representation of fact. Public Trustee v Taylor Misrepresentation of law (distinction between law and fact is probably no longer supportable in Australia) If the law is fraudulently misstated‚ the representor would be held liable. It would be unconscionable to permit the plaintiff to gain from a fraudulent misrepresentation of law. The consequences and rights (results) should be the same between the making of fraudulent misrepresentation of law by which a party was induced to enter into a contract and from
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Business Taxation Agriculture Income Sec 2 (1A) of income tax 1961 act agriculture income means 1) Any rent or revenue derived from the land which is situated in India and used for agriculture activities. 2) Any income derived from such land by the agriculture person or by the process employed to make agriculture produce which can be fit for sale in the market. 3) Or any other income derived from any building provided that the: a) Building is on or on the immediate next to the
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Case Notes Question 1 Taylor v Provan (1864) 2 M 1226 Provan went to Taylor’s farm and offered to buy 31 cattle at £14 per head‚ but Taylor refused to accept less than £15. After trying unsuccessfully to purchase cattle elsewhere‚ Provan returned to Taylor’s farm the worse for drink and offered £15 per head‚ which was accepted by Taylor. Taylor later brought an action against Provan for the price of the cattle‚ and Provan claimed that he had been incapable‚ through intoxication‚ of entering
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Lecture Notes XIII Selected Topics on Philippine Taxation I. Sources of Revenue from Internal Revenue Tax Internal Revenue Taxes are taxes that are specifically provided by R.A 8424- The National Internal Revenue Code of the Philippines Section 21 of the NIRC provides the following taxes‚ fees and charges that are deemed to be National Internal Revenue Taxes: 1. Income tax is the right to earn an income by engaging in an occupation‚ the basis of which is the net taxable income. 2. Business
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Taxation Law – Unit 7_Question 2 2. Crowbar Ltd has the following items of stock on hand at 30 June 2010. Its opening value for stock for items A‚ B‚ C on 1 July 2009 was: Units of stock A B C Valued at cost 18‚000 19‚000 11‚000 Its closing values for stock for items A‚ B‚ C on 30 June 2010 were: Units of stock A B C Cost $10‚000 $10‚000 $15‚000 Replacement cost $11‚000 $3‚000 $7‚000 Market selling value $14‚000 $2‚000 $18‚000 Part
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Principles of Taxation Law 2013 Answers to Questions CHAPTER 7 – FRINGE BENEFITS TAX Question 7.1 Determine whether the following benefits are fringe benefits or exempt fringe benefits and‚ where applicable‚ the relevant category of fringe benefit. Provide reasons for your answer: (a) Payment to employee for the estimated cost of the employee’s home phone bill as the employee sometimes has to use the home phone for work purposes. (b) Provision of accommodation at the family home
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Constitutional Law Exam Notes Introductory Cases Amalgamated Society of Engineers v Adelaide Steamship Co Ltd (“Engineer’s Case”) (1920) 28 CLR 129 – Cth introduced industrial law – applied to state governments and entities within s51(xxxv) (arbitration power) as employers re industrial disputes. Said Cth could not make binding award over State governments. Abolished STATE RESERVED POWERS doctrine (that Cth could not intrude) – shifted balance of power to Commonwealth. High Court stated must
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) Partnership/Company &Dividend Partnerships 1. Income divided equally if there is no partnership agreement; 2. Salaries to partners are not deductible as they are distribution of income (5-090 MTG); 3. Interest expense - for general law partnership is deductible (Robert&Smith Case; TR95/25) -Not available to partners in rental property as not carrying on business (considered as investment) - loan used for private purposes-no deductions; - borrowing used to replace internally generated
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person who is a resident of Australia for purposes of ITAA1936. Section 6(1) ITAA1936 contains tests of residency for both individuals and companies. Individual Test for Residency Section 6(1) ITAA1936: 1. Ordinary concepts test A common law test on a person who resides in Australia. * Levene v IRC (1928) The taxpayer‚ a UK resident‚ retired from business and sold his house. For the next two years‚ he lived in hotels in UK and for the following five years‚ he lived in hotels in UK
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CHAPTER 3: GROSS ESTATE DETERMINATION & EVALUATION OF GROSS ESTATE -starting point in computing Philippine estate tax liability GROSS ESTATE -consists of all property owned by a decedent at the time of his death‚ including stocks‚ bonds‚ real estate‚ mortgages & any other property that technically belonged to him -it shall not include the exclusive properties of the surviving spouse -property is called gross estate because it is to be reduced by decedent’s debts (including taxes)‚ funeral expenses
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