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Seminar question. Griffith 3106 AFE Revenue Law: Theory and Policy in Action. Look for the yellow highlight to complete the answer.
3106AFE Revenue Law question seminar 9. ps: reading guide and ptt
Whether some or all $25,000 paid under the customer reward program is a capital nature for the purpose of s 8-1 of the income tax assessment act 1997. is it a revenue expenditure or capital expenditure and why?
Law of Debtors and Creditors - IRAC Josephine Jones, or Jo-Jo, has always loved cooking. As a kid, she insisted on cooking dinner for her brother, Tommy (who is 3 years older) even if she constantly made a mess. Tommy often ended up feeding the food to the dog, but he was proud of his sister for her nightly effort, and didn't have the heart to tell her that her food was over seasoned and frequently inedible. Shortly after her 17th birthday, Jo-Jo decided she was going to pursue her lifelong dream by opening a small restaurant. She found a great spot on a busy corner and went to Helpful Bank for a loan. With little to no experience, the bank was skeptical to loan her the money. She complained to her older brother who agreed to go with her to the bank. After much negotiating, and Tommy's promise to co-sign the loan as a surety, the bank agreed to lend Josephine $30,000 if she could get her parents (the Joneses) to sign a separate guarantee agreement as well. Elated, Josephine executed all the necessary paperwork. 10 months later, Jo-Jo is in trouble. Her restaurant received terrible reviews in the local paper and she has barely been able to break even. Tommy met a girl and moved to Ohio, where he is living, jobless, in her parents' trailer. He claims that he intends to raise Alpaca, once he can save up "a few bucks." When Jo-Jo fails to make her payment to Helpful Bank, they want to collect the money owed. Knowing that Jo-Jo's business is broke and her brother is insolvent, Helpful Bank decides to just go after the Joneses directly. Is this a proper move for Helpful Bank? Can they collect money from the Joneses? Please discuss the proper order for Helpful Bank to pursue collections. Please also discuss any defenses available to Jo-Jo, Tommy and the Joneses. An IRAC-based legal research essay with appropriate citations is appropriate for this assignment.
Go to Ch 2 problems in the textbook and find several research problems. Problem 68- 75 are your choices. Select one problem and write a short memo which is 200-300 words to the client. Make sure your memo is the correct length for full credit. Go to the www.irs.gov and search/type Internal Revenue Code. Go to the Table of Contents and then Leave IRS Site. This will redirect you to the Cornell Law University which is a great place to search. Double click on Subtitle A-Income Tax and research your problem. You can also stay in www.irs.gov and research. Spelling and grammar do count in your memo. After your memo, just briefly tell me where you found your information. J. C. has been a professional gambler for many years. He loves this line of work and believes the income is tax-free. Use an available tax research service to determine whether J. C.'s thinking is correct. Is the answer to this question found in the Internal Revenue Code? If not, what type of authority answers this question? Write a memo communicating the
I need this done asap Create a 700- to 1,050-word report that outlines a tax smart retirement income strategy for a hypothetical client or for yourself. List the client's tax relevant information, such as age, marital status, number of dependents, income and retirement savings level and any other pertinent information for tax planning. Evaluate strategies for this client to save for retirement; focus on 2-3 different options. Conclude and rationalize optimal retirement savings tax strategy for your client. Click the Assignment Files tab to submit your assignment as a Microsoft® Word document.
Value of HP as per rule 14 will be, if ? Book value : 50 lacs Sch. III : 40 lacs WDV : 30 lacs (a) 40 lacs (b) 36 lacs (c) 30 lacs (d) 50 lacs
I am needing direction on preparing a white paper for my advanced taxation graduate class. The attached outline is my guideline, but having difficulty coming up with 14 pages. I am trying to find four cases that are recent, relevant, and a mix of supportive and contradictory perspectives to incorporate with this paper and at a loss.
Lily is an UK university student who came to Australia for a working holiday on 1 February2016. She found an office job in Melbourne and has decided to stay for five months. Duringher stay in Australia she lives in cheap rental accommodation at a hostel. She had no familyin Australia, but has made friends at the hostel.She did not own a house in the UK. Her personal property was stored in the UK with hermother, who also looks after Lily's cat, Oliver. She has bought a second hand car inAustralia, as she likes to explore the Victorian countryside on the weekends. They also planto travel to New Zealand before she returns to the UK.REQUIRED:Advise Lily as to whether she is regarded as an Australian resident under the common lawor statutory tests for the year ended 30 June 2016.You should refer to relevant case law principles and legislation.
Trevor is 22 years old and was born in England. He had the following transactions: (1) On 1 April 2015 he moved to Australia to take up a 2 year appointment with an Australian bank after working for the English subsidiary of the bank for 3 years in London. He lives rentfree in a house owned by the bank. He has a bank account in England, however he openedup a bank account in Australia so that his salary can be deposited into the account. Being akeen footballer, he joined a local football club and plays in local competitions once a week.His salary from the bank totalled $130,000 for the year. He also earned $300 in interest fromhis English bank account. (5 mark) (2) On 1 May 2015, Trevor bought a large sculpture at a weekend market for $450 and spent$150 to transport it to his house. He put the sculpture in his garden since then until he sold itfor $2,000 in August 2015. [3 marks] (3) He has several lemon trees in his Australian garden. Due to an abundance of lemons, Trevorallowed his friends to enter the property and pick as many lemons from the trees as theywanted. His friends pay Trevor $0.20 per lemon picked from the trees. [4 marks] (4) Once a week his football team acknowledges its most valuable player of the game. Over theseason Trevor has been most valuable player on seven occasions. As a sponsor of the footballteam, Trevor's employer has donated the prizes to give to the most valuable player. To dateTrevor has received several bottles of wine and a large serving plate with his name, team andthe year painted on the back. [3 marks] (5) On 1 August 2012, before he came to Australia, Trevor purchased 10 hectares of land for $1min Sydney that was suitable for subdivision. At the time of the purchase, he intended to getapproval from the council to subdivide the land onto 50 blocks and then sell them for a profit.In the meantime Trevor leased the property for grazing horses. On 30 May 2015, the councilrejected his application to subdivide the land. Trevor sold the land for $3m without anysubdivision on 30 June 2015 with the purchase money to be paid on 1 January 2016. [5marks] Explain the income tax implications of the above transactions. You must cite relevant sections,case law and tax rulings in support of your answer.
Summarise the issues raised in the attached CAANZ submission on the Treasury Laws Amendment (Combatting Multinational Tax Avoidance) Bill 2017. Why is CAANZ including recommendations for ATO activities in their submission?
Mr. Omagwa has two offers for employment in two engineering firms. The details of the two offers are as follows FIRM A FIRM B KSHS KSHS Basic Salary per month 65,000 61,000 Benefits: Housing (market rate) per month 20,000 30,000 Car 2000cc (Cost) 600,000 600,000 Pension scheme, which is registered by Commissioner Domestic Taxes, and both employer and employee contribute 5% of the basic salary for pension scheme. Required What offer would you recommend to Mr. Omagwa? Explain reasons for your recommendation.
What are the rulings in the Manila Memorial Park vs. DSWD case? Please explain. The issue here is the validity of the 20-percent senior citizen discount and if the tax deduction scheme is an exercise of police power of the State.
3106AFE Revenue Law Seminar Number 4 Look for the yellow highlighting to complete the answer. Look for the yellow highlighting to complete the answer. ps: study guide and ppt
Go to Adolphson v. Comm (I attached the court case for you) and write about the court's line of reasoning for overturning this case.