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Question 1-
Determine whether the following benefits are fringe benefits or exempt fringe benefits and, where applicable, the relevant category of fringe benefit. Provide reasons for your answer: a) Kerry is an employee of the university. She is provided with 10 gift vouchers worth $50 each for use at the local supermarket as a Christmas gift. Advise Kerry and the University of the Tax Consequences of this transaction. b) Sorella borrowed $10,000 from her employer on 4 September 2011 as her home was damaged in a freak storm. The loan was provided at no interest. On 15 January 2012, her employer informed Sorella that she was only required to repay half the loan. Advise Sorella and her employer of the Tax Consequences of this transaction. c) Penny is employed as a secretary by a law firm. As part of her remuneration package, the firm agrees to provide her with legal services in relation to her divorce at a 60% discount to its normal rates. The firm also purchases a plasma TV set for $5,500 (inclusive of GST), which it gives to Penny. Explain how the taxable value of these fringe benefits will be calculated. Question 2- Peter sold an investment property in Sydney and the transaction was settled on 30 June 2012 for $800,000. He incurred legal fees of $1,100 and a real estate agent's commission of $9,900 in relation to the sale. Peter purchased the investment property in March 1987 for $100,000. He paid $2,000 in stamp duty on the transfer and incurred legal fees of $1,000 in relation to the purchase. a) Calculate the capital gain under the indexation method.b) Calculate the capital gain under the 50% discount method.c) Which method should be used in this case?
a. clarify the role of the generations skipping transfer tax.b. in each of the independent situations below evaluate
Duck Corporation is a calendar year taxpayer formed in 2005. Duck's E & P for each of the past 5 years is listed below.
What is the firms total cost based upon the EOQ calculated above and how many units of safety should the firm hold and what is the firm's re-order point for the item on inventory being evaluated?
At the end of 2013, the temporary difference is $70 million. Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2013 is $180 million and the tax rate is 40%.
Presumptive tax is one way of enforcing compliance with the tax requirements. You are required to define presumptive tax and give examples of situations where presumptive tax is applied
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..
part a explain why the payment to the taxpayer in fct v dixon 1952 86 clr 540 was assessable income but the payment in
questionellen brite and johnnbsp are married and file a joint return. they have no dependents. john owns an
Evaluate price and quantity variances for nursing costs and evaluate spending and efficiency variances for supplies and other variable overheads.
Which of these options has the higher net present value of after-tax cash flow? Show your calculations. Use a discount rate of 3%.
Advise Periwinkle of its FBT consequences arising out of the above information, including calculation of any FBT liability, for the year ending 31 March 2014. You may assume that Periwinkle would be entitled to input tax credits in relation to any..
xyz company is allowing for purchasing an asset for 100000 that has a 5 year useful life and a 20000 salvage value.
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