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Salmon, Inc., a private foundation, has existed for 8 years. During this period, Salmon has been unable to satisfy the requirements for classification as a private operating foundation. At the end of 2013, it had undistributed income of $350,000. Of this amount, $185,000 was distributed in 2014, and $165,000 was dis- tributed during the first quarter of 2015. The IRS mailed a deficiency notice to Salmon on August 1, 2016.
a. Calculate the initial tax for 2013, 2014, and 2015.
b. Calculate the additional tax for 2016.
Jones has an interest in history, particularly commercial history. In 2005 he purchased 500 old share certificates from an acquaintance who practised in the area of insolvency and liquidation.
Calculate the taxable income of Durban Dry Distillers Ltd for the year of assessment ended 31 December 2009. Your calculation should start with profit before tax amounting to R5 million.
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Explain using examples and relevant sections of the act, what the differences between Ordinary Income and Statutory income are. Use your own examples (not from MTG or Barkoczy text).
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Shirley is an actress. She has had various roles in Australian movies as well as guest appearances on many TV serials. During the current year, the following events occurred:
demonstrate graphically the cost of income taxation of 30 to consumers and producers for an income of 27908? how does
Advise George in each of the above situations as to his tax liabilities. Also advise him as to whether his receipts are income or capital on general principles.
Students should be able to identify and apply legislation and case law to the issues identified as well as demonstrates the ability to analyses the issues fully and discusses the application of taxation principles.
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