Sta. Maria‚ Oel Angel BSBA – Marketing III February 15‚ 2014 Law in Income Taxation Mrs. Gosom Business Income Tax – A tax that governments impose on financial income generated by all entities within their jurisdiction. By law‚ businesses and individuals must file an income tax return every year to determine whether they owe any taxes or are eligible for a tax refund. Income tax is a key source of funds that the government uses to fund its activities and serve the public.
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VOLUME--CHAPTER 7--DEDUCTIONS AND LOSSES: CERTAIN BUSINESS EXPENSES AND LOSSES Student: ___________________________________________________________________________ 1. James is in the business of debt collection. He purchased a $20‚000 account receivable from Green Corporation for $15‚000. During the year‚ James collected $17‚000 in final settlement of the account. James can take a $2‚000 bad debt deduction in the current year. True False 2. If a business debt previously deducted as partially
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BMW coupe into his driveway‚ put the gear shift into park‚ set the parking brake‚ and got out to check his mailbox as he did every day when he returned home. As he‚ flipped through the deluge of catalogs and credit card offers‚ he noticed a letter from Enterprise Rent-A-Car. He wondered why Enterprise would be writing him. THE WRECK Then he remembered. Earlier that month‚ Kevin had been involved in a wreck. As he was driving to work one rainy morning‚ another car had been unable to stop on
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Retrieved from: http://books.google.com.ph/books Angelis‚ K. (2008‚ December). Home schooling: Are partnerships possible (Doctoral Dissertation). Retrieved from ProQuest Dissertations and Theses Database. (AAT 3307792).Lawrence‚ F. (2007). Home schooling: Status and bibliography. pp. 35-82. New York‚ Nova Science Publishers Incorporated. Retrieved from: http://books.google.com.ph/books Klicka‚ C. (2001). Home schooling: The right choice. Nashville‚ Tennessee‚ B&H Publishing Group. Retrieved from: http://books
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INCOME TAX NOTES Residential Status and Incidence of Tax According to Section 5 of the Income Tax Act the scope of total Income of an assessee depends on his residential status.On the basis of residential status assessee are classified under the following two categories: 1. Resident 2. Non-resident. As per as resident individuals and Hindu Undivided Families are concerned‚ they can be further divided into two categories: 1. Ordinarily Resident 2. Not ordinarily Resident. Residential
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come o National Income National Income is the sum of all the goods and services produced in a country‚ in a particular period of time. Normally this period consists of one year duration‚ as a year is neither too short nor long a period. Concept of National Income:- 1. Gross National Product (GNP):- GNP at market price is sum total of all the goods and services produced in a country during a year and net income from abroad. Net Factor Income from Abroad GNP at Market Price Gross
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Group Assignment On Computation of Income and Tax Liability of an Individual Subject-ACT 322 Section-2 Prepared For Professor Mahbubur Rahman (MbR) Prepared By Nymul Hasan Taseen (083 414 030) Sharafat Halim (091 0615 030) Abu Syed Arik Kibria (091 0622 030) Abdullah Mohammed Zoboer Abhi (092 0096 030 - From Section 1) Date of Submission – 21st April‚ 2012. Of all the direct taxes‚ Income Tax ranks foremost. By nature and heritage‚ many of us tend to be just “free riders”
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the assets have merely been transferred to a corporation that is controlled by the transferors. Section 351 also prevents the recognition of losses on transfers of property that has declined in value. Question 14-20 According to Publication 538: S Corporations‚ all Partnerships‚ Limited Liability Companies/Partnerships are required to use a calendar year. These pass-through entities can make an election to file on a fiscal year if they meet certain requirements. In almost cases‚ these entities
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currency‚ which in turn results in appreciation. Q.14) Looking at Figure 1-8 (page 11)‚ in what years would you have chosen to visit the Canadian Rockies rather than Washington‚ D.C.? ANS-Looking at the figure 1-8‚ I would have choose the period from November 2007 to January 2009 to go to Canadian Rockies instead of Washington D.C. CHAPTER-2 Q.10) if you are an employer‚ what kinds of moral hazard problems might you worry about with your employees? ANS- Being an employer if I had any employee
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INCOME TAX Introduction : The income tax is administrated Income Tax Ordinance‚ 1984 and the Income tax Rules‚ 1984 as well as notification made under the Ordinance. The charge of tax of a person depends on its resident ship. Total world Income of a resident is charged to tax in Bangladesh. Where as a non-resident’s Bangladesh income is only charged to tax in Bangladesh. There are seven heads of income. The are salary‚ interest on security‚ house property‚ agriculture‚ business and profession
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