of common law features that help determine whether an amount is income. They are as follows: (a) Ordinary income “comes in” to the recipient Income is a form of financial gain. A gain or receipt can only be ordinary income if it has “come in” (been realised) during that year. An unrealised gain is not ordinary income. If an amount does not come to the taxpayer‚ it will not be ordinary income. In the terminology of Section 6-5 of the ITAA (1997)‚ an amount has come in to an entity
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core of the play’s tragic outcome. King Lear mainly focuses on maintaining power and obedience; he goes as far as to disown his own child because he believes she’s being defiant. Likewise‚ Edmund is willing to tear apart his own family in order to gain power and respect‚ after being mocked for being a bastard child. Goneril and Regan‚ the daughters of King Lear‚ are also seeking power and are willing to do anything to achieve their own goals. They work together to take down their own father and each
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that I use the most‚ because I usually gain power that is gained as a result of being admired by subordinates in the workplace. I like this type of power better in the workplace‚ because it is developed by trust from your employees. When I was a team leader I used this type of form of power it worked very well‚ because people felt a part of what was being done‚ that their opinions matter‚ and they showed respect to me as well. Referent power is hard to gain because you have to prove to other as a
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this subtitle‚ gross income means all income from whether source derived including (but not limited to) the following items: 1. Compensation for services‚ including fees‚ commissions‚ and similar items: 2. Gross income derived from business 3. Gains derived from dealing in property 4. Interest 5. Rents 6. Royalties 7. Dividends 8. Alimony and separate maintenance payments 9. Annuities 10. Income from life insurance and endowment contracts 11. Pensions 12. Income from discharge of indebtedness
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Chapter I:5 Property Transactions: Capital Gains and Losses Learning Objectives After studying this chapter‚ the student should be able to: 1. Determine the realized gain or loss from the sale or other disposition of property. 2. Determine the basis of property. 3. Distinguish between capital assets and other assets. 4. Understand how capital gains are taxed for noncorporate taxpayers. 5. Understand how capital gains are taxed for corporate taxpayers. 6. Recognize when a sale or exchange
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NCOME-TAX ACT‚ 1961* [43 OF 1961] [AS AMENDED BY FINANCE ACT‚ 2012] An Act to consolidate and amend the law relating to income-tax and super-tax BE it enacted by Parliament in the Twelfth Year of the Republic of India as follows :— CHAPTER I PRELIMINARY Short title‚ extent and commencement. 11. 2(1) This Act may be called the Income-tax Act‚ 1961. (2) It extends to the whole of India. (3) Save as otherwise provided in this Act‚ it shall come into force on the 1st day of April‚ 1962. Definitions
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Part A (a) Event A1 happens when Party Time sale the factory under s 104-10. In order to calculate the net capital gain or loss‚ we should follow the steps under s 100-50. 1. Calculate Party Time current year capital gains 2. Less current year capital losses of Party Time if there is 3. Less unapplied net capital losses for previous year of Party Capital gain=capital proceeds- cost of base Under s 116-20‚ the capital proceeds are the money or the market value of any property received
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a $20‚000 FMV. Henry’s recognized gain is (Points : 2) | $0. $5‚000. $10‚000. $20‚000. c) Realized gain is recognized to the extent of boot received. page 2-17 | 2. Jeremy transfers Sec. 351 property acquired three years earlier having a $100‚000 basis and a $160‚000 FMV to Jeneva Corporation. Jeremy receives all 200 shares of Jeneva stock‚ having a $140‚000 FMV‚ and a $20‚000 90-day Jeneva note. What is Jeremy’s recognized gain? (Points : 2) | $0 $60
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partnership with Henry and Cabot each contributing $100‚000 and Lodge contributing securities with a basis to him of $60‚000 and a fair market value of $100‚000. On February 28‚ 2013‚ the partnership sold the securities for $130‚000. The amount of the gain to be allocated to Lodge is: a. $70‚000 b. $50‚000 c. $30‚000 d. $23‚333 e. $10‚000 5. Malcolm‚ a dealer in securities‚ is a 60
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The effects of consumerism on individuals and society. ‘The new slavery is consumerism’ (Bryant H. McGill); people use consumerism to gain control and power. In Bruce Dawe’s poems Americanized and Abandonment of Autos‚ and Claire Carmichael’s novel Ads R Us‚ consumerism is conveyed as a trap that is a continuous and vicious cycle of replacing products with new and “better” things even if the old product still works. Dawe’s Americanized is an extended metaphor for the way that America has taken
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