Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
TAXN201 Introduction to Taxation Assignment - Victoria University of Wellington, New Zealand
Question - May's hobby is sewing. In 2019, May decided to make her 8-year old son a Superman costume for Halloween. The costume was so good that the following year (2020) her son's friends all asked May to make their costumes as well. As this was a lot of work, May charged her son's friends $80 for each costume, which only just covered the cost of the materials with a little extra for her time. In this year (2020) she made 8 costumes. The following year (2021), her reputation had grown and her son's school asked if she would make the costumes for the school annual theatre production. There were 25 costumes and the school agreed to pay May $180 for each costume. As this was a good return for May's time, she reduced the hours that she was working at the local supermarket in order to be able to make the costumes.
Required -
1. Explain to May if the money received from making the costumes would constitute income under ordinary concepts in either 2020 or 2021.
2. Explain to May if the money received from making costumes would constitute income from carrying on a business in either 2020 or 2021.
Determine taxable income before considering expense.
Prepare a tax research memo to the file that addresses the issues you feel are most relevant to Mimi's various issures.
Explain what is meant by income by ordinary concepts
Identify the tax issues that are raised and the relevant sections of the legislation. Identify any cases and other sources of law or information that apply.
Calculate Carolines taxable income
Show the tax issues that are raised and the relevant sections of the legislation.
Brief statement in your own words of the facts of the cases.
Prepare the C Regular Corporation Tax Return for the Lawson And Norman Enterprise
Advise the participants in the ‘barter' system of the income tax implications, if any, of participating in the system.
Discuss- A tax on cigarettes is a good way of raising tax revenue for the government
Prepare the required journal entry to record the tax expense
Calculate Barb's taxable income? What nonrefundable credit is Barb eligible for based on the information you have?
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd