Levy for public purpose. To levy a tax means to impose or to charge or to collect a tax from those to whom it is addressed. Technically however‚ to levy is to pass on laws or ordinances imposing a tax or duty upon specific group of taxpayers. Under this concept‚ the impelling reason for the imposition of the tax must be the welfare of the public‚ in general. This follows that the proceeds from such imposition shall inure to the benefit of the public. In one case‚ a certain imposition was successfully
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Aneta Lesna FINAL EXAM –ACCT 349 1. Samantha Corporation owns a building with a fair market value of $70‚000 and an adjusted basis of $40‚000. It exchanges the building for land with a fair market value of $45‚000. Also assume that Samantha has a $10‚000 mortgage on the building. As part of the exchange‚ the owner of the land agrees to assume the mortgage and pay the corporation $15‚000 in cash. What are Samantha’s realized gain‚ recognized gain‚ and basis in the land? Gain 5000 2
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Finance Department of Revenue (Tax Research Unit) *** V. K. Garg Joint Secretary (Tax Research Unit) Telephone No. 011-23093027 Fax No. 011-23093037 E-mail: garg.vk@nic.in D. O. F. No 334/1/2012-TRU New Delhi‚ dated 16th March‚ 2012. Dear Sir/Madam‚ Subject: Union Budget 2012: Changes in Service Tax-reg. It is said that in matters relating to taxes‚ questions rarely change‚ but the answers do. Budget 2012 has‚ however‚ changed a number of questions relating to service tax. 2. No more will the most often-asked
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Petersan Tax Return Teri A Burris Federal Income Taxes I ACC 401 Gary Tate 1 April 2013 In order to properly prepare a tax return‚ there should be a complete list of the correct documentation in order to facilitate In this case Harold and Sarah Petersan; the forms will be a varied depending on their information. Harold and Sarah Petersan is a married couple living in California‚ with one dependant. Both husband and wife
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must do this in two different ways‚ grants and tax incentives. This way companies could save money‚ or receive money in return for changing their ways. Companies would change because it would save them money. They would receive tax incentives or breaks‚ meaning they would have to pay less. Also‚ grants would pay the companies for changing to have recycling programs‚ safer agriculture‚ and greener production. The government must offer incentives through tax incentives and grants. On the other hand‚ some
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The payment of the motor vehicle allowance – this allowance is generally made to cover the expected deductible costs associated with the business usage of the employees vehicle. This allowance is effectively assessable income to the employee in their tax return. (sec.15-2) Task 2: Mike’s taxable income for the year ended 30 June 2012 Taxable Income = (Assessable Income – Deductions) Assessable Income § Wages RMIT under sec.6-5 ITAA 1997
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BY THE INCOME TAX ACT ------------------------------------------------- Tax Exemptions are a deduction allowed by the law to reduce the amount of income that is subject to tax‚ these exemptions come in many forms but what they have in common is they reduce or entirely eliminate tax obligations. These exemptions can be categorized into two‚ exemptions based on the identity of the receipt and exemptions based on the nature of income .The amounts which enjoy exemption from income tax by reason of
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With respect to the prepaid income from services which of the following is true? The treatment of prepaid income is the same for tax and financial accounting. An accrual basis taxpayer can spread the income over the period services are to be provided if all of the servidcdes will be completed by the end of the tax year ^^^answer The effects of a below-market loan for 450‚000 made by a a corporation to its chief The corporation has imputed interest income and compensation expense. As a
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Indirect tax Section 1 This section is about applying your knowledge of VAT and using reference material to make recommendations or decisions. Task 1.1 (a) You have the following information about the taxable supplies of 4 businesses. For each of them‚ indicate whether they need to register for VAT immediately‚ or monitor turnover and register later. Tick ONE box on EACH line. Register now Monitor and register later A A new business with an expected turnover of £6000 per
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or during the lifetime of both the donor and the donee. The former is known as “donation mortis causa” subject to estate tax while the latter is known as “donation inter vivos” subject to donor’s tax. Consequently‚ transfer taxes‚ which are typically assessed on the net value of the taxable assets transferred‚ fall into two basic categories‚ namely; estate tax and donor’s tax. Business taxes are Succession is a mode of acquisition by virtue of which‚ the property‚
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