TAXATION LAW I. General Principles POWER OF TAXATION TAXATION – power by which the sovereign through its law-making body raises revenue to defray the necessary expenses of government from among those who in some measure are privileged to enjoy its benefits and must bear its burdens. Two Fold Nature of the Power of Taxation 1. It is an inherent attribute of sovereignty 2. It is legislative in character Extent of Taxing Power Subject to constitutional and inherent restrictions
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Case Study 1 Ebbers vs. Central Apartments Ltd. In this case Central Apartments Ltd has borrowed $800‚000 from exchange bank and secured the loan by a five year mortgage on the apartment building. Since the bank required additional security the president of the corporation at the time named Ebbers personally signed the guarantee. This makes Ebbers the guarantor and responsible for the debt if the principle debtor‚ Central Apartments Ltd‚ should default in the payment of their debt. Ebbers who
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S&S Air‚ Inc. 2009 Income Statement Sales COGS Other Expenses Depreciation EBIT Interest Taxable Income Taxes (40%) Net Income $20‚077‚000 $14‚985‚000.00 $2‚399‚000.00 $655‚000.00 $2‚038‚000.00 $362‚000.00 $1‚676‚000.00 $670‚400.00 $1‚005‚600.00 Dividends Add. To RE $205‚000.00 $800‚600.00 2009 Balance Sheet Current Assets Cash AR Inventory Total CA Fixed Assets Net P&E Total Assets 1. Ratios Current Ratio Quick Ratio Current Liabilities $365‚040 $1‚534‚680 $1‚238‚500 $3‚138‚220 AP Notes Payable
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“The best-adjusted people are the ‘psychologically patriotic‚’ who are glad to be what they are.” - Isabel Briggs Myers (goodreads). MBTI (Myers Briggs Type Indicator‚ Myers Briggs Testing Instrument) is a personality assessment that was based off of the Jungian typology theory created by Carl Jung. Isabel Briggs Myers is the one responsible for this assessment‚ and the one responsible for my ungodly obsession with it. It was my Junior year in Psychology and our teacher‚ Mrs. Mais‚ took us into
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Why Should You Study Taxation? The tax law affects every individual and every organization. They rely on tax professionals to help them comply with the tax law‚ plan to reduce their tax burden‚ and resolve any tax controversies with taxing authorities. Auditors rely on tax professionals to help them determine a company’s income tax expense and income tax liability. Taxing authorities‚ such as the Internal Revenue Service and state departments of revenue‚ rely on tax professionals to help them
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Case : “week 8 federal taxation discussion” Employee Business Expenses" Please respond to the following: As part of his contract at his new job‚ Jim is provided a company car and gas card to go back and forth to work. He sometimes uses the car for out-of-town travel approximately once a month. Jim also uses the car and the gas card for his family vacations‚ dinner‚ etc. Question: Explain the applicable tax law regarding employee compensation and the criteria for deducting expenses Make at least
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Taxation of U.S. Non-Resident Aliens and Foreign Corporations Baker College of Muskegon Elizabeth Lamas Taxation of U.S. Non Resident Aliens and Foreign Corporations Throughout this quarter we have learned how different entities are taxed‚ but we have not learned how foreign corporations and nonresident aliens are taxed. The purpose of this research paper is to discuss the basic concepts of how these two entities are taxed in the United States. A foreign corporation is any corporation that
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of Accounting Federal Polytechnic Nekede‚ Owerri‚ Nigeria E-mail: diriolisa@yahoo.com Received: October 17‚ 2012 Accepted: December 13‚ 2012 DOI: 10.5296/ijafr.v2i2.3013 Abstract As a fiscal instrument‚ direct taxes are used to adjust people‟s disposable income and to reduce the parameter of unearned incomes. At the macroeconomic level‚ taxes are used to redistribute income and therefore contribute to the economic growth of the country. This paper examines the empirical forms of tax on the
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neutral third party or panel of experts hears a dispute and imposes a resolution of the parties” (Miller & Jentz‚ 2008‚ p.50). However‚ both parties must sign and agree to the above statement for it to be acknowledged as a legal judgment. In the case of Thomas Baker and Osborne Development Corporation it gets a little bit more involved. For starters‚ Osborne Development purchased the home warranty program administered by Home Buyers Warranty and signed the agreement of arbitration with them.
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is a mere appendage of Eastfield Ltd. This being the case‚ it is necessary to examine the exact relationship between Capital Pty Ltd and Eastfield Ltd and determine the likelihood of the courts lifting the corporate veil. Separate Entity Salomon v Salomon & Co established the key principle that an “incorporated company is a separate legal entity from its founder‚ shareholders and directors”. To further this point‚ the Albazero case provided authority within a group of companies‚ whereby
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