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Question: Thomas and his wife Diana have operated their children's daycare for the last three years. They also own the daycare facility, a building, and the adjacent land on 1322 Glades Road. They have limited working capital but do not foresee the need to make additional capital improvements soon. Their total business assets are about $250,000 with a $120,000 mortgage on the building as their only liability. In recent years they have not kept exact records, but have been able to withdraw any unneeded assets at the end of the year, which totaled approximately $50,000 in cash in 2022.
In 2022 they reported a net income of $85,000. In addition, Thomas has used his personal car for business travel and has charged the business mileage at the appropriate mileage when he has traveled to Miami for continuing education credits, and Diana has traveled to New York once each year for a trip with girlfriends and to attend a conference on childhood development. Although Thomas and Diana have never been sued, they have started thinking about possible legal liability in recent months.
As a good friend of Thomas and Diana and a CPA, what is your opinion about incorporating the business going forward? List at least two reasons for or against incorporating, and any change the S-corp status would have on their taxable income from the company.
Fred, an executive of a British corporation specialising in management consultancy, comes to Australia to set up a branch of his company. Requirement: Discuss whether Fred is a resident of Australia for taxation purposes
Calculate the taxes payable, in terms of the Income Tax Act, by Ground Sample Ltd for the 2003 year of assessment based on the available information. Show all your workings, including your capital gains tax calculations.
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corporate income tax is an expense, not a distribution of the profits to the government - company should report changes in the deferred tax asset and liability accounts as footnotes in 10-k
Year Income (loss) Tax rate Income tax 2009 30,000 35% 10,500 first year of operations 2010 45,000 30% 13,500 2011 (60,000) 30%0 What is the income tax refund receivable?
She arranges with the company's bank to transfer an amount of $65,000 from the company account into a personal bank account held by her in her own name. She uses the funds to finalise some outstanding personal debts.
Create an appropriate retirement plan for Sam Tangy given all of the information in Part I and any additional information you wish to add.
Tax Concessions for Small Businesses in Australia - Communicate knowledge of the importance of income tax law within the practice of accounting to specialist
ACC 565- From the e-Activity, create a scenario using a fiscal tax year which allows a partnership to defer taxes that meet the requirements of Sections 706 and 444 of the IRC.
Prepare the note disclosure necessary to reconcile the beginning balance in the PBO and the ending balance in the PBO.
what should be the ratio of the cable tax to the satellite tax? Discuss briefly the assumptions behind your calculation and discuss the incentive effects associated with this EMTR schedule, regarding the decision to join the workforce and to increas..
Discuss whether Fred is a resident of Australia for taxation purposes and advise Angelina and Bradley on the capital gains tax consequences regarding the abovementioned transactions for the 2014/2015 income year.
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