recorded the following receipts. Salaries ($60‚000 for Lance‚ $41‚000 for Wanda) $101‚000 Interest income City of Albuquerque general purpose bonds $1‚000 Ford Motor Company bonds 1‚100 Ally Bank certificate of deposit 400 2‚500 Child support payments from John Allen 7‚200 Annual gifts from parents 26‚000 Settlement from Roadrunner Touring Company 90‚000 Lottery winnings 600 Federal income tax refund (for tax year 2011) 400 Wanda previously was married to John Allen. When they divorced several years ago
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DEDUCTIONS - A SEC. 34. Deductions from Gross Income. - Except for taxpayers earning compensation income arising from personal services rendered under an employer-employee relationship where no deductions shall be allowed under this Section other than under subsection (M) hereof‚ in computing taxable income subject to income tax under Sections 24 (A); 25 (A); 26; 27 (A)‚ (B) and (C); and 28 (A) (1)‚ there shall be allowed the following deductions from gross income; (A) Expenses. - (1) Ordinary and Necessary
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QUESTIONS: (2-3) Little Books Inc. recently reported $3m of net income. Its EBIT was $6m‚ and its tax was 40%. What was its interest expense? ANSWER: Net Income $3 Million EBIT $6 Million Divided by 0.6 Less IBT $5 Million Income before Taxes $5 Million Interest Expense $1 Million **Interest Expense = $1M** (2-7) The Talley Corporation had a taxable income of $365‚000 from operations after all operating costs but before (1) interest charges
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Chapter 2 Research Problem Jackal Corporation declared a dividend of $ 4 per share on September 15‚ 2013. The date of record was October 15 and the date of payment was October 22. The stock exchange on which the Jackal Corporation stock is traded set an ex- dividend date of October 22. On October 19‚ Coyote Corporation sold 1‚000 shares of Jackal Corporation stock to Fox Corporation through the exchange for $ 75 per share. As required by exchange rules‚ Coyote signed an agreement that Fox
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Philippines Income Tax Rates Income of residents in Philippines is taxed progressively up to 32%. Philippines Income Tax Rate 32% Philippines Corporate Tax Rate 30% Philippines Sales Tax / VAT Rate 12% Taxable Income Tax Rate PhP 0 - PhP 10‚000: - 5% PhP 10‚000 - PhP 30‚000: PhP 500 10% PhP 30‚000 - PhP 70‚000:
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Federal Income Tax Professor Lon Sobel Southwestern Law School Study Guide Fall 2010 Copyright © 2010 by Lionel S. Sobel SCALE – Federal Income Tax SCALE – Federal Income Tax Southwestern Law School FEDERAL INCOME TAX Syllabus‚ Course Requirements‚ and Grading Criteria Professor Lon Sobel SCALE II- Period 4 Fall 2010 PHONE: 213-738-6756 EMAIL: lsobel@swlaw.edu OFFICE: BW325 ___________________________ I. COURSE MATERIALS A. Required Text or Course Materials The assigned readings
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only deductions allowed are those specifically provided for by statute‚ rulings‚ etc. 2. Mitch is in the 28% tax bracket. He may receive a different tax benefit for a $2‚000 expenditure that is classified as a deduction from AGI than he will receive for a $1‚000 expenditure that is classified as a deduction for AGI. a. True b. False ANSWER: True RATIONALE: The value of the tax benefit to Mitch for the deduction from AGI may be less than that for the deduction for AGI. The value of the deduction
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Income Tax Act 1961 Assessment Year: The period of twelve months starting from April 1 of every year and ending on March 31 of the next year. Previous Year: Income earned in a year (Previous year) is taxable in the next year (Assessment Year). Income earned during the previous year (PY) 2011-12 is taxable in the Assessment year (AY) 2012-13. From the AY 1989-90 onwards‚ all assesses are required to follow the financial year April 1 to March 31 as previous year for all sources of income
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Jessica Schmitt Income Tax 2 7-36: Lee Xanders Route 1‚ Box 2440 Mason‚ OH 45040 Dear Ms. Xanders As you are interested in the reorganization of Drab and Olive‚ please find the following information regarding three different types of consolidation‚ or reorganization; a “Type A” consolidation‚ a “Type C” or an acquisitive “Type D” reorganization. The advantages of a “Type A” consolidation include that consideration need not include voting stock. Up to 60% of consideration can be cash and property
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OUTCOME 1 - UK INOCME TAX SYSTEM OUTCOME 2 - PAY AS YOU EARN (PAYE) Introduction 4 Procedures 4 UK employment status 5 1. Employment status 5 2. Criteria of differentiate employment and self-employment 5 Right of Control 5 Financial Risk 6 Equipment 6 Work performance and correction 6 Holidays and sickness 6 Exclusivity 6 3. Concusions 6 UK income TAX 7 1. Taxable person 7 2. Tax year 7 3. Self assessment 7 4. Payment dates 8 5. Procedures involved in application of surcharges‚ interests and
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