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Question 1 Mrs A, a single mum with two children, would like you to assist her to prepare her tax return for the 30 June 2021 tax year.She has presented you with the following list of items.Payment summary from Company B - 95671Payment Summary for casual work from Company C - 47305Payment for attending a casual work conference - 5836Reimbursement for expenses at the casual work conference - 2000State lottery winnings - 1000Net capital gain on shares sold during the year - 7964Dividends received - 5058Compensation for loss of wages due to an injury at her casual job - 1000Interest from a bank term deposit - 1000Money from selling eggs that her chickens laid to her friends - 500General work deductions - 10000Deductions that are not allowed for tax purposes - 5000She had private insurance from 1 January 2021 and a HELP debt of $20,000.Requirement: Please calculate her taxable income and tax payable. Please show all workings
Questions 2 If Mrs A worked at a jewellery store and her employer gave her a sales bonus of a diamond ring valued at $10,000 how would you treat this for taxation purposes? Briefly explain making reference to any relevant case law in a half page report in the space provided.
Calculate Johnsons expense deduction using the 2011 Form 2106 (Employee Business Expenses) based on actual automobile expenses and other employee business expenses.
Determine the partners capital accounts at the end of years four and five. Remember that a general partner will usually bear the whole economic risk
Lee is 30 years old and single. Lee paid all the costs of maintaining his house- hold for the entire year. Determine Lee's filing status in each of the following alternative situations:
During 2015, Kingfisher made estimated tax payments of $43,750 each quarter to the IRS. Prepare a Form 1120 for Kingfisher for tax year 2015.
Firm A had a 15% marginal tax rate, and firm Z has a 28% marginal tax rate. Firm A owns a controlling interest in firm Z. The owners of Firm A decide to incur a $9500 deductible expense that will benefit both firms. Compute the after tax cost of t..
Compute the tax payable of Fresh Fruit Sdn Bhd for the YA 2020, showing all the relevant adjustments including the capital allowance calculations and ‘Nil'
HI6028 Taxation Theory, Practice & Law - Advise Rapid-Heat of its FBT consequences arising out of the above information, including calculation of any FBT
In a deferred like exchange situation, who is a person that facilitates the transaction between the parties that would like to exchange properties?
What was the property tax levy in 2015? What is the maximum property tax levy that would be allowed in 2016? What is the market value of taxable property in 2016?
On the basis of the information, calculate Joseph's maximum tax payable in relation to his superannuation lump sum benefit
religious publications inc. was established by various religious organizations to print religious materials for the
Taxpayer receives stock as a gift from his nephew. The adjusted basis of the stock is $10,000 and the fair market value is $30,000. Taxpayer trades the stock for bonds with a fair market value of $25,000 and $5,000 cash. What is his recognized gai..
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