or loss important? Characterizing a gain or loss means to label it as either ordinary or capital (long-term or short-term). It is important to characterize a gain or loss because gains and losses of different characters are treated differently for tax purposes. 7. Explain the difference between ordinary‚ capital‚ and 1231 assets. Ordinary assets are generally assets created or used in taxpayer’s trade or business.
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Contents TAX LEG: ITAA1936 [eg. S6(1)]‚ ITAA1997 [eg. S6-5]‚ FBTAA 1986‚ GST Act 1999. Topic 2 – Jurisdiction to Tax taxable payable Tax Payable (s4-10 ITAA1997)= (Taxable income * Tax Rate) – Tax Offsets (Tax/Financial Year = I July – 30 June) – Income tax payable on a year-by-year basis s3-5 ITAA97. Taxable income (s 4-15 ITAA) = Assessable Income less Deductions Assessable Income (s6-1) = Ordinary income (s6-5) and Statutory income (s6-10) but not Exempt income (s6-15). Assessable
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Growth This paper investigates the design of tax structures to promote economic growth. It suggests a “tax and growth” ranking of taxes‚ confirming results from earlier literature but providing a more detailed disaggregation of taxes. Corporate taxes are found to be most harmful for growth‚ followed by personal income taxes‚ and then consumption taxes. Recurrent taxes on immovable property appear to have the least impact. A revenue neutral growth-oriented tax reform would‚ therefore‚ be to shift part
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through the tax system. The tax system is a very complicated system that many believe needs to be changed‚ by instilling a flat tax system. A flat tax system is a system in which everyone in the country is taxed at the same rate regardless of their income. Many believe that it is the best system as it is quick‚ simple and fair because no one is taxed at a higher rate solely due to the amount of money they make. The
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except for personal profession of Business & Capital assets‚ Entities not taxed on distributions. Compute: Ord Income (including Sec 1245 recap); less: Exclusions; liability;(c) profits allocated to owners are not subject to FICA/FUTA(payroll tax advantage); - Exclusions and Deferred Comp less: COGS (result Gross Income); less: Op Exp (including depr‚ sal exp‚ rent exp‚ repairs/maint‚ (d)ownership of S can be ‘gifted’ to children; not with Prop;(e)(HUGE)Gain on sale S-corp stock Gross
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DEFORESTATION INTRODUCTION: Deforestation‚ clearance or clearing is the removal of a forest or stand of trees where the land is thereafter converted to a non-forest use. Examples of deforestation include conversion of forestland to farms‚ ranches‚ or urban use. The term deforestation is often misused to describe any activity where all trees in an area are removed. However in temperate climates‚ the removal of all trees in an area in conformance with sustainable forestry practices—is correctly
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AP Environmental Science 9 October 2012 My Carbon Story Hey there guys! My name is carbon. I am made up of one C‚ a carbon molecule‚ and two O‚ oxygen molecules. I have been hanging out at the deep-water bar and grill for over three hundred and eighty years. And while I was in the town of rock bottom there was a fun amusement park ride called “lift em’ up” that comes into town once every couple of million years. The best part is that the ride last for millions of years as well! Once I rose to
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Indirect Tax Indirect taxes include value added tax‚ a range of excise duties on oil‚ tobacco and alcohol and fuel duty. VAT is levied on the sale of goods by registered businesses. Businesses add VAT to the price they charge when they provide goods and services to business customers - and non-business customers. There are different VAT rates‚ depending on the goods or services that are being provided. At the moment there are three rates: standard rate – 20%‚ reduced rate - 5 %‚ zero rate -
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and carbon dioxide in the blood.___ ___ ___ Describe what happened to the pH and the carbon dioxide levels with hyperventilation. How well did the results compare with your prediction? ___ ___ ___ Explain how returning to normal breathing after hyperventilation differed from hyperventilation without returning to normal breathing. ___ ___ ___ Describe some possible causes of respiratory alkalosis. ___ ___ ___ Activity 2 Rebreathing Describe what happened to the pH and the carbon dioxide
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Each tablet contains aspirin (acetylsalicylic acid)‚ citric acid‚ and sodium bicarbonate. As the tablet dissolves in water‚ the bicarbonate ions in the tablet react with the hydrogen ions from the acids that are also contained in the tablet. The carbon dioxide gas produced by the reaction is what causes the bubbling that can be observed. HCO3- (aq) + H+ (aq) → H2O (l) + CO2 (g) In this investigation‚ you will design two experiments which will compare two different factors that may affect the
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