Instruction: Copy questions to your note book and answer all questions. Question 1 a) Define the term ‘taxation’. (2m) b) Distinguish between direct and indirect taxes. (4m) c) List two (2) examples of direct tax and briefly describe each (4m) d) List two (2) examples of indirect tax and briefly describe each (4m) e) Distinguish among the different forms of tax giving example. (6m) Question 2 Discuss three (3) ways in which revenue earned from taxation is utilized by the
Free Tax Taxation
TAXATION LAW & PRACTICE EXAM NOTES 2011 |PAGE INDEX | |Income |- Source |Page 3 | | |- Residency |Page 4 | | |- Dual Residents
Premium Income Taxation Tax
BD103 Microeconomics TUTORIAL Questions on Market Structure Section A – Multiple Choice Q1 Which market model has the least number of firms? (a) Monopolistic competition (b) Perfect competition (c) Monopoly (d) Oligopoly Q2 Perfect competitive firms maximize: (a) Total profits by producing where price exceeds average total cost by the greatest amount (b) Per unit profits by producing where marginal revenue equals marginal cost (c) Total profits by producing where price equals marginal cost (why
Premium Perfect competition Monopoly Economics
School of Law LAW OF PROPERTY II EQUITY & TRUSTS Syllabus The nature of equity and the trust Express trusts o Certainty of intention‚ subject matter and objects o The beneficiary principle o The constitution of trusts o The duties of trustees and breach of trust Resulting trusts Quistclose trusts Constructive trusts Trusts of homes Personal liability to account Tracing Lecture - Course Documents 2009-10 1 Queen Mary University of London School of Law LAW OF PROPERTY
Premium Trust law Common law Trustee
LAW317 – Express Trusts Ways to create a trust 1) Declaration – where a title holder expresses his or hers intention to hold their property on trust for another. 2) Transfer - where title is transferred to a person with instructions that it be held on trust for another. - inter vivos occurs during the life of the person (referred to as a ‘settlement’). It may be for consideration or a gift. (NB: Equitable Assignment check list). - post mortem occurs after the death of the person (in
Premium Trust law
1. The assessability or otherwise to Jino and Anna of the annual bonuses paid by Darling Bank to them. Consideration of the proximity of services or employment relationship‚ the importance of the donor’s motive and the status of gratuitous payments are relevant in determining whether the bonuses received are assessable income. We can determine that the bonuses satisfactorily fulfil the requirement that for the bonuses to be assessable they must “come in”.(tenant v smith) Natural incidents of
Premium Taxation Bond Money
to the local go e e ts. GENERAL PRINCIPLES OF TAXATION Pepsi Cola v. Municipality of Tanauan: Legislati e powers may be delegated to local governments in respect of matters of local concern. This is sanctioned by immemorial practice. By necessary implication‚ the legislative power to create political corporations for purposes of local self-government carries with it the power to confer on such local governmental agencies the power to ta . A. Taxation a. Definition i. It is the power by which the
Premium Tax
assessable income (AI). Remuneration Package ANNUAL SALARY Emma’s annual salary of $150‚000 per annum is assessed based on s6-5(1) ITAA97‚ which states her AI includes income according to ordinary income (OI) concept. In Scott v Commissioner of Taxation (1935)‚ the court’s definition of income is reflective of what majority of public would consider income‚ such as salaries. Emma’s annual salary does constitute for OI and is thereby AI. However‚ since Emma has arranged for 10% of her salary to
Premium Employee benefit Employment compensation Wage
1. When interpreting legislation‚ the Courts use several approaches to aid their interpretation. Describe how the literal‚ golden and mischief rules of interpretation operate. 2. The skills to Interpreting legislation are crucial to legal problem solving. In order give the correct advice‚ you must first identify the issues‚ articulate an argument‚ reach a conclusion and give reasons for such a conclusion. You may wish to consider both sides of the argument‚ but do not waste effort formulating
Premium Aircraft hijacking Gambling
Trusts and Estates Medilin Spring 2006 Intro and Intestacy 1) Power to Transmit property at death- Dead hand Control a) Estate and gift taxes as method of restriction i) redistributes some wealth and attempts to break up accumulations of large wealth ii) gift tax prevents the use of inter vivos transfers to get around inheritance restrictions iii) spousal deduction- can give as much as want to spouse during life and at death iv) charitable deduction- also allowed to
Premium Inheritance