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.

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