George is an author who wrote a best-selling novel last year. The…

Question Answered step-by-step George is an author who wrote a best-selling novel last year. The… George is an author who wrote a best-selling novel last year. The contract with his publisher provides that the publisher must pay him a royalty of 10% of the sale price of all books it sells. George has recently executed a deed of assignment under which he assigned ( for no consideration) 50% of his right receive royalties under the contract to his wife for a period of four years. What are the consequences of the assignment What would have happened if George had instead assigned his entire future right to receive royalties under the contract to a bank for $1m? This is under Australian Tax Law Law Social Science Tax law TAXATION 200186 Share QuestionEmailCopy link Comments (0)