corporations are considered separate legal entities from their shareholders. As such‚ corporations pay taxes on their annual earnings‚ just as individuals do. When corporations pay out dividends to shareholders‚ those dividend payments incur income-tax liabilities for the shareholders who receive them‚ even though the earnings that provided the cash to pay the dividends were already taxed at the corporate level. 2. What type of taxpayers are considered "eligible" taxpayers with regard to special ordinary
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resorts‚ hotels‚ restaurants‚ and other recreational facilities. (Wikipedia) The briskness of Street foods in Bulacan can be measured by the long queue of consumers’ everyday in the food outlets in strategic places where street foods like: “lugaw” or Rice Porridge‚ goto‚ mami‚ fish balls‚ barbecued banana‚ salted peanuts and chicken pops. (Toledo‚ 1988) Street Foods is a “Survival Meals”‚ maybe because it satisfies the gustatory sense for a temporary period of time. (Soledad
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SIN TAX BILL MANILA‚ Philippines—A “sin tax” on cigarettes and alcohol dampened the New Year party spirit when it was introduced in the Philippines Tuesday‚ as part of a government bid to boost finances. Many stores started selling tobacco and drink at inflated prices before midnight‚ ahead of the official implementation of the tax hikes on January 1‚ hitting partygoers in the pocket. Tax on cigarettes will gradually be raised to P30 ($0.72) per pack by 2017‚ roughly doubling the current price
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for her support. The remainder of Anne’s support was provided by her mother‚ Amanda. Amanda also provided the entire support for Alex Jr. for 2011. Alex Jr. is in elementary school (born May 14‚ 2002). | Issue: | How should Amanda file 2011 tax return? | Authorities: | IRC § 6013 (a)IRC § 2 (b)IRC § 152 KNOCHELMANN‚ JR. v. COMM.‚ (sixth circuit) Cite as 108 AFTR 2d 2011-6011‚ 08/30/2011 ‚ Code Sec(s) 152; 151; 21; 24; 1; 2 | Conclusion: | Amanda should file her request as a separate return
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Chapter 1 introduction & tax residence •Direct taxes – taxes paid directly to government (income tax ‚ RPGT) •Indirect taxes – taxes paid to government via 3rd party( sale‚service) •Income tax –scope of charge( S3 of ITA) has been modified by ‘’tax exempted’’ Income tax shall be charged for each y/a upon income of any person accruing in or derived from MY or received in MY from outside MY Income known as revalue gain( capital gain never go for inc tax Person=individual ‚ Co(chargeable
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What is profit tax? According to Inland Revenue Ordinance s 14 “Charge of profits tax”‚ profit tax is chargeable on every person: Carrying on a trade‚ profession or business in Hong Kong; and In respect of his assessable profits arising in or derived from Hong Kong from such trade‚ profession or business.1 What is person? A person may include: A corporation; Partnership; Trustee‚ whether incorporated or unincorporated; and Body or persons.2 In this case‚ the Taxpayer (“T”) is a private company
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state that frequent flyer miles constitute compensation from the employer. The lack of substantial authority on the treatment of this benefit gives the client the ability to exclude this from his gross income without risk of understating his overall tax liability. The only ruling with specific relation to frequent flyer miles was Charley‚ (CA9‚ 7/24/96) 78 AFTR 2d ¶ 96-5171. In this case‚ Dr. Charley would instruct
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structured. True False Tax policy rarely plays an important part in presidential campaigns. True False Margaret recently received a parking ticket. This is a common example of a local tax. True False George recently paid $50 to renew his driver’s license. The $50 payment is considered a tax. True False A 1% charge imposed by a local government on football tickets sold is not considered a tax if all proceeds are earmarked to fund local schools. True False One key characteristic of a tax is that it is a required
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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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Chapter 07 Individual Income Tax Computation and Tax Credits True / False Questions 1. Both the width (or range) of the tax brackets (the amount of income taxed at a particular rate) in the tax rate schedules and the range of the tax rates in the tax rate schedules (the difference between the lowest tax rate and the highest tax rate) vary by filing status. True False 2. The tax rate schedules are set up to tax lower levels of income at higher tax rates than higher levels of income.
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