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Determine whether the following benefits are fringe benefits or exempt fringe benefits and, where applicable, the relevant category of the fringe benefits. Provide reasons for your answer:
a) Kerry is an employee of the university. She is provided with 10 gifts vouchers worth $50 each for use at the local supermarket as a Christmas gift. Advice Kerry and the University of the tax consequences of this transactions
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. Advice sorella and her employer of the tax consequence of the transactions.
c) Penny is employed as a secretary by law firm. As part of her remuneration package, the firm agree to provide her with legal services in relation to her divorce a 60% discount to its normal rates. The firm also purchase 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.
Taxable income includes a deduction for $40,000 of depreciation that exceeds the depreciation allowed for E&P purposes.Assume a 34% corporate tax rate. What is Water's current E&P for this year?
Compute the taxable income for 2012 for Aiden on the basis of the following information.
Norm is negotiating the sale of a tract of his land to Pat. Use the following classification scheme to classify each of the items contained in the proposed sales contract:
Discuss briefly the accounting irregularities found in ENRON and HIH's corporate collapse. Also discuss, the role auditors played and how they could have helped to avoid these collapses.
question 1 determine whether the following benefits are fringe benefits or exempt fringe benefits and where applicable
Existing internal control system over cash admission fees.
How much total combined income tax do Black and George pay in the current year and how much is Sparrow's tax liability for 2011 and How much qualifies for the charitable contribution deduction
1. on 1st january xyz a us company purchased inventory from a japanese supplier for yen100000000 with payment to be
Prepare the C (Regular) Corporation Tax Return for the Lawson And Norman Enterprises, Inc. for the tax year of 2012.
Discuss- A tax on cigarettes is a good way of raising tax revenue for the government
Compute Kit Inc.'s general rate income pool (GRIP) account balance as of December 31, 2011.
john e. owens and sally a. owens each age 42 married on 7th september 2011. sally and john can file a joint return for
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