some time now. In 2013 turnover wasN475,000 Adjusted profit N390,000, capital allowance N250,000. what is the taxable profit? N140,000 Where a person dies and leaves no valid will, the person has died Intestate