TAX INCENTIVES Alex Easson and Eric M. Zolt* OVERVIEW........................................................................................................................1 I. THE CASE FOR AND AGAINST TAX INCENTIVES..........................................6 A. Convention Wisdom ............................................................................................6 B. Advantages of Tax Incentives..............................................................................9 C. Disadvantages
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Tax Description Income Tax is a tax on a person’s income‚ emoluments‚ profits arising from property‚ practice of profession‚ conduct of trade or business or on the pertinent items of gross income specified in the Tax Code of 1997 (Tax Code)‚ as amended‚ less the deductions and/or personal and additional exemptions‚ if any‚ authorized for such types of income‚ by the Tax Code‚ as amended‚ or other special laws. Types of Income Tax Personal Income Tax (PIT) is a direct tax levied on income
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CASE 1 Mrs Nguyen Thi Thuy is the reporter of An Giang newspaper. She has won the second prize in the competition “ Creative day for Vietnam” supported by World Bank with the project “creating job for the blind”. With the money given by the competition she opened her first shop “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)
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personal injury case. His wife Jane Smith accompanies him during your meeting because she has some additional tax planning advice to ask of you. ROLE: After reviewing John and Jane Smith’s points of view‚ it will be your turn as a tax professional to decide on the best course of action from a tax perspective on their issues. Prepare a three page memo (at least 900-1‚500 words per page) to John and Jane Smith addressing the issues presented. PLAYERS: JOHN SMITH ESQ. “I worked on this case for over two
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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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Case Study Mining Data To Increase State Tax Revenues in California 1. What are the benefits of using the new INC system? -identification of nearly 100‚000 non-filers -an additional net review of $36 million per year -uses Unique identifier to synchronize the direct and indirect indicators -elimination of 55‚000 incorrect actions sent by the Bureau -saving HR the hassle of addressing erroneous notices -increased functionality and capacity 2. Why didn’t the California Franchise
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increased to more than twenty-five thousand business leagues and collective revenues of $19.5 billion. Providing tax exemption status to companies generating
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Report on Vodafone Group PLC 2014 17/11/2014 Aniruddha Shinde Student Number: 10122047 Course Title: Master of Business Administration (Information systems) Lecturer Name: Mr. Enda Murphy Module/Subject Title: International Management Word Count: 4320 Report on Vodafone Group PLC 2014 Table of Contents 1. 2. Introduction: ................................................................................................................................... 3 1.1 Objectives of Study: ........
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Providing Tax Advise Case “Over and over again the Courts have said that there is nothing sinister in so arranging affairs as to keep taxes as low as possible. Everyone does it‚ rich and poor alike and all do right‚ for nobody owes any public duty to pay more than the law demands." (Judge Learned Hand 1872-1961) With regards to the principles‚ there shouldn’t be any conflict of interest between upholding the public interest and providing tax advice to reduce people’s tax liability. No tax payer should
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