National Capital Region (NCR) Court junks liquor makers’ bid to halt increase in excise taxes MANILA - A local court on January 16 denied liquor makers’ bid to halt the implementation of rules raising excise taxes on distilled spirits‚ the Bureau of Internal Revenue (BIR) said on Thursday. In a statement‚ the BIR said the regional trial court (RTC) in the National Capital Region (NCR) denied a petition for a temporary restraining order (TRO) filed by the Distilled Spirits Association of the
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CASUAL EXAMPLE Net Profit as per P/L Tax adjustments: Less: Non-taxable gains (Cr items included in P/L) e.g. loss on disposal Less: Tax-exempt income └ DIVIDENDS FROM SINGAPORE RESIDENT EXEMPT Less: Non-s10(1)(a) income taxable separately (Cr in P/L) Add: Non-deductible expenses e.g. depreciation‚ capex‚ ALL donations Add: Taxable gains not included in P/L e.g. FSI remitted Less: Deductible expenses not included in P/L Less: Further deductions (s14B – 100%
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million of net income and $810 million of retained earnings. The previous retained earnings were $780 million. How much in dividends was paid to shareholders during the year? Answer: NI = $50‚000‚000; R/EY/E = $810‚000‚000; R/EB/Y = $780‚000‚000; Dividends = ? R/EB/Y + NI – Div = R/EY/E $780‚000‚000 + $50‚000‚000 – Div = $810‚000‚000 $830‚000‚000 – Div = $810‚000‚000 $20‚000‚000 = Div. (2-7) Corporate Tax Liability The Talley Corporation had a taxable income of $365‚000
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Prentice Hall’s Federal Taxation 2013 Corporations‚ 26e (Pope) Chapter C11 S Corporations 1) The S corporation rules were enacted to allow small corporations to enjoy the nontax advantages of the corporate form of business without being subject to the tax disadvantage of double taxation. Answer: TRUE Page Ref.: C:11-2 Objective: 1 2) Up to six generations of a family are considered as one shareholder for purposes of the 100-shareholder limit. Answer: TRUE Page Ref.: C:11-4 Objective: 2 3) Corporations
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You Decide: ACCT553 Federal Taxes & Management Decisions MEMORANDUM TO: Mr. John Smith & Mrs. Jane Smith FROM: Allan Steynor DATE: February 3rd‚ 2013 RE: Tax Advice for 2013 Dear Mr & Mrs Smith‚ I want to take the opportunity for choosing my CPA office to help with your annual tax needs. We hope that we can provide you with a high quality and professional service and that you are happy with the advice you receive. I have written a brief memo on the initial discussion
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I. Two factors heavily influence the manner in which international transfer prices are determined: (a) corporate objectives‚ and (b) national tax laws. There are a variety of cost‚ especially tax‚ minimization objectives that MNCs might attempt to achieve through international transfer pricing. However‚ MNCs must be careful to comply with national tax laws in setting international transfer prices. II. The three bases commonly used for establishing transfer prices‚ both for domestic and international
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FNSACC601A Prepare complex tax returns Test A – Marking Guide Important advice about this Marking guide This document provides detailed guidance for assessors or teachers only. It is to be used as a reference document for marking. It is not for use as a recording document. It is not appropriate under any circumstances to issue this document to students. About this guide This document contains advice for assessors and teachers‚ to allocate marks or results for all the learning activities
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the taxpayer’s gross income in 2014. A check received is generally considered a cash equivalent and‚ upon receipt‚ must be recognized as income by a cash basis taxpayer. 28. $10‚000 @ 6% x 5 years = $13‚382. Tax at 28% on interest = $947‚ After-tax proceeds = $12‚435 $10‚000 @ 5.5% x 5 years = $13‚070. Therefore this bond is a better deal. The land needs to earn at least $3070 after tax to beat the tax-free bond. But tax at 15% will be levied on the gain. The before tax gain is 3070 / (1 - .15)
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CHAPTER 15 SS13 Beginning of class Homemade leverage / arbitrage exercise: Maverick Corp. has expected earnings of 10 million per year forever and a market value of 100 million dollars. Maverick Corp. has no debt and pays no corporate taxes. Cord Corp. has 10 million per year expected earnings forever. As with Maverick Corp.‚ Cord Corp pays no taxes and expects to continue forever. Cord Corp. has 40 million (market value) in debt outstanding with a 10% return on debt. The equity
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Taxation 2014 Corporations‚ 27e Chapter C8 Consolidated Tax Returns 1) To be an affiliated group‚ the parent corporation must directly own at least 80% of another group member. Answer: TRUE Page Ref.: C:8-2 Objective: 1 2) A Canadian subsidiary cannot file as part of the consolidated group with its U.S. parent. Answer: FALSE Page Ref.: C:8-5 through C:8-6 Objective: 1 3) Brother-sister controlled groups can elect to file a consolidated tax return. Answer: FALSE Page Ref.: C:8-4 Objective:
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