and Portraits. Two of the most obvious features of a bill are the portrait and the watermark. A counterfeit portrait is usually lifeless and flat. In the 1996‚ 1999‚ 2001‚ and 2003 series‚ Federal Reserve notes have an enlarged and off-center portrait enclosed in an oval frame; however‚ the 2004 series notes have an enlarged and off-center portrait without a frame. Counterfeit bills usually have details that merge into the background making it too dark for the naked eye to detect. The watermark
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543 Chapter 1 Introduction to Federal Taxation and Understanding the Federal Tax Law TRUE-FALSE QUESTIONS—CHAPTER 1 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. The majority of dollars collected by the U.S. government come by way of corporate taxation. Prior to the Sixteenth Amendment direct taxes were illegal. All U.S. taxes are based on an individual’s income. Customs taxes are imposed on exports to
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Companies A company is a distinct legal entity with its own income tax liability. It is a popular structure for business‚ offering limited liability and certain taxation advantages. The annual reporting requirements are much higher for a company structure. The owner of a small business can only take income from a company structure as wages (director’s fees) or dividends. If the company operates a motor vehicle for the use of the owner (director)‚ Fringe benefits taxation will apply.
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Lecture 2 : Jurisdiction to Tax Taxable Income Tax Payable [s4-10 ITAA97] : (Taxable income x Tax Rate) – Tax Offsets Financial Year 1 July : 30 June Tax Offsets [s13-1 ITAA97] Social security benefits Dividends (franking credits) etc Taxable Income [s4-15 ITAA97] : (Assessable Income – Deductions) Assessable Income [s6-1] compromises Ordinary Income [s6-5] and Statutory Income [s6-10] but not Exempt Income [s6-15] Deductions include General Deductions [s8-1] and Specific Deductions
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Business Case Study Contest 2013 1. About Company Tallmart is one of the largest non-food retailers in USA with headquarters in San Francisco‚ California. It was established in 1990 and its first department store was launched in downtown San Francisco. The department store focused on giving the customer the latest in various product categories that it offered‚ at better prices than other retailers. Customers immensely liked the choice of products offered by Tallmart‚ and the store became #1
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4 PRINCIPLES OF TAX INTRODUCTION TO TAX LAW A. Origins of Taxation - Taxation is not a modern concept‚ and dates back to the Roman Empire: ▪ Emperor Caligula set a disturbing trend as a tax collector by imposing taxes on food‚ court proceedings‚ wages of porters‚ prostitutes and even marriage. - 1770’s ( Pitt and Lord North believed that newspapers were luxury items and constituted appropriate fiscal targets. A stamp duty was placed on newspapers‚ which was later increased to
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se INTERNATIONAL COURT OF JUSTICE COMPROMIS BETWEEN ALFURNA (APPLICANT) AND THE STATE OF RUTASIA (RESPONDENT) TO SUBMIT TO THE INTERNATIONAL COURT OF JUSTICE THE DIFFERENCES BETWEEN THE PARTIES CONCERNING THE ALFURNAN MIGRANTS jointly notified to the Court on 14 September 2012 COUR INTERNATIONALE DE JUSTICE COMPROMIS ENTRE L’ALFURNA (DEMANDEUR) ET L’ÉTAT DE LA RUTASIE (DÉFENDEUR) VISANT À SOUMETTRE À LA COUR INTERNATIONALE DE JUSTICE LES DIFFÉRENDS
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deductions. f. The taxpayer’s uninsured personal residence that recently was destroyed by fire. Could be an itemized deduction under the casualty and theft losses section‚ if the loss exceeded 10%. You have to account for the increase in effective tax rate. g. The number of personal and dependency exemptions the taxpayer(s) can claim. A dependent’s basic standard deduction for 2013 is limited to the greater of $1000 or the sum of the individual’s earned income plus $350 exceeds the standard deduction
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Infrastructure Practice Building India Accelerating Infrastructure Projects August 2009 McKinsey & Company‚ Inc. 21st Floor‚ Express Towers Nariman Point Mumbai 400 021‚ India Telephone: +91 (22) 2285 5532 Fax: +91 (22) 2285 5531 4‚ Echelon Institutional Area Sector 32 Gurgaon 122001 Telephone: +91 (124) 661 1000 Fax: +91 (124) 661 1400 Design: New Media‚ Sydney Pre-production and printing: Magnum Custom Publishing‚ New Delhi The information contained in this report prepared by McKinsey
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10/14/14 Writing COMP – Han To Tax or not To Tax Two authors by the names of Paul Krugman and Fred E. Foldvary have varying opinions on the topic of taxing the rich. The debate they’re writing about is whether or not the US should increase the tax burden on the rich. Foldvary states in his “The Evil of Taxing the Rich” article that there are a lot of negative affects that would come along with taxing the rich. Mainly‚ he says the rich are paying a much larger percentage of federal taxes already‚ so their
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