Tax Study Guide Chapter 19: Distributions that are not in complete liquidation Earnings & Profit is the ability of a corporation to pay a dividend. Similar to the accounting concept of retained earnings. Both are measures of the firm’s accumulated capital (E&P includes both the accumulated E&P of the corporation since February 28‚ 1913‚ and the current year’s E&P). *Both cash and accrual basis corporations use the same approach when determining E&P. How to calculate E&P: Taxable Income +
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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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everything has a tendency to go to the state of disorder‚ including a group‚ a society‚ or a country. Thus‚ in order to prevent the “Entropy” from happening‚ a leader or central force is necessary. In this case‚ which is for a country‚ a president is needed. I would like to present the candidate I chose‚ Jeb Bush. Jeb was born in 1953 in Texas and he went to the University of Texas‚ Austin. He was able to obtain a B.A. Degree there. After his graduation‚ he went to South America to work‚ then he came back
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Barack Obama Speech Notes Paragraph 1: President Obama begins his speech in a direct‚ strong manner‚ emphasizing the importance of the issue at hand; the immediacy of his statement conveys a serious tone. His use of words such as “terrorist” and “murder of thousands of innocent men‚ women‚ and children” (loaded language) support the rightness of the President’s actions‚ as well as appeal to the emotions of his audience (emotional appeal‚ pathos). Paragraph 2: President Obama provides background/context
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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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causes more flowers to grow Birds birds are part of the food chain - they eat and are eaten in return.. some spread seeds and others fertilize plants.. some control insects‚ others control the rodent population..some eat dead animals... Butterfly bush ~ attracts a lot of butterflies Morning Glory ~ Humming Bird Kopper King Hibiscus ~ Butterflies Lemon Zest Latina ~ Butterflies Maple Tree ~ Birds Bird Bath ~
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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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The president i was given to research is George W Bush. He was born on July 6‚ 1946 in New Haven Connecticut. His mother and father are Barbara‚ and George H.W. Bush. George H.W. Bush worked in the oil industry and became a millionaire by the age of 40. His siblings are Jeb‚ Neil‚ Marvin‚ Dorothy bush. After graduating from Yale University in 1968 and Harvard Business School in 1975‚ he worked in oil businesses. Invasion of Panama (1989) – codenamed Operation Just Cause was the result of continuing
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Dear President Barack Obama‚ There are some things that I would love to discuss. Although‚ I know you’re very busy‚ I feel a man of your ethnic background can relate to some of the issues that you’re probably aware or aren’t aware of. Just a year ago‚ a young boy by the name of “Trayvon Martin” was killed. This story bothered me‚ because not too long ago‚ George Zimmerman was found NOT guilty of murdering Trayvon Martin. He stated that‚ he was only trying to protect himself‚ because Martin “tried”
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What is the economic intuition and what are the concepts underlying deferred tax accounting? What goals/objectives are standard setters trying to achieve by requiring deferred tax accounting‚ compared to say‚ just having companies recognize tax expense as the cash paid (or at least currently owed) to the government? The economic intuition of deferred tax accounting is to account for the differences between the tax expense shown in the financial statements and the current taxes payable to the
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