Taxation law notes – Winson Edition 2010 Income from business The main issues that arise from income from business: 1. Is a business being carried on? Ferguson v FCT FCT v Walker Ruling TR 97/11 Ruling TR 2007/8 1.1 hobby or business - Evans v FCT—gambling - FCT v Stone—sportman and sponsorship 1.2 Share trading - Shields v Deputy Commissioner of Taxation 2. Is income or capital nature? 2.1 scope of business - Californian Copper Syndicate v Harris - Western Goldmines (NL) v DCL (WA) -
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INCOME TAXATION 6TH Edition (BY: VALENCIA & ROXAS) SUGGESTED ANSWERS 127 Chapter 14: Income Taxes of Estates & Trusts CHAPTER 14 INCOME TAXES OF ESTATES & TRUSTS Problem 14 – 1 TRUE OR FALSE 1. False – P20‚000 2. True 3. True 4. True 5. True 6. True 7. False – It shall be in writing either as trust inter-vivos or through a will. 8. False – A trustor is the person who establishes the trust‚ not the trustee. 9. True 10. True 11. True 12. True Problem 14 – 2 TRUE OR FALSE 1. False – A taxpayer is
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BIG ISSUES OF ECONOMIC CONCERN Samuelson has offered the world many economic theories. One area he is widely known for is his views on the spending multiplier. Samuelson has presented a way through his aggregate demand model to demonstrate how the spending multiplier affects individual types of spending. There are several components of aggregate demand. The basis for understanding this model is as follows:  An increase in prices causes a drop in household assets‚ thus causing consumers
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WEEK 7 RESEARCH PROJECT (Set #1) ACCT 429 DeVry University IMPORTANT NOTE TO STUDENTS This assignment is being distributed solely for your use in completing the Week 7 project in DeVry University’s online Accounting 429 class. This assignment is an individual assignment‚ and you are to complete it without any outside assistance by any other student‚ individual‚ or outside materials‚ other than those specifically permitted by the problem. Any violations of these requirements will be addressed
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revolutionary groups started to protest against Great Britain’s Parliament. Will this lead to a revolution? Is revolution the only way to resolve these tensions? The American Revolution ultimately was inevitable because of taxation‚ restriction of rights‚ and even violence. Unfair taxation was one reason the American Revolution was justifiable. The British Parliament imposed many taxes on the colonies in the new world to help
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Assessment 1 of BLO2206 Taxation Law and Practice Topic:Distinguishing a hobby from a business‚ explaining how legislation and case laws determines whether an activity is a business or hobby. Further to make a comment on the impact of a determination by the ATO on whether a taxpayer’s activity is actually a business. Distinguishing a Business from a Hobby Activities are classified in terms of a business or a hobby and it is important that the two are separated. The difference
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Case : “week 8 federal taxation discussion” Employee Business Expenses" Please respond to the following: As part of his contract at his new job‚ Jim is provided a company car and gas card to go back and forth to work. He sometimes uses the car for out-of-town travel approximately once a month. Jim also uses the car and the gas card for his family vacations‚ dinner‚ etc. Question: Explain the applicable tax law regarding employee compensation and the criteria for deducting expenses Make at least
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Solutions for Questions and Problems – Chapter 1 25 SOLUTIONS FOR QUESTIONS AND PROBLEMS 26 Chapter 1 – The Individual Income Tax Return Solutions for Questions and Problems – Chapter 1 27 CHAPTER 1 THE INDIVIDUAL INCOME TAX RETURN Group 1 - Multiple Choice Questions 1. D (LO 1.1) 7. C (LO 1.5) 15. A (LO 1.8) 2. D (LO 1.2) 8. E (LO 1.6) 16. E $25‚000 = $275‚000 – 3. A (LO 1.3) 9. C (LO 1.6) ($285‚000 – $35‚000) (LO 1.8) 4. C (LO 1.3) 10. C (LO 1.6) 17. C $45‚000 = $48‚000 – $3‚000 5.
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Changes in the Government policy What are the main tools that the government manage the economy? The government manage the economy by using the fiscal policy. The Fiscal policy involves the use of government spending‚ taxation and borrowing to affect the level and growth of collective demand‚ output and jobs. Another way the government manage economy is by using the monetary policy. This policy is designed to attempt to influence variables like the balance of payments‚ currency exchange rates‚
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Agency Theory A theory that explains the relationship between principals and agents in business (In this relationship‚ the principal hires an agent to do the work‚ or to perform a task the principal is unable or unwilling to do. For example‚ in corporations‚ the principals are the shareholders of a company‚ delegating to the agent i.e. the management of the company‚ to perform tasks on their behalf.) Agency theory is concerned with resolving problems that can exist in agency relationships;
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