Poseidon are said to have split the Universe by sharing heaven‚ hell and sea with the throw of the dice. Gambling is one of the oldest known pursuits of mankind. Archeological evidence suggests that even the earliest caveman was a gambler. Dice-like objects made from the ankle bone of a sheep or dog called Astragali dating back 40‚000 years have been found. Cave drawings depicting gambling offer further proof of the existence of early gamblers. Pairs of dice have even turned up in the ruins of Pompeii
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Tax Research Problem 2-64 FACTS: Lisa and Matthew would like to form a new corporation‚ Lima Corporation. Lisa will be exchanging $50‚000 cash in exchange for 50 shares of stock in Lima. Matthew will be contributing land which has a $35‚000 adjusted basis and a $50‚000 FMV‚ also in exchange for 50 shares of stock in Lima. ISSUE: When assets are exchanged for stock and control in a newly formed corporation‚ what are the tax and financial accounting implications of those transactions to Lisa
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other than the assumption of the non-recourse liability.The fair market value of the property at the time of sale was $1‚400‚000‚ so they claimed a loss of $55‚740. The Tax Commissioner insisted instead that they actually realized a gain of $400‚000; the difference between the principal amount of the debt and their basis. Issues:1) How should the tax court deal with the transfer of non-recourse mortgage debt in property dispositions when the fair market value of the property is less than the property’s
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The Impact of Gambling in America The impact of gambling on the United States carries both positive and negative effects into our society and communities. Gambling is a leisure activity that usually provides excitement and fun for its players. Gambling also brings tremendous amounts of money into the economy and provides employment. American cities such as Las Vegas and Atlantic City thrive off of the gaming industry. Sure‚ gambling can be fun and exciting‚ but at what point does that fun
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CONTENT PAGE 1. SIGNIFICANCE OF PROBLEM GAMBLING IN SINGAPORE ------------ 1-2 2. THEORETICAL AND CONCEPTUAL FRAMEWORKS --------------------- 3-4 3.1. Possible Causes to Problem Gambling 3.2. Possible Ways of Treating Addiction 3. WIDESPREAD CONSEQUENCES OF PROBLEM GAMBLING ------------ 5-6 4.3. The Community 4.4. The Family Unit 4. SOCIAL INTERVENTIONS AND SERVICE PROVISIONS ----------------- 7-11 5.5. Establishment of NCPG
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CHAPTER 13 BUSINESS TAX CREDITS AND CORPORATE ALTERNATIVE MINIMUM TAX SOLUTIONS TO PROBLEM MATERIALS Status: Q/P Question/ Present in Prior Problem Topic Edition Edition 1 Limitation on general business credit for Modified 1 individuals 2 General business credit carryovers Modified 2 3 Issue recognition New 4 Rehabilitation expenditures tax credit Unchanged 3 5 Rehabilitation expenditures tax credit Unchanged 4 6 Ethics problem
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The Gambling Industry Javier Seda Companies in the gambling industry include those that offer gambling or gaming activities. These may be casinos‚ casino resorts and hotels‚ betting and lottery companies. Though legally restricted by many governments all over the world‚ gambling industries are a major source of revenue to the government. The gambling industry has also helped in eradicating unemployment as it has created new job opportunities and often with higher wages. Major gambling companies
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What is the economic intuition and what are the concepts underlying deferred tax accounting? What goals/objectives are standard setters trying to achieve by requiring deferred tax accounting‚ compared to say‚ just having companies recognize tax expense as the cash paid (or at least currently owed) to the government? The economic intuition of deferred tax accounting is to account for the differences between the tax expense shown in the financial statements and the current taxes payable to the
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Is Gambling a Social Problem? Gambling is an act of playing for stakes in the hope of winning. It also involves a significant risk as the material good (usually money) wagered in the game may be lost if the player does not win. Common forms of gambling include cockfighting (which usually results in the death of one or both roosters)‚ casinos (which has become a profitable business)‚ slot machines (convenient for those who want to play individually)‚ bookmaking (often used for predicting the
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Tax Description Income Tax is a tax on a person’s income‚ emoluments‚ profits arising from property‚ practice of profession‚ conduct of trade or business or on the pertinent items of gross income specified in the Tax Code of 1997 (Tax Code)‚ as amended‚ less the deductions and/or personal and additional exemptions‚ if any‚ authorized for such types of income‚ by the Tax Code‚ as amended‚ or other special laws. Types of Income Tax Personal Income Tax (PIT) is a direct tax levied on income
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