MEMORANDUM TO: Dr. Green FROM: Kecia Carter DATE: November 28‚ 2010 RE: Tax Memo #1/Gambling Activities Issue #1 Dr. Green is a practicing physician in Chicago who‚ as an avid blackjack and slot machine player‚ travels to Las Vegas bi-weekly to gamble. He would like to know what criteria are used to determine whether his gambling activities constitute a trade or business for federal income tax purposes and whether or not you think his gambling activities qualify for trade or business
Premium Taxation in the United States
Tax Avoidance Analysis Tax Avoidance is a legally manipulation for the corporations to lower their tax bill by structuring transactions‚ is also called tax planning. Different with Tax Evasion‚ the Tax Evasion is Criminal and completely illegal. And in generally‚ company which have more profit should have higher tax rate‚ but with the growth of the company‚ many tax avoidance strategy were used by management as result of minimize the tax bills and also without obey the law‚ There are 3 strategies
Premium Tax
WebTycho classroom before the end of the exam period. Submit only your answer sheet. 1.) Which of the following is an appropriate goal for the firm? a. revenue maximization b. profit maximization c. tax minimization d. shareholder wealth maximization 2.) Which of the following is NOT one of the strategies incorporated in the Sarbanes-Oxley Act of 2002? e. attain greater board independence f. dictate maximum compensation levels g. establish compliance
Premium Net present value Time value of money Rate of return
ADVANCED TAXATION Estate and Gift Tax I Alan Davis CHINESE PROVERB: “Tell me‚ I’ll forget. Show me‚ I may remember. But involve me and I’ll understand.”1 "To talk much and arrive nowhere is the same as climbing a tree to catch a fish”2 “One who talks does not know‚ one who knows does not speak.”3 SPECIAL TAX RATE FOR DIVIDENDS - The great tax debate of 2003 concerned the taxation of dividends. Prior to 2003‚ dividends were given no special treatment in the law. Conservatives argued
Premium Taxation Taxation in the United States Tax
a. A client/server network is simpler to set up. b. A client/server network allows resources to be managed centrally. c. A client/server network does not require a network operating system. d. A client/server network is less expensive to set up. 2. What is the primary function of a file server on a client/server network? a. It monitors how many users are logged on to a WAN. b. It manages access and use of shared applications and data. c. It prevents unauthorized remote users from connecting
Premium Client-server Computer network Server
Conduct Tax Audit – Part 1 Analysis of Certain Clauses Audit under Section 44AB of the Income Tax Act By Raman Jokhakar‚ Chartered Accountant Objective To understand the purposes of this Form To learn nuances of the clauses To understand audit risk To effectively carry out attestation To document adequately To disclose standard notes‚ limitations and stands To know inter links between clauses To be aware of important stands taken by Courts To understand the objective of the tax department
Premium Audit Indirect tax Value added tax
trying to reform the tax structure of imposing excise tax on tobacco and alcohol products. After 15 long years‚ we have finally succeeded.” “As the people’s servant‚ I shall personally ensure that this government shall implement the Sin Tax Reform Act of 2012 in a transparent and accountable manner starting Jan. 1‚ 2013‚” he said. Starting today‚ the tax on cigarettes packed by hand‚ which comprise the bulk of tobacco products sold in the country‚ is P12 per pack for those with a net retail price (excluding
Premium Tax Progressive tax Taxation
Definition of Tax Evasion: Tax evasion usually entails taxpayers deliberately misrepresenting or concealing the true state of their affairs to the tax authorities to reduce their tax liability and includes in particular dishonest tax reporting‚ such as declaring less income‚ profits or gains than actually earned or overstating deductions‚. It is an illegal practice where a person‚ organization or corporation intentionally avoids paying his/her/its true tax liability. Examples of practices which
Premium Tax Taxation in the United States Internal Revenue Service
stations to network was complicated by the need to accurately pierce the cable. The cable was stiff and difficult to bend around corners. One improper connection could take down the whole network and finding the source of the trouble was difficult. (2) 100-Mbps or Fast Ethernet(Fast Ethernet is sometimes referred to as 100BASE-X where X is a placeholder for the FX and TX variants)‚ The 100 in the media type designation refers to the transmission speed of 100 Mbit/s. The "BASE" refers to baseband
Premium Ethernet
926) = 23.15 2 28 PVIF(8‚2) (.857) = 23.996 Total PV = 47.146 The Present Value of the expected after-tax cash profits are $47.235 million dollars. Calculations are listed below: Year Cash Inflow x Interest Factor = Present Value 3 6 .794 4.764 4 7 .735 5.145 5 8 .681 5.448 6 9 .630 5.67 7 9 .583 5.247 8 9 .540 4.86 9 9 .500 4.5 10 9 .463 4.167 11 9 .429 3.861 12 9 .397 3.573 Total PV 47.235 The expected Net Present Value
Premium Net present value Investment