Aneta Lesna FINAL EXAM –ACCT 349 1. Samantha Corporation owns a building with a fair market value of $70‚000 and an adjusted basis of $40‚000. It exchanges the building for land with a fair market value of $45‚000. Also assume that Samantha has a $10‚000 mortgage on the building. As part of the exchange‚ the owner of the land agrees to assume the mortgage and pay the corporation $15‚000 in cash. What are Samantha’s realized gain‚ recognized gain‚ and basis in the land? Gain 5000 2
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Bill Kozel Ms. Livingston English Comp 2 18 September 2012 Alternative Fuels in America On a national average the world uses 87.8 million barrels of crude oil on a daily basis. In 2000 it was estimated that the US alone consumed nearly 20 million barrels of oil a day‚ which is about 5% more than similar nations (Friedman 195). Oil consumption is only going to increase until it peaks‚ then it will steadily decrease as oil supply goes down. It is predicted that oil consumption will peak by the year
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and Services Tax- Australia To uphold a country’s political and economical stability‚ governments often implement policies. There are many different types of policies that a government would implement to stabilize their country. However‚ one significant policy that almost every country uses is tax. In particular‚ Australia and Canada use a value added tax known as the Goods and Services Tax (GST). Australia’s GST policy was introduced by the Howard government and went into effect on July 1st‚
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The payment of the motor vehicle allowance – this allowance is generally made to cover the expected deductible costs associated with the business usage of the employees vehicle. This allowance is effectively assessable income to the employee in their tax return. (sec.15-2) Task 2: Mike’s taxable income for the year ended 30 June 2012 Taxable Income = (Assessable Income – Deductions) Assessable Income § Wages RMIT under sec.6-5 ITAA 1997
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W22Extra: Tax and Gearing: More Questions Multiple Choice 1) Which of the following statements is false? A) In general‚ the gain to investors from the tax deductibility of interest payments is referred to as the interest tax shield. B) The interest tax shield is the additional amount that a firm would have paid in taxes if it did not have leverage. C) Because Corporations pay taxes on their profits after interest payments are deducted‚ interest expenses reduce the amount of corporate tax firms
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* * Part A: Tax Avoidance and evasion Introduction According to Hyde (2010) tax evasion cost the UK treasury over £15 billion annually. This is approximately 3% of the total tax liabilities that individuals and organisations are meant to pay to the Her Majesty Revenue and Customs (HMRC). While an estimate of £25 billion is lost through tax avoidance annually (Murphy‚ nd). These are huge sums of money that could go a long way to help the government reduce the national deficit or could
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Fuel Hedging A Strategy for Air Carriers to Combat Fuel Hike Index Jet Fuel – The Nemesis of Airlines In the year 2008‚ the growth of global aviation industry received a major bolt from the fear of global economic slowdown and the rise in crude oil prices. Though the global economic uncertainties impacted the business of airlines‚ but the steep surge in crude prices has changed the financial equations of the airline across the world‚ with India being no exception. In fact over the previous
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GHANA Introduction & Definition of taxation: To tax (from the Latin taxo; "I estimate") is to impose a financial charge or other levy upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state such that failure to pay is punishable by law. A tax may be defined as a "pecuniary burden laid upon individuals or property owners to support the government [...] a payment exacted by legislative authority." A tax "is not a voluntary payment or donation‚ but an enforced
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make their residency here the demand for fuel increases‚ thus‚ causing higher prices for fuel. Gas prices have been increasing at alarming rates over the last five years. There has also been a significant increase in the use of fossil fuels. This year alone‚ gas increased to a whopping $3.21 average in the state of Alabama alone (www.gasbuddy.com). California had the biggest increase going above the $5.00 mark (www.gasbuddy.com). As long as our fossil fuel supplies continue to vanish‚ the price
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FUEL CELL CARS Fuel Cell cars are a major part of the fleet of Zero-Emission Vehicles. The fuel cells are fueled with pure hydrogen and hence they are considered to be zero emission vehicles. Fuel cells have been used on spacecraft for many years to power electric equipment. These are fueled with liquid hydrogen from the spacecraft ’s rocket fuel tanks. Basic Mechanics Fuel cell vehicles turn hydrogen fuel and oxygen into electricity. The electricity then powers an electric motor‚ just like
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