Metal* + a Nonmetal Rule: Full name of the metal + Stem on the nonmetal + the suffix “ide” Formula Name NaCl Sodium chloride CsF Cesium fluoride CaBr2 Calcium bromide MgO Magnesium oxide Li2S Lithium sulfide Al2O3 Aluminum oxide ZnH2 Zinc hydride AgI Silver iodide SrS Strontium sulfide Ca3N2 Calcium nitride K2Te Potassium telluride Na3N Sodium nitride CaC2 Calcium carbide LiH Lithium hydride Mg3P2 Magnesium phosphide Memorize your fixed charge metals!!!! Group 1A‚ 2A‚3A and Al+3‚Zn+2‚ Cd+2 and
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her longtime friend who owns several pawn shops in Houston. The owner of the pawn shop valued these coins at $80‚000. She donated the coins to a public charity and deducted $80‚000 charitable deduction on her 2014 tax return. The IRS denied the deduction. Statement of Law The reason for the denied deduction was due to failure to meet substantiation requirements of obtaining a qualified appraisal on your noncash donation. This is due to appraisals over $5‚000 having requirements that include obtaining
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contribution deduction because the deduction was not substantiated. Issues The deductibility of Mal Manley’s charitable deductions depend on two issues: first‚ whether his cash contributions of less than $250 can be substantiated with a bank record‚ receipts‚ or payroll deduction records; and second‚ whether cash contributions of $250 or more‚ can be substantiated
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(38‚509) | AMT | $ 19‚290 | B The total tax liability is $ 57‚799 $ 38‚509 + $ 19‚290 = $ 57‚799 15-37 2010 regular income tax deduction 2010 regular income tax deduction | $ 150‚000 | 2010 AMT deduction ($ 150‚000 /3) | $ (50‚000) | Positive AMT | $ 100‚000 | | | 2011 regular income tax deduction | $ 90‚000 | 2011 AMT deduction [($ 150‚000/3)+(90‚000/3)] | $ (80‚000) | Positive AMT | $ 10‚000 | 15-46 a. Medical
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disallowed a deduction for compensation by over 1 million dollars. The auditor said the disallowance wasn’t based on the reasonable criterion‚ but rather‚ that the disallowed amount wasn’t intended to be compensation. Issues Can the IRS disallow a deduction for compensation without determination that the compensation is unreasonable? What are the criteria that the courts use to determine whether amounts are intended to be compensation? Conclusions No‚ the IRS cannot disallow a deduction for compensation
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payroll system. (What is payroll system?) * A payroll system involves everything that has to do with the payment of employees and the filing of employment taxes. This includes keeping track of hours‚ calculating wages‚ withholding taxes and other deductions‚ printing and delivering checks and paying employment taxes to the government. * These systems also can help the business owner calculate the amount of taxes they owe the government at the end of each quarter. * Payroll services can also
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To calculate the enhanced deduction under 170(e)(3)‚ we must first determine if the property being donated is a “qualified contribution.” The code stipulates that a qualified contribution must be in accordance with 1221(a)(1) and 1221(a)(2). Pursuant to section1221(a)(1)‚ the property
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Guidance from the Examiner – December 2015‚ March 2016‚ June 2016 and September 2016 Paper P6 (MYS) – Advanced Taxation This guidance note is intended to help students to identify topics and changes in the law which affect the examination for which they are studying. Cut-off date on 31 March 2015 For examinations in the year 1 October 2015 to September 2016 examinations‚ the common cut off date for examinable legislation and other changes‚ such as Inland Revenue Board Public Rulings‚ is 31 March
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person has to pay for this year.|s. 4-10(3)| ||| Taxable income is assessable income minus allowable deductions|Our concern is not with the tax rates nor the amount of tax payable‚ but rather with the steps that lead up to finding the amount of taxable income earned during the year.Taxable income is defined in the Tax Law to be the difference between a person’s assessable income and deductions (reduced by losses made in prior years). So it is a two-step process – looking first at what amounts fall
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five years. Answer: TRUE Page Ref.: C:3-13 Objective: 2 6) The dividends-received deduction is designed to reduce double taxation of corporate dividends payable to individual shareholders. Answer: FALSE Page Ref.: C:3-15 Objective: 2 7) Sparks Corporation receives a dividend of $100‚000 from Jill Corporation‚ a C Corporation. Sparks owns 70% of Jill Corporation stock. Sparks’ dividends-received deduction is $80‚000. Answer: TRUE Page Ref.: C:3-15 Objective: 2 8) An election to forgo an
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