February 7‚ 2012 TAX FILE MEMORANDUM TO: Professor FROM: Student SUBJECT: Murray Taxpayer Issues Regarding Damage Award Facts: Murray Taxpayer was previously employed by a company who was illegally dumping chemicals into a river. Murray had knowledge concerning these illegal activities of his employer and made an ethical decision to report this to the Environmental Protection Agency. Upon inspection‚ the Environmental Protection Agency determined that Murrays employer was in fact illegally
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ALTERNATIVE MINIMUM TAX ALTERNATIVE MINIMUM TAX The alternative minimum tax (AMT) is an income tax imposed by the United States federal government on individuals‚ corporations‚ estates and trusts. AMT is imposed at a nearly flat rate on the adjusted amount of taxable income above a certain threshold (also known as exemption). Note that this exemption is substantially higher than the exemption from regular income tax. Regular income tax is adjusted for
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Accounting for Income Tax The standard prescribes the accounting treatment for income taxes is AASB 112 AASB 112 is based on a balance sheet approach to account for income taxes and it covers: • the accounting treatment of current and deferred tax expenses; • recognition and measurement of current tax assets and liabilities; • recognition and measurement of deferred tax assets and liabilities; • the accounting treatment of the tax consequences of various transactions and events‚ including
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TITLE PAGE INCOME TAX Assessment - Report writing NAME: xxxx xxxx STUDENT NUMBER: xxxxxx HND Accounting TUTOR: xxxx xxxx DATE: April 2012 ACKNOWLEDGEMENTS. I would like to thank my tutor‚ xxxx xxxx for the valuable advice and support given to me to enable me to write my report. INTRODUCTION. The purpose of this report is to fully evaluate Katy’s situation by providing detailed information about the different issues regarding employment and self-employment to enable her to determine
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The estate tax in the United States is the tax made upon transfer of the taxable property of a deceased. It is also called inheritance tax. Such estate may include property inherited via a will‚ life insurance benefits to beneficiaries‚ securities‚ trusts‚ annuities‚ corporate or business interests and other assets. It consists of an accounting of all assets and its interests at the time of a person’s death. HISTORICAL OVERVIEW For the past 90 years throughout the history of America‚ the federal
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itemized-personal and dependency exemptions= taxable income x appropriate tax rates= tax liability- tax credits+ other taxes- tax payments and refundable credits= tax refund or tax due. IRC 6012-Who is required to file an income tax return? IRC 6072-When is an income tax return due? IRC 6081- Can I obtain an extension for filing an income tax return? §7703 – Determination of Marital Status §6013-Joint Returns of income tax by husband and wife §2(a) Surviving spouse defined – head of household
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Upon completion of this subject‚ students will have: a basic overview of the overall Australian tax system and the policy influences behind its design; some recognition of the tax systems of other jurisdictions and their similarities or differences to Australia; a working knowledge of the administrative aspects of the Australian tax system; an appreciation of the tax issues that arise in an international context‚ particularly with regard to the fundamental concepts of residence and source;
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CHAPTER II ESTATE AND DONOR’S TAXES* A. ESTATE TAX 1. Taxpayer and Tax Base The estate tax is imposed on the transfer of the decedent’s estate to his lawful heirs and beneficiaries based on the fair market value of the net estate at the time of the decedent’s death. It is not a tax on property. It is a tax imposed on the privilege of transmitting property upon the death of the owner. The Estate Tax is based on the laws in force at the time of death notwithstanding the postponement of the actual
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meaning In the general sense‚ a direct tax is one paid directly to the government by the persons (juristic or natural) on whom it is imposed (often accompanied by a tax return filed by the taxpayer). Examples include some income taxes‚ some corporate taxes‚ and transfer taxes such as estate (inheritance) tax and gift tax. In this sense‚ a direct tax is contrasted with an indirect tax or "collected" tax (such as sales tax or value added tax (VAT)); a "collected" tax is one which is collected by intermediaries
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House of Commons Committee of Public Accounts HM Revenue & Customs: Annual Report and Accounts 2011–12 Nineteenth Report of Session 2012–13 Report‚ together with formal minutes‚ oral and written evidence Ordered by the House of Commons to be printed 28 November 2012 HC 716 Published on 3 December 2012 by authority of the House of Commons London: The Stationery Office Limited £14.50 Committee of Public Accounts The Committee of Public Accounts is appointed by the House of
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