With respect to the prepaid income from services which of the following is true? The treatment of prepaid income is the same for tax and financial accounting. An accrual basis taxpayer can spread the income over the period services are to be provided if all of the servidcdes will be completed by the end of the tax year ^^^answer The effects of a below-market loan for 450‚000 made by a a corporation to its chief The corporation has imputed interest income and compensation expense. As a
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FEDERAL INCOME TAXATION OUTLINE Gross Income Gross Income Defined (§61) – except as otherwise provided‚ gross income means all income from whatever source derived‚ including (but not limited to) the following items: Compensation for services‚ including fees‚ commissions‚ fringe benefits‚ and similar items; Gross income derived from business Gains derived from dealings in property Interest Rents Royalties Dividends Alimony and separate maintenance payments Annuities Income from life
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Indirect tax Section 1 This section is about applying your knowledge of VAT and using reference material to make recommendations or decisions. Task 1.1 (a) You have the following information about the taxable supplies of 4 businesses. For each of them‚ indicate whether they need to register for VAT immediately‚ or monitor turnover and register later. Tick ONE box on EACH line. Register now Monitor and register later A A new business with an expected turnover of £6000 per
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or during the lifetime of both the donor and the donee. The former is known as “donation mortis causa” subject to estate tax while the latter is known as “donation inter vivos” subject to donor’s tax. Consequently‚ transfer taxes‚ which are typically assessed on the net value of the taxable assets transferred‚ fall into two basic categories‚ namely; estate tax and donor’s tax. Business taxes are Succession is a mode of acquisition by virtue of which‚ the property‚
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Kong people today are taking an unbalanced diet. It is not uncommon for us to take in meals which are often full of saturated fats. In order to alleviate this problem‚ one useful way is to introduce ‘fat tax’ on foods high in saturated fat. In 2011‚ Denmark has implemented the world’s first fat food tax‚ levying a surcharge to food with more than 2.3 percent saturated fats. According to the Associated Press‚ saturated fats may lead to cardiovascular disease and cancer. In an effort to reverse this trend
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be considered as a resident in Australia and therefore his income should not be assessable due to the following reasons. Residency status is the main issue in the above case as this will determine Jamil’s liability in regards to Australian income tax. Statutory definition of an Australian resident in section 995-1 of 35 Act is a person who is a resident of Australia. In subsection 6(1) of the 1936 Act‚ it is indicated that the primary test for residency status of an individual is according to the
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Now‚ let’s say I approach you on the street and demand money from you would you give it to me? What if I threatened you? Would it be right for me to insist you give me the money from your wallet? What if I only wanted one third of the money in your wallet? What if I promised you protection and other services in return for the money? Would you consider this theft? I imagine you would. Mugging‚ robbery‚ extortion. And you would be right in that assessment. What if I stopped you on the street and
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November 16‚ 2012 TAX FILE MEMORANDUM FROM SUBJECT Peaceful Pastures Funeral Home‚ INC. taxpayer engagement. FACT Peaceful Pastures Funeral Home‚ INC (“Peaceful”) has designed an approach that allows customers to prepay for their funeral goods and services. Under this program‚ the customer pays in advance for the goods and services that will be provided at the time of their death‚ often at a significant discount. Under the terms of the contract‚ the payments are refundable at the contract purchaser’s
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4.1 Understand tax depreciation procedures and the effect of depreciation on the firm’s cash flows. 1) Depreciation deductions‚ like any other business expenses‚ reduce the income that a firm reports on its income statement. Answer: TRUE Diff: 1 Topic: Depreciation Learning Obj.: LG 1 Learning Outcome: F-02 Question Status: Previous Edition AACSB Tag: Analytic Skills 2) Non-cash charges are expenses that involve an actual outlay of cash during the period but are not deducted on the income
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2010 166 Your social security number Alice Johnson 222-23-3334 CAUTION ! To take the making work pay credit‚ you must include your social security number (if filing a joint return‚ the number of either you or your spouse) on your tax return. A social security number does not include an identification number issued by the IRS. Only the Social Security Administration issues social security numbers. You cannot take the making work pay credit if you can be claimed as someone else’s
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