Taxability of stolen money It has recently been reported in the press that SARS has lodged a claim for R183 million in income tax against the estate of the slain mining magnate‚ Brett Kebble in respect of the R2 billion allegedly stolen by him from the mining companies of which he was a director. It is further reported that the Master of the High Court has rejected the claim on the grounds that the amounts on which SARS sought to levy tax constituted money stolen by Kebble‚ and that stolen
Premium Law Tax Taxation in the United States
Question: Timpanogos Inc. is an accrual-method calendar-year corporation. For 2012‚ it reported financial statement income after taxes of $1‚149‚000. Timpanogos provided the following information relating to its 2012 activities: Life insurance proceeds as a result of CEO’s death $200‚000 Revenue from sales (for book and tax purposes) 2‚000‚000 Premiums paid on the key-person life insurance policies. The policies have no cash surrender value. 21‚000 Charitable contributions 180‚000 Overhead costs
Premium Taxation in the United States Life insurance
I. Background of the case Marie Luna is a human resource management major who graduated from the University if the Philippines in Iloilo City. She decided that she would really like to work in the business and see if she could learn the business and contribute to its success. Her Family owns Dependable cleaners (DC)‚ a laundry/ dry cleaning business. It provides laundry and dry cleaning services not only to residents and restaurant in the areas but to most of the casinos in
Premium Human resource management Management Human resources
Dear students‚ Please ensure you carefully read the ASIC report and understand the issues as they have detailed. Your assignment shoudl be of a minimum of 2‚000 words but some students may wish to add more. As such‚ there is no maximum. A report is provided from ASIC providing their findings on Audits/auditors for the year 2011-2012. The report highlighted some key aspects of which ASIC were dissatisfied with. You are required to read the report‚ disseminating the key issues and discuss
Premium Audit Auditing Financial audit
Report No. 83315-PH PHILIPPINE ECONOMIC UPDATE PURSUING INCLUSIVE GROWTH THROUGH SUSTAINABLE RECONSTRUCTION AND JOB CREATION March 2014 Poverty Reduction and Economic Management Unit Philippine Country Office East Asia and Pacific Region Document of the World Bank 1 PREFACE The Philippine Economic Update provides an update on key economic and social developments‚ and policies over the past six months. It also presents findings from recent World Bank studies on the Philippines
Premium Economics Economic growth Gross domestic product
G.R. No. 181845 August 4‚ 2009 CITY OF MANILA‚ ET AL. vs. COCA-COLA BOTTLERS PHIL.‚ INC. THIRD DIVISION [G.R. No. 181845. August 4‚ 2009.] THE CITY OF MANILA‚ LIBERTY M. TOLEDO‚ in her capacity as THE TREASURER OF MANILA and JOSEPH SANTIAGO‚ in his capacity as the CHIEF OF THE LICENSE DIVISION OF CITY OF MANILA‚ petitioners‚ vs. COCA-COLA BOTTLERS PHILIPPINES‚ INC.‚ respondent. DECISION CHICO-NAZARIO‚ J p: This case is a Petition for Review on Certiorari under Rule 45 of the Revised Rules
Premium Tax Taxation in the United States
© 2012 Reed International Books Australia Pty Limited trading as LexisNexis. Ancillary for Understanding Taxation Law 2012 by Gilders‚ Taylor‚ Walpole‚ Burton and Ciro Understanding Taxation Law 2012 by Gilders‚ Taylor‚ Walpole‚ Burton‚ Ciro Suggested answers to Activities and Questions by Tony Ciro Chapter 10: Capital Allowances © 2012 Reed International Books Australia Pty Limited trading as LexisNexis Permission to download and make copies for classroom use is granted. Reproducing or distributing
Premium Asset Depreciation Balance sheet
Chapter I:4 Gross Income: Exclusions Discussion Questions I:4-1 The IRS and the courts must interpret the tax law passed by Congress. The efforts of the IRS and the courts may result in broad definitions of certain exclusions. Such broad definitions may reasonably be termed administrative or judicial exclusions. Administrative exclusions are those that are developed by the Treasury Department and IRS through Regulation‚ rulings‚ etc. Judicial exclusions are the result of court decisions
Premium Taxation in the United States Life insurance Tax
A key reform promoted by the IMF and World Bank was the restructuring of Uganda’s taxation regime. One of the intentions was to lower the dependence on trade taxes‚ which reduced incentives for production‚ and to rely instead on indirect taxes on goods and services. Indirect taxes provided an average of 79.8 percent of total revenue between 1990-1998. Taxes on income and profits have steadily increased from 9.8 percent of total revenue in 1989 to 15.2 percent in 1998. Yet‚ of total taxes‚ about 50
Premium Tax Value added tax Income tax
Question Write an analysis of the developments of the taxation system in Zimbabwe from pre to post colonial Zimbabwe (25) The tax system currently enforced in Zimbabwe under the authority of the Income tax Act Chap 23.06 with Acts like the Capital Gains Act Chap 23.01‚ Finance Act Chap 23.04 and the Excise duties Act as complimentary. The system evolved from traditional ideologies perpetuated from
Premium Tax Income tax Progressive tax