ACCOUNTING FOR INCOME TAXES F 1. Taxable income is a tax accounting term and is also referred to as income before taxes. F 2. Pretax financial income is the amount used to compute income taxes payable. T 3. Deferred tax expense is the increase in the deferred tax liability balance from the beginning to the end of the accounting period. T 4. A deferred tax liability represents the increase in taxes payable in future years as a result of taxable temporary differences existing at the end
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TAX BRIEF IN THE MINING SECTOR OF GHANA 1.0 Introduction The mining sector is one of the major extractive industries in Ghana. It is estimated that the sector contributes about 41% of total export earnings and 5% of Ghana’s GDP. The sector is dominant with Foreign Direct Investment (“FDI”) with little local participation. 1.1 Legal Framework The Fiscal Regimes that regulate the sector in Ghana are: The Minerals and Mining Act‚ 2006 (Act 703) as amended The Internal Revenue Service Act‚2000
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interpretation of the tax law. C. Proposed regulations expire after 3 years. D. Practitioners and other interested parties may comment on proposed regulations. 2) Regulations are A. presumed to be valid and to have almost the same weight as the IRC B. equal in authority to legislation if interpretative C. equal in authority to legislation D. equal in authority to legislation if statutory 3) Which of the following courts is not a trial court for tax cases? A. U.S. Tax Court B. U.S
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What is the entity’s default tax classification? The default taxation for this company would be a partnership for federal income tax purposes. Are any alternative classification(s) available? An alternative tax classification can be an association which is taxable as a corporation or S corporation. If so‚ (1) how do Bruce and Bob elect the alternative classification(s) and (2) what are the tax consequences of doing so? In order to change the businesses tax election they must file a form
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under Republic of the Philippines Statutes‚ adopts the following articles of incorporation. ARTICLE I NAME/REGISTERED OFFICE The name of this corporation shall be ____________________________________‚ located at __________ (street address‚ city‚ state‚ zip). ARTICLE II PURPOSE This corporation is organized exclusively for charitable‚ scientific and educational purposes (pick one or more)‚ more specifically to __________. To this end‚ the corporation shall at all times be operated exclusively
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600‚000 $500‚000 400‚000 Manufacturing Equipment 1‚000‚000 NIL 300‚000 Patent (Cl. 14) 125‚000 100‚000 20‚000 Inventory 200‚000 100‚000 Net income for tax purposes for the year ended December 31‚ 2010 is ($50‚000) Required: 1) If mother wants does not believe that Childco can get out of it’s loser position‚ what would be the optimum losses left at January 1‚ 2011. 2) If mother lets Childco
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U.S. has a lot of advancements to make‚ and that it should become a state. The first thing that should change is the school system. A public school system in the U.S. is currently what a private school in Puerto Rico can offer. Another problem in Puerto Rico is facilities‚ most of the schools in Puerto Rico have a capacity of two hundred and fifty students‚ a fourth of what a Patterson Mill has. If Puerto Rico becomes a state the chances of it becoming a better education resource are extremely
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yourl040Return.com has_quickly become a leading ::’-rr-ider of online income tax preparation and-filing services for mdividuaf taxpayers. steven -..cago founded the company business idea cine to him f"‚ individual tax ^ft"i ^ ::eDaration software. As he stared at all the software‚packages -hiil;h;;pt"g on the rh"frr"‚ a"t a local computer ‚:pply store‚ the following thought kept racing thro‚rgh his riind‚ "yith all of the tax law changes from year to year‚ why should I shell out $50 Jor a CD that
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other people you know or can imagine. (3-6 sentences. 3.0 points) 5. Describe a real or made up but realistic example of earned income that you or someone you know has received. What type of work was the income from? Was the income in the form of a salary or wages? (1-2 sentences. 1.0 points) 6. Describe a real or made up but realistic example of unearned income that you or someone you know has received. (1-2 sentences. 1.0 points) 7. In your Section_2 folder‚ navigate to and open the Example_W-2
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Employee Benefit and Planning Chapter 12 What is the term PPO stands for? Preferred Provider Organization What is the Characteristics of PPO? Tends to be used in two ways. One way to apply to health care providers that contract with employers‚ insurance companies‚ union trust fund‚ third-party administrators‚ or others to provide medical care services at a reduced fee. PPO may be organized by the Providers themselves or by other organizations‚ such as insurance companies the Blues. Like HMO
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