9. Frank Smith owns 2000O shares in Boom Pty Ltd. His cost base is $12 per share,and the current market value is $20 per share. On 12 March 2014, Boom

Pty Ltddecided to buy-back Frank Smith's shares for $21 per share. The buy-backconsideration was debited $9 against the share capital account and $12against accumulated profits. Discuss the income tax implications of the off-market share buy-back for Frank Smith for the 2017/2018 tax year (ignoring the CGT implications)