reflects a reduction by the insurer because of betterment or depreciation‚ information pertaining to the reduction shall be maintained with the insurer’s claim file. Deductions shall be itemized and specific as to dollar amount and shall accurately reflect the value assigned to the betterment or depreciation. The basis for any deduction shall be explained to the claimant in writing‚ if requested‚ and a copy of the explanation shall be maintained with the insurer’s claim file. (7) Every insurer shall
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Under Section 165 taxpayers are allowed to deduct uncompensated losses sustained in the taxable year as a result of theft. Sec. 165 (a)‚ (e). In order to be able to claim the casualty loss deduction the loss must qualify as theft‚ the tax payer must prove the amount of loss due to theft and the taxpayer must also prove the date the theft was discovered. As mentioned in both Robert S. Gerstell‚ 46 T.C. 161 (1966)‚ and Michael Monteleone‚ 34 T.C. 688 (1960)‚ “for tax purposes‚ whether a theft loss
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taxes to a foreign country‚ India and to the U.S.‚ he is definitely qualified to take either a credit or an itemized deduction for his taxes. However‚ it is better for Mr. Malik to file for a credit because foreign income taxes would reduce his U.S. tax liability. Therefore‚ it is more beneficial to take a credit rather than itemized deduction. Section 164. If Mr. Malik files for a deduction for his foreign income taxes it would reduce his U.S. taxable income. If Mr. Malik takes the foreign tax credit
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marginal change (new-old)tax/taxable average tax/taxable Effective tax/total Federal Taxes Income Employment (Social Security and Medicare tax(.9%+ on ee) by employer and ee; self-employee tax) un Excise (quantity sold) Transfer (MV estate/gift) state and local taxes: income‚ sales and use‚ excise‚ and property taxes Corp. tax returns 3/15 partnerships 5 mo. Extension no file a tax return penalty= 5% per mo. tax due. Max= 25% tax owed statute of limitations: later tax return filed
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Exclusions- items specifically removed from the tax base by law Deductions- subtracted from the tax base rather than fully excluded. Flat tax- one single rate applied to the entire tax base. Progressive tax- rates increase as tax base increases. (Federal income tax) Tax credit- authorized deduction in gross tax liability Real and personal property taxes- Real (real estate) Personal (difficult to enforce because property is easily concealed or moved‚ with the exception of vehicles which must
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Cinthia Gutierrez Acc 307 Homework Chapter 4 3. Allen visits Reno‚ Nevada‚ once a year to gamble. This year his gambling loss was $25‚000. He commented to you‚ “At least I didn’t have to pay for my airfare and hotel room. The casino paid that because I am such a good customer. That was worth at least $3‚000. “What are the relevant tax issues for Allen? Allen received something of value from the casino. Under the broad concept of income‚ the airfare and hotel accommodations would be considered
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statement KNOW ratios Chapter 3 Time value of money Bring financial calculator Payments Chapter 4 You don’t have to calculate taxes Know about the process Taxable income What you have to take away to get income Difference between deduction and exemption Personal Finance Exam 1 Study Guide Chapter 1 Personal Financial Planning Process Evaluate your financial health Examination of current financial situation Consider all sources of income Keep track of what you spend Define
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Permanent AMT Relief................................. 3 Pease Limitation ........................................... 4 Personal Exemption Phaseout ................... 4 Federal Estate‚ Gift And GST Taxes ........... 5 State And Local Sales Tax Deduction ....... 6 Child Tax Credit ............................................. 6 Earned Income Credit .................................. 6 Other Child-Related Tax Relief .................. 6 Other Education Incentives........................ 7 More
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CHAPTER 5 GROSS INCOME: EXCLUSIONS SOLUTIONS TO PROBLEM MATERIALS | | | | |Status: | | Q/P | |Question/ |Learning | | |Present | | in Prior | |Problem |Objective |Topic | |Edition
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You can complete the information requested below in MS Word or another similar word processor‚ then copy and paste it here. Please use the "Paste from MS Word" icon for this. This application will time out after 45 minutes without use. Please note that if you do time out‚ your information will not be saved. We recommend that you log out‚ complete your question(s)‚ then log back in to the system to add the information and complete your application. Personal Essay * Answer Required Use the
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