Solution to Assignment Problem 15-9 Facts: Ms. Morgan is the sole shareholder in her own CCPC The company qualifies for the SBD and its total tax rate is 15% Ms. Morgan’s tax rates are 29% Federal plus 12% provincial (= 41% total tax) Any dividends paid out by Ms. Morgan’s company are non-eligible dividends The provincial dividend tax credit is 25% of the gross-up NIFTP of the business is $170‚000‚ after deducting her salary of $84‚000 Objective: Ms. Morgan wishes to receive $20
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1. In Tom’s case from my point of view that Tom is full time basis as a garbage collector. And He also receives a small payment each weekend throughtout winter for playing football. And He was voted by spectators as the most player and received from local newspaper a Toyota Yaris car worth $17‚000 and cash prize of $500. In this case the amount that Tom received from His full time job as a garbage collector was an ordinary income. Factors that indicated it was income were : * It was periodic
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PART 2: AGREEMENT A. Offer and acceptance Offer * Objective approach: offer must normally be interpreted in the sense in which it would reasonably be understood by an ordinary person‚ even though the offeror’s actual meaning was otherwise. * Definition: indication by one person to another of his or her willingness to enter into a contract with that person on certain terms. The ‘offer’ must indicate a willingness by the offeror to be bound without further negotiation as to the terms of
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SECTION 90 OF INCOME TAX 73 India has comprehensive Double Taxation Avoidance Agreements (DTAA ) with 79 countries. This means that there are agreed rates of tax and jurisdiction on specified types of income arising in a country to a tax resident of another country. Under the Income Tax Act 1961 of India‚ there are two provisions‚ Section 90 and Section 91‚ which provide specific relief to taxpayers to save them from double taxation. Section 90 is for taxpayers who have paid the tax to a country
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CLAW3201 Case Analysis Introduction In Crown Insurance Services Ltd v Commissioner of Taxation (Crown)‚ the issues raised are pertinent to the residence and source of the company under s6(1) of the Income Tax Assessment Act 1936. As cases are determined on the basis of all relevant facts and circumstances of each case‚ this analysis will focus on how the court’s decision process determined whether Crown had carried on business in the years 2004-2007 inclusive and the existence of central management
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2005IBA Notes for Exam Strategic Management The process of determining an organisations basic mission and long term objectives and implementing a plan of action for attainting these goals. Economic imperative A world wide strategy based on cost leadership differentiation and segmentation Political Imperative Strategic formulation and implementation utilising strategies that are country responsive and designed to protect local market niches Quality imperative Strategic formulation
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Final Exam Final Quiz Multiple choice Quiz Exam 1 1) George‚ an employee‚ breaches a fixed-term employment contract by quitting before the end of the term. What can his employer‚ MNO Inc. recover as damages? A. All amounts already paid to the employee under the contract. B. The costs of hiring a replacement employee plus any increase in salary paid to the replacement employee. C. Nothing‚ because courts do not order anyone to perform a job against his
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| Title of Project | “ IExam : Online Examination System “ | Description of your artifact | Examinations can be a long and tiring work not just for the students but also for the academic staff involved. Printing of papers‚ conducting exams‚ evaluating the answer sheets‚ grading them and publishing results can take up lots of time which can be saved by providing for a smart online version of examination system. * Aim The aim of this thesis or project can be described as to design‚
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Tax Notes: Capital Gains Capital property: depreciable property and any other property the disposal of which would result in a capital gain Capital gains = proceeds – ACB Taxable capital gain = capital loss and gain are taxed at a rate of ½ Capital losses are denied: depreciable property‚ personal use property‚ deemed dispositions (to the extend they exceed capital gains Disposition of Identical Properties (shares) Post V day pool (pre 1972) ( real estate property Median
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assessable income (AI). Remuneration Package ANNUAL SALARY Emma’s annual salary of $150‚000 per annum is assessed based on s6-5(1) ITAA97‚ which states her AI includes income according to ordinary income (OI) concept. In Scott v Commissioner of Taxation (1935)‚ the court’s definition of income is reflective of what majority of public would consider income‚ such as salaries. Emma’s annual salary does constitute for OI and is thereby AI. However‚ since Emma has arranged for 10% of her salary to
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