income to your brother? Do you get a deduction? (2 pts) No‚ this is not taxable income for my brother… The first $13‚000 that my brother receives is considered a tax free gift‚ but any amount after that is taxable. So in this case I guess it would depend on just how much I paid in rent for my brother…was it just a onetime “gift” or if more than onetime‚ how much does it total in rent paid on his behalf. Do I get any deductions? No‚ I do not get a deduction; “gifts” are never deductible. A gift
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Case: Bethesda Mining (Chapter 6) I have been asked by the President of Bethesda Mining Company to analyze a proposition by Mid-Ohio Electric Company to supply coal for its electric generators for the next four years. This proposition involves opening a new mine in Ohio‚ and making an investment in new equipment of $85‚000‚000‚ with a residual value to be transferred to a subsequent location of 60% of the purchase price‚ or $51‚000‚000. The equipment will be depreciated according to a 7-year MARCS
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dollars a year on health care and yet there is no universal health care program. Maybe what is included in that total is the cost of medicines and procedures. I recently had a surgery and I was given 2‚ regular strength Tylenol. When I requested an itemized statement of my charges‚ I was shocked to see that I was given 2 generic acetamine tablets‚ which I did not mind‚ but what I did mind was that I was charged $2.25 a piece for those tablets. That’s a total of $4.50 for a single dose. The amount that
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Section 17-19: Electoral Tribunal and Commission on Appointments in Congress Section 17 The Senate and the House of Representatives shall each have an Electoral Tribunal which shall be the sole judge of any contests relating to the: • Election • Returns • qualifications of their Respective members. Section 18 There shall be a Commission on Appointments consisting of: • Twelve Senators • Twelve members of the House of Representative‚ elected by each House‚ on the basis of proportional representation
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taxable income. b. Transaction will not affect Arnold’s and Barbara’s taxable income. c. Barbara will report the $9‚000 she receives in alimony as gross income for the 2011 tax year. Arnold will report the $9‚000 he paid in alimony to Barbara as a deduction for the 2011 tax year. 5-26 Fluent‚ an investor in stocks and bonds wanted to increase his portfolio but wanted to minimize his tax liability on the income from the bonds. He is presented with the following alternative investments: U.S. Series
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Question 1 Ans: Mr. Chan Salaries tax Year of assessment 2010/11 Basic period: year ended 31 March 2010 $ $ Salary ($100‚000*12) 1‚200‚000 Education benefits 150‚000 Reimbursement of tuition fees 100‚000 Reimbursement of utilities 50‚000
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Solution (d) All of the above (iv) Sandeep purchased a house for his residential purpose after taking a loan in January‚ 2007. During the previous year 2008-09‚ he paid interest on loan Rs‚ 1‚67‚000. While computing income from house property‚ the deduction is allowable to the extent of — (a) Rs.30‚000 (b) Rs‚ 1‚00‚000 (c) Rs.1‚67‚000 (d) Rs.1‚50‚000. Solution: (d) Rs. 1‚50‚000 (v) Which of the following is an ’asset’ under section 2(ea) of the Wealth-tax Act‚ 1957 — (a) Equity shares in a company
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believed that the savage is noble‚ childhood is good and the emotions inspired by both beliefs causes the heart to soar. Strong senses‚ emotions‚ and feelings Romantics believed that knowledge is gained through intuition rather than deduction. This is best summed up by Wordsworth who stated that “all good poetry is the spontaneous overflow of powerful feelings.” Awe of nature Romantics stressed the awe of nature in art and language and the experience of sublimity through a
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activities deduction is equal to 9% of the higher of (1) qualified production activities income or (2) taxable income. However‚ the deduction cannot exceed 50% of the W-2 wages related to qualified production activities income. Answer Selected Answer: False Correct Answer: False Response Feedback: For a corporation in 2012‚ the domestic production activities deduction is equal to 9% of the lower of (1) qualified production activities income or (2) taxable income. The deduction cannot exceed
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The gross estate is determined by adding the value of all the decedent’s property at the time of his death. See 26 U.S.C. § 2031. Property encompasses both real and personal property. It also includes cash‚ securities‚ insurance‚ trusts‚ annuities‚ business interests and other assets. In addition to the property that the decedent owned at death‚ the gross estate will also include transfers made within a 3 year period prior to his death. See 26 U.S.C. § 2035. The $2 million in trust assets would
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