ATENEO CENTRAL BAR OPERATIONS 2007 Taxation Law SUMMER REVIEWER PART I – GENERAL PRINCIPLES TAXATION – power inherent in every sovereign State to impose a charge or burden upon persons‚ properties‚ or rights to raise revenues for the use and support of the government to enable it to discharge its appropriate functions SCOPE OF TAXATION TAXATION IS: Unlimited‚ Far-reaching‚ Plenary Comprehensive Supreme STAGES OF TAXATION: (LAP) 1. Levy 2. Assessment 3. Payment Basic Principles of a Sound Tax System
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Guidance from the Examiner – December 2015‚ March 2016‚ June 2016 and September 2016 Paper P6 (MYS) – Advanced Taxation This guidance note is intended to help students to identify topics and changes in the law which affect the examination for which they are studying. Cut-off date on 31 March 2015 For examinations in the year 1 October 2015 to September 2016 examinations‚ the common cut off date for examinable legislation and other changes‚ such as Inland Revenue Board Public Rulings‚ is 31 March
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person has to pay for this year.|s. 4-10(3)| ||| Taxable income is assessable income minus allowable deductions|Our concern is not with the tax rates nor the amount of tax payable‚ but rather with the steps that lead up to finding the amount of taxable income earned during the year.Taxable income is defined in the Tax Law to be the difference between a person’s assessable income and deductions (reduced by losses made in prior years). So it is a two-step process – looking first at what amounts fall
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five years. Answer: TRUE Page Ref.: C:3-13 Objective: 2 6) The dividends-received deduction is designed to reduce double taxation of corporate dividends payable to individual shareholders. Answer: FALSE Page Ref.: C:3-15 Objective: 2 7) Sparks Corporation receives a dividend of $100‚000 from Jill Corporation‚ a C Corporation. Sparks owns 70% of Jill Corporation stock. Sparks’ dividends-received deduction is $80‚000. Answer: TRUE Page Ref.: C:3-15 Objective: 2 8) An election to forgo an
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clearly be in breach. However‚ the contractual position is less straightforward where such duties are implied into the contract rather than expressly included. In Sim v Rotherham Metropolitan Borough Council [1986] IRLR 391‚ the legality of pay deductions being made depended on whether covering for absent colleagues during school hours was a contractual duty. The court held in this case that the teachers were in breach of their contract. Subsequent to this case‚ the teacher’s pay and conditions document
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Gibbons‚ Johnson & Tannun‚ LLP Memo To: Alex Lee From: Date: September 23‚ 2012 Subject: Alternative Minimum Tax In 1969‚ Congress had noticed that 155 people with high incomes were legally using so many deductions and other tax breaks that they were virtually paying nothing in federal income taxes. This angered many tax paying citizens and embarrassed the government. In an effort to fix the system Congress came up with the alternative minimum tax. At the time the tax only affected the
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UNIVERSITY OF SANTO TOMAS COLLEGE OF FINE ARTS AND DESIGN INTERIOR DESIGN DEPARTMENT ( THESIS (INTERIOR DESIGN 4A) GUIDELINES BACKGROUND: The Interior Design Department of the College of Fine Arts and Design Thesis Program covers Summer (Thesis Preparation) and First Semester (Thesis). At the terminal stage of the program‚ the student should be able to: 1. Propose a problem‚ a feasible and innovative art and design solution addressing the given thesis problem 2. Apply one’s
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In the movie‚ an artistic gymnast performs an outstanding vault at her competition. She would have received a perfect score; however‚ she was given a deduction because her bra strap was showing (Lyon & Bendinger‚ 2006). This same deduction can be applied in acrobatic gymnastics‚ in addition to similar deductions for having a hair scrunchie fall out during the routine‚ wearing an ankle brace or nail polish while competing‚ or even for having a leotard ride up in the back (something
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75 This Period $938.66 $938.66 YTD $ $3‚982.68 PRE-TAX DEDUCTIONS TOTAL PRE-TAX DEDUCTIONS: This Period $0.00 YTD $0.00 TAX DEDUCTIONS FICA-Social Security FICA-Medicare FED - Withholding OH - Withholding OH COLUMBUS - Withholding This Period $58.20 $13.61 $87.58 $18.43 $23.47 YTD $246.93 $57.75 $384.52 $81.66 $99.57 $201.29 $870.43 TOTAL TAX DEDUCTIONS: AFTER-TAX DEDUCTIONS This
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CHAPTER 4--GROSS INCOME: CONCEPTS AND INCLUSIONS As a general rule: Only I and II are true. I. Income from property is taxed to the person who owns the property. II. Income from services is taxed to the person who earns the income. III. The assignee of income from property must pay tax on the income. IV. The person who receives the benefit of the income must pay the tax on the income. Betty purchased an annuity for $24‚000 in 2012. Under the contract‚ Betty will receive $300 each month for
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