Access Taxation Answers to Make It Less Taxing : Page - 3

Overview of Lance Hallam's SituationLance Hallam has come to you for assistance in preparing his 2020 Tax Returns.  He has also requested that once you prepare his tax return that you assist him in tax planning using all the information you learned in your UCLA Tax class. Please use the following information to prepare his tax return and draft a  3 – 4 page letter to him outlining your observations with respect to his tax retur...

PurposeIndividual Tax Return Problem  Purpose:  The purpose of this is not merely to learn how to fill-in  forms but to enable you to meet the following goals:  i. Calculate individual income tax. ii. Identify and calculate business deductions and losses. iii. Apply the elements of taxation of property transactions, including basis, cost recovery, gains and losses and non-recognition transactions. In order to successfu...

Why is income-shifting considered such a major tax planning concept? 35. Jim files his return one month after the due date and pays the remaining $8,000 of tax owed by him. What are his delinquency penalties? 37. Olivia is being audited by the IRS. The revenue agent determines that certain expenses that were deducted on her return are not valid, and he accordingly makes adjustments to her tax liability. Upon receipt of her 30-day letter, she phon...

Question 1Appraise the Singapore income tax implications for the MPL Group in light of the above ten (10) transactions. Where applicable, propose to the BOD how to achieve income tax saving opportunities, taking into consideration all the latest income tax changes including the proposed income tax changes as announced by the Minister for Finance in Budget 2021 on 16 February 2021.  (a) Examine the taxing rights of Country P and ...

Overview of the Reorganization PlanPartsPlus operates an auto parts distributorship. InvestCorp owns 80 percent of the stock of a holding company (HC). HC owns 80 percent of the stock of ten subsidiaries, Sub 1 through Sub 10. Sub 1 through Sub 10 each separately operate a full service gas station. Pursuant to a plan of reorganization, PartsPlus merges into InvestCorp and the PartsPlus shareholders receive solely InvestCorp stock. As part of the...

InstructionsOVERVIEW For this assignment, you will be submitting a tax research memo regarding the scenario detailed below. INSTRUCTIONS The memo should be submitted in the form of a Microsoft Word document, using only the template provided, and labeled as follows: lastname_memoTax Court.doc. Please note the following specifically for this assignment: - The Relevant Facts - Specific Issues - and Conclusions sections of the memo should be thoroug...

Instructions For this assignment, you will be submitting a tax research memo regarding the scenario detailed below. The purpose of this assignment is for you to research the proper method for calculating deferred tax assets and liabilities. INSTRUCTIONS The memo should be submitted in the form of a Microsoft Word document, using only the template provided, and labeled as follows: lastname_memo codification.doc. The Relevant Facts, Specific ...

Effects on Tax Planning Strategies For this assignment, you will be submitting an essay on the effect the adoption of IFRS has had, and will continue to have, on tax planning strategy. While reporting under IFRS will not be required until 2015 or 2016, we are already beginning to see changes in the tax industry, particularly when considering planning for the future. The purpose of this assignment is for you to consider how and to what exten...

Course Code   :  ACC 404

Course Title   :  advanced taxation

Ref style  :  APA

4/5 

What is a buy-sell agreement?Task:   The student must read the Revenue Ruling carefully and may need to look up unfamiliar terms or concepts. Additionally, reading the cases cited within the ruling and other authorities or editorial material before writing the essay is beneficial.   The IRS analyzed seven (7) independent situations related to Buy-Sell agreements.  The essay should address the fol...

Question: Task: In response to the issues raised in the case study provided, research and develop a tax advice that addresses (a) assessable income (b) allowable deductions (c) tax calculations and (d) your conclusions and recommendations. Task Instructions Your case study needs to identify and discuss the tax implications of the various issues raised. Critically analyse the following case study. With respect to each task: Rev...

Case #1 – Individual Tax Return (5 marks) Mr. Chan is employed by a large public corporation and for 2020 his salary was $_60,000_______.  He was a member of the company’s pension plan and his contributions were matched by his employer. He contributed $800.84 to the plan and the amount shown on his T4 slip along with an entry of $1,601.68 in box 52 representing his pension adjustment.  Union dues were deduc...

Course Code   :  BULAW 3731

Course Title   :  income taxation law and practice

Ref style  :  Open

4/5 

Question 1Sandra is a cosmetic surgeon. She migrated from Edinburgh, Scotland to Brighton, Australia on 1 February 2019 to work at ‘Fabulous Faces’, a surgery specialising in facial cosmetic surgery. Between 1 July 2018 and 30 June 2019, Sandra received the following amounts:  Salary of $80,000 from Edinburgh Royal Hospital for surgical work completed up to 31 December 2018.  Fully ...

Developing Your IdeasWriting requirements:?Develop your points ina clear, logical and succinct manner. ?Be mindful of the target audience/reader. Use language appropriate to the reader’s expected level of knowledge. ?Free from grammatical and typographical errors.?Provide in-text citations when referencing (use APA referencing guidelines).?Include less relevant details as an appendix if necessary.?Good overall presentation of the report. ...

Question 1: Sales of Personal PropertyQUESTION 1: SALES OF PERSONAL PROPERTYAna is a recently qualified accountant who is saving up for a deposit for a house. She decides that the best way for her to accumulate the money for the deposit quickly is to invest in the stock market.As she is still living with her parents, she can afford to invest $1000 a month, and, because she has finished her studies, can dedicate two hours a day to investigating a...

Applying relevant exemptions and deduction rulesRequired:(a)Applythe relevant exemptions and deduction rules and constructthe tax computation for the Year of Assessment (“YA”) 2020 to calculatethetax payable for HBPL, if any.Where there is no tax payable, please show clearly the unabsorbed loss item from the respective category.Every item of income and expense given must be accounted for in the tax computation.Where no adjustment is ...