fair tax: towards a modern tax system The Smith Institute The Smith Institute is an independent think tank that has been set up to look at issues which flow from the changing relationship between social values and economic imperatives. If you would like to know more about the Smith Institute please write to: Telephone +44 (0)20 7823 4240 Fax +44 (0)20 7823 4823 Email info@smith-institute.org.uk Website www.smith-institute.org.uk fair tax: towards a modern tax system The Director
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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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TAX MANAGEMENT [pic] LESSONS FROM HISTORY Lessons From History [pic] Taxes are as old as recorded history. They are mentioned in ancient Sumer around 3‚000 B.C. Tithing‚ the practice of pledging ten percent of one’s wealth‚ was commonly practice among ancient peoples and still is used today by some religious groups in the United States. Rome collapsed when taxation reached fifty-two percent and when taxes imposed on the colonies reached twenty-three percent‚ that was considered
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------------------------------------------------- Tax Research Memo: Entity Selection Issue FROM: Mark J. Sobanski‚ CPA TO: Penelope‚ Mark and John. DATE: April 15th‚ 2013. SUBJECT: Entity Selection for the new business. Issue/ Considerations: It is desired to study the issue of how should the new business to be started by Penelope‚ Mark and John be structured? The related tax and non-tax considerations are as follows – I. The different forms of organization available to Penelope‚
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Australian Tax Law BFA714 – Exempt Income BFA714_10 What is income? 2 Key Legislative Provisions ITAA97 • Economist View – Division 6: • • • • • – Traditional economic view of income is that it is a ‘gain’ • Recognises both realised and unrealised gains as income s 6-5 Ordinary income s 6-10 Statutory income s 6-15 Not assessable income s 6-20 Exempt income s 6-23 Non-assessable non-exempt income – Other Relevant Divisions: • • • • • Tax View • Only
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levied by the federal through the income tax payable that will become the company’s income tax expense when it is paid. The tax net includes the personal profit‚ business income‚ and the capital gain. Referring to Australian Accounting Standard Board (AASB) 112‚ the income tax expense (income) is not merely equal to current tax liability (asset)‚ but also the function of the deferred tax liabilities and assets (Leo‚ Hoggett‚ & Sweeting‚ 2012). The tax which incurred to a company will depend on
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----------------------- ITC PAY Basis SSI – entitled to receive‚ FSI – received in Sg Current a/c interest – accrues evenly over time Fixed Deposit interest – date of maturity 1. Net Acc profit (before dep & tax) Expense Deductible N.D Charge to P/L Nothing Add Not charged Minus Nothing Revenue Taxable N.T Credited to P/L Nothing Minus Not credited Add Nothing Add: 10(1)(a) income not credited to P/L Expense charged for Non 10(1)(a) Less: Non 10(1)(a) income credited
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shall apply are: |(a) |in Singapore : | | |the income tax | | |(hereinafter referred to as "Singapore tax"); | |(b) |in Indonesia :
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corporations are considered separate legal entities from their shareholders. As such‚ corporations pay taxes on their annual earnings‚ just as individuals do. When corporations pay out dividends to shareholders‚ those dividend payments incur income-tax liabilities for the shareholders who receive them‚ even though the earnings that provided the cash to pay the dividends were already taxed at the corporate level. 2. What type of taxpayers are considered "eligible" taxpayers with regard to special ordinary
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book – but we will be given the question 2 weeks before Exam (70%) Tuesday 22 June 9:15am – 12:30pm Exam * Tax avoidance/evasion won’t be covered * 3 sections: * 1: Multiple choice * 10 marks * 10 questions * Similar in nature to the pop quizzes * Cover everything – particularly includes Chye Ching and Craig * 1: Tax return * 25/55 marks * Individual (not a partnership) * Similar to Kathryn and Romy (last
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