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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.
javier and anita sanchez purchased a home on january 1 year 1 for 500000 by paying 200000 down and borrowing the
Evaluate the cost of a 20-guest afternoon picnic and evaluate the cost of a 20-guest evening formal dinner.
Evaluate the NPV, and the Profitability Index(PI) for this project. Should this project be undertaken?
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The Rowdy Fun is a limited partnership and was formed on June 1, 2005, by Thomas Kyle, its general partner, and two other limited partners when they each contributed an equal amount of cash to start the new enterprise.
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Prepare a response words documenting how, as a tax analyst, you see this program, and note any tax implications related to the program.
Give the journal entries made by Sara Lee to record the 2009 income tax expense (net) of $224. Remember to assign the expense and benefit between current and deferred.
Suppose Leland manufacturing is able to rent all idle capacity for $25,000 per month. Should Leland purchase from Scott Supply?
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