Summarize the sources and objectives of modern income tax statutes. The primary source of US tax law is Congress. Power to initiate tax legislation is vested in the House of Representatives but all tax bills must pass both houses and be signed into law by the President. Many times the details of the legislation are not dictated by Congress‚ but left to the Treasury Department which adopts regulations (that have the force of law) to spell out the details as well as interpret the statutes and provide
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FOUNDATION EXAMINATION (SYLLABUS 2008) SUGGESTED ANSWERS TO QUESTIONS JUNE 2012 Paper-1 : ORGANIZATION & MANAGEMENT FUNDAMENTALS Time Allowed : 3 Hours Full Marks : 100 The figures in the margin on the right side indicate full marks. SECTION - I Answer Question No. 1 which is compulsory and any one question from the rest of Section I. Q. 1.(a) Do you agree with the following statements? Write ‘Yes’ or ‘No’ giving proper reasoning in support of your answer. No mark will be awarded for
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Understanding Federal Income Tax Taxes have been part of our economy for a long time and are enforced by the government or other agencies‚ on income and expenses. Taxation in the United States began when it was composed of colonies. During this time taxes were imposed on commodities through legislative such as the Stamp Act‚ the Sugar Act‚ Townshend Revenue Act‚ and Tea Act. Later‚ in 1913‚ the states ratified the sixteenth amendment‚ which gave congress power to tax incomes. Taxes were imposed
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book – but we will be given the question 2 weeks before Exam (70%) Tuesday 22 June 9:15am – 12:30pm Exam * Tax avoidance/evasion won’t be covered * 3 sections: * 1: Multiple choice * 10 marks * 10 questions * Similar in nature to the pop quizzes * Cover everything – particularly includes Chye Ching and Craig * 1: Tax return * 25/55 marks * Individual (not a partnership) * Similar to Kathryn and Romy (last
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WHAT IS TAX PLANNING ? Tax planning is an essential part of your financial planning. Efficient tax planning enables you to reduce your tax liability to the minimum. This is done by legitimately taking advantage of all tax exemptions‚ deductions rebates and allowances while ensuring that your investments are in line with your long term goals. Tax-planning amounts to making investments or contributions in line with prescribed guidelines that lead to reduction in tax liability. Simply put‚ the tax liability
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Tax Credits [Name of the Writer] [Name of the Institution] Tax Credits Purpose of Tax Credits A Tax Credit is a specific amount that is subtracted from the accumulated amount of tax paid by a tax payer to the State. The tax credits can be settled in terms of income tax‚ property tax and VAT. It can also be settled for the purpose of recognizing the taxes that are already settled in form of subsidies or are paid for the purpose of encouraging investment in economy
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PERSONAL COPY/ NOT FOR SALE OR CIRCULATION (Session 2012-13) INTRODUCTION HISTORY OF INCOME-TAX: 1. India’ trust with income tax dates back to 1859 when James Wilson‚ Finance member in the Council of India‚ came to the country to establish the tax structure‚ a new paper currency and to remodel the finance system. 2. A bill imposing tax on profits from property‚ professions‚ trades and offices was passed by the Legislative Council of India. It received the assent of the Governor General on July
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Memorandum of Law To: Al Smith‚ Senior Partner From: Research Associate RE: State and Federal Court System for California: Bob v. Al‚ Kathy‚ Dan Date: January 3rd‚ 2012 Questions Presented I. Overview of the State and Federal Courts in California. II. Which California court or courts hold jurisdiction for the amount in controversy in the three lawsuits that Bob wants to file? III. Why should Bob file his lawsuits in a particular court or courts? IV. Which case Bob
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To: Abel Terrio Fomm: Yailin Veloso‚ Jackson company Accountant Date: June 20‚ 2013 Subject: Income Statement Inquiry Mr. Terrio I understand your concern and relate to your worries‚ but I can assure you that the statement I provided to you was correct. I can also see where you thought it should have been a gain of $75‚000 instead of a loss of $6‚000. But in the next paragraph I will provide you a more detailed explanation so that you can understand better mathematical understanding of how
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------------------------------------------------- Tax Research Memo: Entity Selection Issue FROM: Mark J. Sobanski‚ CPA TO: Penelope‚ Mark and John. DATE: April 15th‚ 2013. SUBJECT: Entity Selection for the new business. Issue/ Considerations: It is desired to study the issue of how should the new business to be started by Penelope‚ Mark and John be structured? The related tax and non-tax considerations are as follows – I. The different forms of organization available to Penelope‚
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