Income: from whatever sources derived Sec. 702(a)(8)- owners of partner and S corp – items subject to ord income treatment are lumped ‘S’-Corporation vs. Sole Proprietorships comparison: Note: 1 GI‚ Prop G/L‚ Prop Non-Recog‚ Sale and called 702 Income or loss. Recognized even if no cash is distributed. Accordingly‚ generally not (a) BOTH have single taxation; ‘S’ over Prop-(b)Liability shield except for personal profession of Business & Capital
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TAX AVOIDANCE -By Ramesh Badhri Narayan(12741880) Vijayakumar Muniyandi (12741572) Punjabi Nikhil Prakash (12744129) LIM QI CHONG (12782025) Koundompalayam Jagannathan Meignanam(12742198) 1.0 Tax Avoidance:- An Arrangement where the intention is to avoid or defer tax obligations. Various means of approach- from mass marketed (advertised to general public) to specialist financial arrangements offered directly to investors. Certain Schemes can be camouflaged as legal financial
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Distribution of Income • The fifth macroeconomical goals to ensure that income distribution is equitable. Equitable means fair‚ but fairness is an elusive concept and it means different things to different people. • A more equitable distribution may help to accelerate growth and promote human and economic development in many ways: • The propensity to consume of the poor is higher than that of the rich so redistribution will increase aggregate demand especially for basic goods and services.
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Income Effect The equilibrium of the consumer is obtained on the basis of the assumption that the income level of the consumer remains constant and prices of the two commodities also remain constant. When income of the consumer changes or when any price level changes the equilibrium position will be affected. When income increases‚ prices of the commodities remaining the same‚ the budget line shifts parallel to the right. This happens because there is a change in the intercept part of the equation
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2010/2011 financial years of $2‚350 and $1‚250 respectively‚ and also received income from other sources in those years ($45‚000 and $23‚000 respectively). Issues: Jack is seeking advice in regards to capital gains exemptions and reliefs that can be attributed to the sale of the property. Jack is also seeking advice in reference to offsetting his losses from his cattle farming enterprise against other assessable income that he earned in the 2010/2011 financial year. The issue of capital gains
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TAX LEG: ITAA1936 [eg. S6(1)]‚ ITAA1997 [eg. S6-5]‚ FBTAA 1986‚ GST Act 1999. Topic 2 – Jurisdiction to Tax taxable payable Tax Payable (s4-10 ITAA1997)= (Taxable income * Tax Rate) – Tax Offsets (Tax/Financial Year = I July – 30 June) – Income tax payable on a year-by-year basis s3-5 ITAA97. Taxable income (s 4-15 ITAA) = Assessable Income less Deductions Assessable Income (s6-1) = Ordinary income (s6-5) and Statutory income (s6-10) but not Exempt income (s6-15). Assessable income includes
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September 7‚ 2007‚ officers observed Fred Wade talking on his cell phone in a Boston‚ Massachusetts parking lot. Shortly after Wade got into a car being driven by Brima Wurie. Wurie then pulled out of the parking lot‚ went 150 yards down the road‚ made a U-Turn and continued to pull back into the parking lot they had just left from. Police believing they just witnessed a drug bust confronted Wade and found cocaine. Other officers arrested Wurie. When Wurie arrived at the police station‚ his cell phone
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INTRODUCTION Gone are the days when “buyer beware” was the trend. The sellers used to dictate their terms as the competition was less. But after the Liberalization‚ Globalizations and Privatization in 1991‚ more companies entered into India. This changed the situation form “Buyer’s beware” to “Sellers beware”. It became more difficult for the companies to sustain in the cut throat competition. They had to shift their focus from product centric to customer centric. Companies had to think smart instead
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dep & tax) Expense Deductible N.D Charge to P/L Nothing Add Not charged Minus Nothing Revenue Taxable N.T Credited to P/L Nothing Minus Not credited Add Nothing Add: 10(1)(a) income not credited to P/L Expense charged for Non 10(1)(a) Less: Non 10(1)(a) income credited to P/L 2. Adjust Profit (s10(1)(a)) • Less: Further Deductions‚ Capital Allowances Add: Non 10(1)(a) income 3. Statutory Income • Less: Trade Loss‚ Approved Donation 4. Assessable Income • Less:
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If you do not think the rules/laws are adequate‚ try and come up with some more safeguards. Question #4 - 300 words · Research sales tax laws in Michigan‚ Texas‚ Ohio‚ New Jersey and California. · Discuss what the sales tax rules are in these states. · Describe which states Ellen will have to pay sales tax. · Talk about the percentages/amounts and any other rules/laws she must follow. · Feel free to give ideas on how to track sales from
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