In the present scenario‚ due to globalization and international trade‚ there are numerous cross-border transactions across the world and the interaction b/w nations and residents of diff. countries have increased with others. -- Tax Policy of one country in today’s world has influence and impact on economy of other countries. When a taxpayer in one nation is earning income in another nation‚ it gives rise to a possibility of being taxed twice. Source Rule states that income to be taxed in the
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1. The assessability or otherwise to Jino and Anna of the annual bonuses paid by Darling Bank to them. Consideration of the proximity of services or employment relationship‚ the importance of the donor’s motive and the status of gratuitous payments are relevant in determining whether the bonuses received are assessable income. We can determine that the bonuses satisfactorily fulfil the requirement that for the bonuses to be assessable they must “come in”.(tenant v smith) Natural incidents of
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Research Paper No. 1929 Federalism‚ Taxation‚ and Economic Growth John William Hatfield January 2006 RESEARCH PAPER SERIES Federalism‚ Taxation‚ and Economic Growth John William Hat…eld Graduate School of Business Stanford University January 2006 Abstract We show that federalism will lead to higher economic growth. We present a model of endogenous growth where government services‚ funded by income and capital taxes‚ are a component of production. In this model a decentralized government
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TAXATION LAW & PRACTICE EXAM NOTES 2011 |PAGE INDEX | |Income |- Source |Page 3 | | |- Residency |Page 4 | | |- Dual Residents
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Tax Notes: Capital Gains Capital property: depreciable property and any other property the disposal of which would result in a capital gain Capital gains = proceeds – ACB Taxable capital gain = capital loss and gain are taxed at a rate of ½ Capital losses are denied: depreciable property‚ personal use property‚ deemed dispositions (to the extend they exceed capital gains Disposition of Identical Properties (shares) Post V day pool (pre 1972) ( real estate property Median
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assessable income (AI). Remuneration Package ANNUAL SALARY Emma’s annual salary of $150‚000 per annum is assessed based on s6-5(1) ITAA97‚ which states her AI includes income according to ordinary income (OI) concept. In Scott v Commissioner of Taxation (1935)‚ the court’s definition of income is reflective of what majority of public would consider income‚ such as salaries. Emma’s annual salary does constitute for OI and is thereby AI. However‚ since Emma has arranged for 10% of her salary to
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The American revolution started as a result of British taxation on the American Colonies. The colonist being taxed without representation in the British Parliament made them mad. The molasses act‚ sugar act‚ and stamp act exemplify the Colonist were on the eve of a revolution due to the taxes the British imposed on them. The Molasses act was a law passed in 1733 the taxed the Colonist trade with the French West Indies. The British didn’t want the Colonist trading with anyone except the British. The
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ASIGNACIÓN- LECCIÓN 2 Resuelve los problemas que se desglosan a continuación los cuales encontrarás al final del capítulo 1‚ páginas 36 a la 37: 1-5 Corporate taxes. Tantor Supply‚ Inc.‚ is a small corporation acting as the exclusive distributor of a major line of sporting goods. During 2000 the firm earned $92‚500 before taxes. a. Calculate the firm’s tax liability using the corporate tax rate schedule given in Table 3.4. b. How much is Tanto Supply’s 2000 after-tax earnings
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Tutorial 4 Bullet Point Summary Question 1-Income Derived from a Business Is the $10 000 cash rebate income under CB1 of the ITA 2007? CB1: * Income of a business is taxable unless it is of capital in nature * Capital Revenue Distinction Relevant Cases: * Wattie v CIR * Birkdale Service Station Ltd v CIR Facts to Consider: * No obligation to spend the rebate on anything in particular * Gas n Go already bound to an exclusive agreement with Caltex * Used to repaint
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Tax 2 Test 3 Multiple Choice Identify the choice that best completes the statement or answers the question. _D___ 1. Which of the following are organizations exempt under § 501(c)(3)? a. Girl Scouts of America. b. Washington and Lee University. c. Veterans of Foreign Wars (VFW). d. Only a. and b. are § 501(c)(3) organizations. e. All of the above are § 501(c)(3) organizations. __D__ 2. Which of the following is a requirement for exempt status? a. The organization does not exert
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