Assessment 1 of BLO2206 Taxation Law and Practice Topic:Distinguishing a hobby from a business‚ explaining how legislation and case laws determines whether an activity is a business or hobby. Further to make a comment on the impact of a determination by the ATO on whether a taxpayer’s activity is actually a business. Distinguishing a Business from a Hobby Activities are classified in terms of a business or a hobby and it is important that the two are separated. The difference
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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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Solutions for Questions and Problems – Chapter 1 25 SOLUTIONS FOR QUESTIONS AND PROBLEMS 26 Chapter 1 – The Individual Income Tax Return Solutions for Questions and Problems – Chapter 1 27 CHAPTER 1 THE INDIVIDUAL INCOME TAX RETURN Group 1 - Multiple Choice Questions 1. D (LO 1.1) 7. C (LO 1.5) 15. A (LO 1.8) 2. D (LO 1.2) 8. E (LO 1.6) 16. E $25‚000 = $275‚000 – 3. A (LO 1.3) 9. C (LO 1.6) ($285‚000 – $35‚000) (LO 1.8) 4. C (LO 1.3) 10. C (LO 1.6) 17. C $45‚000 = $48‚000 – $3‚000 5.
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WEEK 7 RESEARCH PROJECT (Set #1) ACCT 429 DeVry University IMPORTANT NOTE TO STUDENTS This assignment is being distributed solely for your use in completing the Week 7 project in DeVry University’s online Accounting 429 class. This assignment is an individual assignment‚ and you are to complete it without any outside assistance by any other student‚ individual‚ or outside materials‚ other than those specifically permitted by the problem. Any violations of these requirements will be addressed
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Changes in the Government policy What are the main tools that the government manage the economy? The government manage the economy by using the fiscal policy. The Fiscal policy involves the use of government spending‚ taxation and borrowing to affect the level and growth of collective demand‚ output and jobs. Another way the government manage economy is by using the monetary policy. This policy is designed to attempt to influence variables like the balance of payments‚ currency exchange rates‚
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regulated in the Discussion draft: The Taxation of Offshore Indirect Transfer- A Toolkit. The practice of Indirect Transfers of Immovable Assets (Land and Building) With Nominee Usage also needs to be addressed properly by the Directorate General of Taxes. Considering the magnitude of potential taxes arising from indirect transfers of immovable assets and the increasingly supportive global economic conditions of this practice‚ the Directorate General of Taxation needs to formulate a comprehensive policy
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Abraham Lincoln was Born on February 12‚ 1809 in Kentucky. Lincoln Died on April 15‚ 1865 at the age of 65 Lincoln’s Formal education was limited to 18 months of schooling. Prior to politics Lincoln was a lawyer Lincoln served as an Illinois state legislator‚ member of the House of Representatives and was an unsuccessful candidate for the Senate. Elected President in 1860; Lincoln served from 1861-1865 as the 16th President of the United States. Lincoln wanted to evoke a Spirit of reconciliation
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Prentice Hall’s Federal Taxation 2013 Corporations‚ 26e (Pope) Chapter C10 Special Partnership Issues 1) A partnership cannot recognize a gain or loss on a current distribution. Answer: FALSE Page Ref.: C:10-2 Objective: 1 2) If a partnership asset with a deferred precontribution gain is distributed within seven years of acquisition in a nonliquidating distribution to a partner who did not contribute the asset‚ the precontribution gain must be recognized by the contributing partner. Answer:
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Article: Tax simplification: The 2006 changes to UK pensions taxation Abstract: “This paper sets out the key changes‚ and reports on how the market is responding” Introduction This article discusses the changes made to UK pension’s taxation in 2006 and the implications of these changes. The article clearly identifies two categories in which the issues arising from the changes can be subdivided. Firstly‚ the Short-Term aspects of the changes‚ which force the market to react quickly because
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1.The Dumonts are in the early years of the accumulation of wealth stage of the financial life cycle. During this longest stage of the life cycle‚ the Dumonts will establish their lifestyle and build a foundation for the two later stages. This phase is characterized by: 1. The Dumonts are in the early years of the accumulation of wealth stage of the financial life cycle. During this longest stage of the life cycle‚ the Dumonts will establish their lifestyle and build a foundation for the two later
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