Exam 2 : Estate & Gift Tax 1.) Determination of an estate tax by applying the steps involved in determining the estate tax and showing all work 2.) Determination of gift tax owed by applying the steps in determining a gift tax and showing all work 3.) Credit on prior transfers * A credit is allowed against the estate tax for all or a part of the estate tax paid with respect to the transfer of property to the present decedent by or from a person who died within 10 years before‚
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Management is essential‚ Tax planning is desirable and Tax evasion is objectionable. Elaborate. Tax Planning Tax Management Tax Evasion Tax planning is to avail Tax management refers to Tax evasion refers to ways maximum benefit deductions‚ rebates of the steps taken to ensure and means adopted by a exemptions‚ compliance etc and with the tax payer to evade tax by thereby provisions of the tax laws. minimizing tax liability. falsifying accounts concealing
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ensure business continuity and settle the vendor’s debts. The taxpayer would later proceed to claim for a trade deduction for these expenses for that period of trading. The High Courts and the Commissioners would allowed the deduction to go through as they viewed the expenditure to be wholly and exclusively for the purpose of the business. The judge‚ Croom-Johnson would also allow the deduction to go through as he viewed the money being spent was to preserve an asset which in this case was the goodwill
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of employment minus any deductions that have been made. Pay before deductions (gross pay) – This is the wholesome amount of money you have been paid altogether since the day you were employed before any legal deductions are made. The deductions made for income tax – People receive deductions for income tax if they earn over £9‚440 a year. Income tax is in proportion to your salary‚ so everyone receives a different amount depending on how much they earn. The deductions for a pension – A pension
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an ordinary asset. b. an ordinary gain. c. "sold an ordinary asset" and "an ordinary gain". d. no gain or loss. e. sold a capital asset. In 2013‚ Maureen had a $12‚000 net short-term capital loss and deducted $3‚000 as a capital loss deduction. In 2014‚ Maureen has a $16‚000 0%/15%/20% long-term capital gain and no other capital gain or loss transactions. Which of the statements below is correct? a. Maureen has a 2014 $7‚000 net capital gain. b.
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PAYMENT OF WAGES ACT‚ 1936 [4 OF 19361] With State Amendments An Act to regulate the payment of wages to certain classes of 2[employed persons] Whereas it is expedient to regulate the payment of wages to certain classes of 2[employed persons]. It is hereby enacted as follows :— Short title‚ extent‚ commencement and application. 1. (1) This Act may be called the Payment of Wages Act‚ 1936. 3[(2) It extends to the whole of India 4[***].] (3) It shall come into force on such date5 as the Central
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s8-1 General Deductions provision Sufficient nexus - Reliability and relevance in gaining or producing AI => in the course of Herald Times Weekly v FCT – natural consequence of income producing activity • Taxpayer owner and publisher of an evening newspaper • Claimed deduction for damages and legal expenses to defend and sttle defamation actions • Deemed relevant – the thing which produced the assessable income was the thing which exposed the taxpayer to the liability or
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$25‚000 is an out of pocket expense for business use within those 2 years that the case was ongoing. It will not be taxed on and it will help to lower John’s adjusted gross income for the tax year‚ but depending if John has claim it as part of his deductions yet or not. 1c). What is your determination regarding reducing the taxable amount of income for both (a) and (b) above? In order to reduce the taxable amount of income for both (a) and (b) John would be better off in taking his $300‚000 in annuity
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the second recommendation given is that you should take out another mortgage as additional capital to also be converted into Municipal bonds. The purpose of which is to receive a double tax benefit offered by taking advantage of both the interest deductions on the new mortgage allowed under I.R.C. §163(a) and the tax exempt benefits on the interest payments of the state and municipal bonds allowed under I.R.C. §103(a). The resolution to these issues is solely dependent on whether or not the Courts
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Rationalism vs. Empiricism First published Thu Aug 19‚ 2004; substantive revision Thu Mar 21‚ 2013 The dispute between rationalism and empiricism concerns the extent to which we are dependent upon sense experience in our effort to gain knowledge. Rationalists claim that there are significant ways in which our concepts and knowledge are gained independently of sense experience. Empiricists claim that sense experience is the ultimate source of all our concepts and knowledge. Rationalists generally
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