“Van Tho” in An Giang. Then she opened the second shop in Can Tho at Ngo Duc Ke Street. The problem is that when opening the second shop‚ she is asked to pay the excise tax (massage business is one of the taxable objects). However‚ she is not asked to do that at An Giang and even be exempt from paying any tax except the license tax because of the characteristic of her business (business for society‚ specifically the blind). So‚ does the action of taxing on her business –a business for the blind-against
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The Importance of Having Tax Information about Moving Overseas Information is always valuable to the right people. Before doing anything or making any decisions‚ we always need information to at least give us an idea which decision to make. The more information we have the better. Of course‚ this depends on the nature of the information involved. This brings us to the question of why tax information about moving overseas is important. First of all‚ tax information about moving overseas is important
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the assumption of the non-recourse liability.The fair market value of the property at the time of sale was $1‚400‚000‚ so they claimed a loss of $55‚740. The Tax Commissioner insisted instead that they actually realized a gain of $400‚000; the difference between the principal amount of the debt and their basis. Issues:1) How should the tax court deal with the transfer of non-recourse mortgage debt in property dispositions when the fair market value of the property is less than the property’s basis
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1. Taxation is the process or means by which the sovereign‚ through its law-making body‚ imposes burdens upon subjects and objects within its jurisdiction for the purpose of raising revenues to carry out the legitimate objects of government. Taxes‚ on the other hand‚ are the enforced proportional contributions or charges from persons and property levied by the law-making body of the State by virtue of its sovereignty for the support of the government and all public needs. 2. A. It is an enforced
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a result of theft. Sec. 165 (a)‚ (e). In order to be able to claim the casualty loss deduction the loss must qualify as theft‚ the tax payer must prove the amount of loss due to theft and the taxpayer must also prove the date the theft was discovered. As mentioned in both Robert S. Gerstell‚ 46 T.C. 161 (1966)‚ and Michael Monteleone‚ 34 T.C. 688 (1960)‚ “for tax purposes‚ whether a theft loss has been sustained depends on the law of the jurisdiction wherein the particular loss occurred.” In
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distributes its own stock rights to its shareholders. Code Sec. (a). The character of the recognized gain depends on the property distributed; thus it may be ordinary income‚ capital gain‚ or Section 1231 gain. An example illustrating this section was the Tax Court‚ deciding in favor of the IRS‚ held in Pope & Talbot‚ Inc.‚ v. Com‚ 104 TC __‚ No. 29‚ that a corporation which distributed discrete partnership units of property composed of timber and resort interests in the Northwest‚ must recognize distribution
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Tax Evasion in Pakistan (Small Business Sector) INTRODUCTION The development of any nation depends on the amount of revenue generated by the government for the provision of basic services to the nation. One major source of generating this revenue is taxation. According to Azubike (2009) tax is a major source of government revenue all over the world‚ including Nigeria. Income Tax Act of 1922: prevalent in undivided India was adopted by the Government of Pakistan as its Income Tax Law. Income
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CHILD TAX CREDIT Individual taxpayers are permitted to take tax credit based on dependent children‚ under 17. Credit $1000 per child. AGI $110000 joint‚ 55000 separate‚ $75000 single. Phased out by $50 each $1000. * Married‚ joint‚ 2 children. AGI $118700. Child tax credit $1550 (1000x2=2000-450) {50x{(118700-110000)/1000]} DEPENDENT CARE CREDIT Under 13/ unable to care for self. If divorced child cant be living with the creditor. Divorced mother with custody may entitle to credit even
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THE TAX LAWS SHOULD BE REFORMED TO ENCOURAGE SAVING A nation’s saving rate is a key determinant of its long-run economic prosperity. When the saving rate is higher‚ more resources are available for investment in new plant and equipment. A larger stock of plant and equipment‚ in turn‚ raises labor productivity‚ wages‚ and incomes. It is‚ therefore‚ no surprise that international data show a strong correlation between national saving rates and measures of economic well-being. If a nation’s laws
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time the executive would receive the deferred pay plus 6% interest. a. The interest is original issue discount and must be included in gross income before retirement. b. The employee cannot defer the income (both the bonus and the interest) for tax purposes because it is constructively received each year. c. The employee must recognize the bonus each year‚ but can defer the interest. d. The bonus and the related interest can be deferred from inclusion in gross income until they are received
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