promised substantial deductions in the first five years of the 15-year plan. A number of documents were exchanged but no cash payments were made. This was calculated to return neutral cash flows with high tax deductions initially and high assessable income‚ especially in the last five years. A feature of the scheme was that there was an opportunity to terminate it in the last five years. In the relevant year the partnership derived assessable income of $170‚000 and claimed deductions of $360‚000. The
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BLAW30002 TAXATION LAW 1 Elyssa Ho Semester 2‚ 2014 BLAW30002 EXAM NOTES 2014 Exam Structure 1. Question 1 – Residency a. 20 minutes 2. Question 2 – FBT Consequences + Calculate the FBT liability (if applicable) a. 48 minutes 3. Question 3 – Income Tax Consequences a. 51 minutes b. 4 parts i. 25 mins + 8 mins + 8 mins + 8 mins Table of Contents Residency ...........................................................................................................................................
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I:6-33 For or From AGI Deductions. Roberta is an accountant employed by a local firm. During the year‚ Roberta incurs the following unreimbursed expenses: Travel to client locations $750 Subscriptions to professional journals $215 Taking potential clients to lunch $400 Photocopying $60 a. Identify which of these expenses are deductible and the amount that is deductible. Indicate whether they are deductible for or from AGI. Travel to client locations would be from AGI and would
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Explain how the strength of the economy as a whole could affect the marginal benefits and the marginal costs associated with a decision to purchase a home. How does the removal of the tax deduction on mortgage interest affect the housing market? The strength of the economy as a whole could affect the marginal benefits and the marginal costs associated with a decision to purchase a home. Here’s how. When the economy is growing‚ a consumer may feel that the purchase of a house is a good decision
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WEEK 7 RESEARCH PROJECT (SET #1) DeVry University Acct 429-Professor Woodard Rosa Leon TAX FILE MEMORANDUM-1st Assignment FROM: Rosa Leon SUBJECT: Tracy Meal Deduction Question Today I talked to Tracey taxpayer with respect to her question regarding the meal deductions. Tracey is a sales representative for a national pharmaceutical company. FACTS: She has a rather large sales territory‚ and she makes her rounds to her customers using acompany-owned car over a 16- to 19-hour period of
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ITEMIZED DEDUCTIONS AND OPTIONAL STANDARD DEDUCTIONS Problem 07. A Married individual with three (3) dependent children has the following business data in the Philippines for the current taxable year 2013. Gross services fees 1‚800‚000 Cost of Services Rendered 516‚800 Rental Income 216‚150 Interest Income on Trade Receivables 34‚750 Interest Income on bank times deposits 18‚000 Interest Expense on Debts to Banks Taxes Expense (Including income tax for 2008 of P26‚000) Losses (Including
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per annum for premium paid for life insurance included your EPF contributions. Additionally‚ you can pay your parents’ medical bills to claim up to RM5‚ 000 per individual for payments. You may claim a deduction up to RM 500 per tax year for a full medical examination. There is a separate tax deduction up to RM5000 per year is given for necessary basic supporting equipment for disabilities suffered by yourself‚ wife‚ children or parents. There is a new Private Retirement Scheme (PRS) introduced. You
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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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Understand the specified conditions and ascertain whether you are eligible for filling the form Now that we are right in the middle of the financial year‚ it is time to revisit an old but extremely significant issue — that of saving tax deducted at source (TDS) with the help of filing Forms 15G and 15H. The conditions under which Form 15G and 15H may be filed are similar yet with a significant difference. But some taxpayers end up filing the form when they are not eligible to and vice versa. Basically
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P A R T – A 1 | | Name of the Assessee | : | | | | | | | 2 | | Address | : | · Check the address as per IncomeTax record and obtain any evidence available in this regard.· If there is any change in the address till the date of signing of the report‚ check that new address is mentioned in Form 3CD. | 3 | | Permanent Account Number | : | Verify from the PA Card or any other document. | 4 | | Status | : | Company/Firm/AOP etc. | 5 | | Previous Year Ended
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