An acquisition, as it applies in Lukka, is an event in which you become the owner of an asset for tax purposes.
Typically, this occurs when you:
- obtains the economic benefits of increases in the value of the asset;
- suffers the economic disadvantages of decreases in the value of the asset; and
- has dominion and control over the asset.
NOTE: Lukka does not provide tax advice. The statements above are general in nature and do not address how the application of the tax rules can vary based on a taxpayer’s actual facts. Please consult a tax professional on how the tax rules apply to your specific facts.