terms of the common law. There are a number of common law features that help determine whether an amount is income. They are as follows: (a) Ordinary income “comes in” to the recipient Income is a form of financial gain. A gain or receipt can only be ordinary income if it has “come in” (been realised) during that year. An unrealised gain is not ordinary income. If an amount does not come to the taxpayer‚ it will not be ordinary income. In the terminology of Section 6-5 of the ITAA
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the national and local governments‚ government agencies and instrumentalities‚ including the Bangko Sentral ng Pilipinas and government-owned or -controlled corporations‚ any information such as‚ but not limited to‚ costs and volume of production‚ receipts or sales and gross incomes of taxpayers‚ and the names‚ addresses‚ and financial statements of corporations‚ mutual fund companies‚ insurance companies‚ regional operating headquarters of multinational companies‚ joint accounts‚ associations‚ joint
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EXPORT PROCEDURE 1. An exporter receives an enquiry from the prospective buyers seeking information regarding price‚ quality & other terms conditions for export of goods. The exporter sends a quotation known as proforma invoice as reply. 2. If the buyer is satisfied with the export price & other terms & conditions‚ he places the order or indent for the goods. 3. After receiving the order or indent‚ the exporter undertakes an enquiry regarding the credit worthiness of importer to assess the
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1. Country Background 2. Literature Review of Sustainable Tourism At the 1992 Earth Summit in Rio de Janeiro‚ Agenda 211 was adopted by 182 countries and sets out a comprehensive blueprint of actions to be taken globally‚ nationally and locally by organisations of the United Nations (UN)‚ governments‚ and major groups in every area to bring about sustainable development. Stakeholders of the travel and tourism industry including world organisations‚ governments and industries started to include
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making timely bank deposits‚ an office manager will definitely cut down on these issues. Most medical offices will have two major sources where their receipts come from‚ their patients and third-party payers. It is a good idea for each practice to have an office manager to keep a daily worksheet that summarizes and reconciles the receipts for each day of the month. For example‚ one day Mary forgot her lunch and did not bring money. Quickly‚ she took $20 from the petty cash in the office and
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pay for the Goods with the sum of fifty thousand ($50‚000) USD‚ paid as follows: a. Down payment of $5‚000 upon contract execution b. the remainder of the purchase price within 10 day of receipt of delivery of the Goods. 3. Payment of the Goods will be made to the Seller when the Purchaser has confirmed receipt of the Goods. Delivery of Goods 4. The Goods will be deemed by the purchaser when delivered the Purchaser’s place of business located at 456 First St.‚ Secondville‚ Michigan. The Purchaser
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A. Introduction Nowadays‚ using computers in companies and other establishments in transacting with their clients is a big factor. Some of the companies or stores are still using the manual process in running business. By using the manual way‚ it consumes more time and energy and susceptible to errors in finishing work. So‚ companies now are making system to be computerized because in this way it can minimize time and efforts consumed by using manual system. One way to save time and effort
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Jan-07 | Feb-07 | Mar-07 | Apr-07 | May-07 | Jun-07 | I. Cash Input | | | | | | | | | Receipt‚ 1% discount‚ Month (1st -20th ) | 6‚600 | 9‚240 | 11‚220 | 13‚200 | 9‚240 | 6‚600 | | Receipt‚ 1% discount‚ Month+1 (21st - 30th ) | 2‚640 | 3‚300 | 4‚620 | 5‚610 | 6‚600 | 4‚620 | | Receipt‚ Month+30days | 28‚000 | 35‚000 | 49‚000 | 59‚500 | 70‚000 | 49‚000 | | | Receipt‚ Month+60days | 2‚500 | 4‚000 | 5‚000 | 7‚000 | 8‚500 | 10‚000 | | | Total Cash Input | | 39‚740
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Case Problem: Blades‚ Inc. 1. One point of concern for you is that there is a tradeoff between the higher interest rates in Thailand and the delayed conversion of baht into dollars. Explain what this means. ANSWER: If the net baht-denominated cash flows are converted into dollars today‚ Blades is not subject to any future depreciation of the baht that would result in less dollar cash flows. 2. If the net baht received from the Thailand operation are invested in Thailand‚ how will
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BALANCE OF TRADE AND BALANCE OF PAYMENTS – An Introduction The balance of payments account indicates a systematic record of all export incomes and import payments of a country during any year. Any import from abroad has to be paid for. On the other hand‚ any export will bring money flow into the country. If we subtract the total value of the imported commodities from the total value of the exported commodities of a country‚ what we obtain is called the ‘Balance of Trade’ of the country. If the
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