Income-tax Act‚ 1961 | No. | Title | Section - 001 | Short title‚ extent and commencement | | Section - 002 Part A | Definitions [Clause (1) to Clause (15)] - "Advance Tax" to "Charitable Purpose" | | Section - 002 Part B | Definitions [Clause (15A) to Clause (30)] - "Chief Commissioner" to "Non-resident" | | Section - 002 Part C | Definitions [Clause (31) to Clause (48)] - "Person" to "Zero Coupon Bond" | | Section - 003 | Previous year defined | | Section - 004
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ACCT 330 – TEST 2 CHAPTER 6 – DEDUCTIONS AND LOSSES Criteria for deducting business and investment expenses – must be… * Related to a profit-motivated activity of the taxpayer * Ordinary‚ necessary‚ and reasonable in amount * Properly documented * An expense of the taxpayer Expenditure is not deductable if it is… * A capital expenditure * Expense related to tax-exempt income * Illegal or in violation of public policy‚ or * Specifically disallowed by tax law Business
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Deduction under section 33AB is allowable against composite income and not against only 40% of composite income- A case of un-necessary litigation by revenue in case of Tea Companies . Computation provision: Section 33AB is a provision relating to allowing deduction from business income. It falls under Part “D” of Chapter IV of the Income-tax Act‚ 1961. This part consists of various sections from section 28-44DB. As per section 29 the income referred to in section 28 shall be computed in accordance
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miles round trip). How much‚ if any‚ of this mileage can Rod claim as a deduction? (Show calculations.) ANS: 30 miles for each day of the audit assignment. Question 2. 25 pts (Show calculations for each of three parts.) Virginia had AGI of $100‚000 in 2013. She donated Amber Corporation stock with a basis of $9‚000 to a qualified charitable organization on July 5‚ 2013. a. What is the amount of Virginia’s deduction‚ assuming that she purchased the stock on December 4‚ 2012‚ and the stock
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CHAPTER 7 DEDUCTIONS AND LOSSES: CERTAIN BUSINESS EXPENSES AND LOSSES SOLUTIONS TO PROBLEM MATERIALS Question/ Problem 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Learning Objective LO 1 LO 1 LO 1 LO 1 LO 1 LO 1 LO 1 LO 2 LO 2 LO 3‚ 4 LO 3‚ 4 LO 4 LO 4 LO 4 LO 4 LO 4 LO 4 LO 4 LO 4 LO 4 LO 3‚ 4 LO 5 LO 5 LO 6 LO 6 LO 6 LO 7 LO 7 Topic Bad debts: accounts receivable Bad debts: basis Bad debts: worthlessness Bad debts: recovery Bad debts: business Bad debts:
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This Product Contains Sensitive Taxpayer Data Request Date: 08-14-2014 Response Date: 08-14-2014 Tracking Number: 100209020915 Tax Return Transcript SSN Provided: 301-02-8897 Tax Period Ending: Dec. 31‚ 2013 The following items reflect the amount as shown on the return (PR)‚ and the amount as adjusted (PC)‚ if applicable. They do not show subsequent activity on the account. SSN: SPOUSE SSN: 301-02-8897 293-04-1540 NAME(S) SHOWN ON RETURN: ABDI SANYARE & AMINO DIRIYE ADDRESS: 2168 ALBERT AVE APT
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satisfy before a claim for deduction is given for tax purposes are to satisfy the general deduction test under [S 33(1) of the Income Tax Act 1967]. Under the general deduction test the business expenses have to fulfil all the following conditions in order to secure a deduction from the gross income of a business source: 1) it is revenue expenditure wholly and exclusively incurred in the production of income [S 33(1) Income Tax Act 1967] and it is not prohibited from deduction under S39 of the Income
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consider the cost of insurance on the automobile. *a. True b. False 1039. A taxpayer who uses the automatic mileage method to compute auto expenses can also deduct the business portion of tolls and parking. *a. True b. False 1040. A deduction for
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Chapter 08 Business Income‚ Deductions‚ and Accounting Methods True / False Questions 1. The Internal Revenue Code authorizes deductions for trade or business activities if the expenditure is "ordinary and necessary". True False 2. Business activities are distinguished from personal activities in that business activities are motivated by the pursuit of profits. True False 3. The phase "ordinary and necessary" has been defined to mean that an expense must be essential and indispensable
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| |New | | | 6 |LO 1 |“Deductions for”: meaning and various designations | |New | | | 7 |LO 1‚ 8‚ 9 |Effect of AGI on some deductions from | |Unchanged |6 | | 8 |LO 2 |Choice between standard deduction and itemizing; variables | |Modified |7 | | |
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