Access Taxation Answers to Make It Less Taxing : Page - 5

Course Code   :  IAF 420

Course Title   :  tax law

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Question 1 The following assets are to be transferred under section 85 for consideration including common shares plus boot as indicated below:FMVACBUCCBoot receivedLand75,00060,000-70,000Equipment50,00065,00040,00045,000For each of the assets transferred, specify the elected amount and related tax consequences.Question 2–10 marks The following transactions pertain to independent Canadian-controlled private corporations and their  share...

Course Code   :  AF5213

Course Title   :  Corporate Taxation and Tax Planning

Ref style  :  Harvard

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Operations in Mainland ChinaCase Study: Rose Ltd Rose Ltd (RL) is incorporated in Hong Kong and has been carrying on a business of distribution of fruits, flowers and plants in Hong Kong for many years. It sources products from its wholly owned subsidiary, Dorathy Ltd (DL), which is also incorporated and based in Hong Kong. The ultimate suppliers of DL are located in Europe. DL’s three procurement managers go to Europe at least once eve...

Background InformationTopic -  Tax planning and anti-avoidanceFactsTroy  is  a  qualified  radiologist  who  operates  a  successful  radiology  practice  from  purpose- built rooms attached to his house. Troy works in the practice three days a week, and the other two days he is contracted to provide radiology services to several rest homes in his region. Troy  travels  t...

Information to Use for the Tax Return Case StudyCOMPREHENSIVE CASE STUDY - 2020 You are required to prepare personal income tax returns using a tax software as part of the evaluation components for this course. The case study covers all the rules learned in this course. The facts you must use are given below. The completed tax returns must be submitted a few weeks before the end of the course no later than the date indicated on the Course Schedu...

Personal InformationCase Study: Comprehensive Individual Tax Return Michael Zack, a resident taxpayer aged 49, runs a sole trading business selling coffee machines. His business is registered for GST. He also works on a casual basis as a sales person on weekends at Myer. He has a rental property in Gold Coast, Brisbane. Michael is taking care of his wife Susan Zack, who has lost one of her legs 2 years ago as a result of a car accident. Micha...

Interview InformationDevelop a 2019 individual tax return (with all required forms and supporting schedules) for Don and Megan Draper that is both professional in appearance and technically correct. You can access fill-in forms (in pdf format) on the IRS website (www.irs.gov) by clicking on “List All Current Forms & Instructions” on the right side of the homepage in the “Forms and Instructions” section.  Next, ...

How to Calculate Adjusted Gross Income1.Your W-2 form reports that your total wages were $35,539 for 2018.  Your W-2 form also reports that $4,053 was withheld from your wages for federal income tax.  You receive a 1099-INT from your bank that indicated interest earned of $281.  You are single, under the age of 65, not blind and not claimed by any other person as a dependent. How much is your adjusted gross income? 2.Your W-2 f...

Question 1: Deduction for Interest Expense on an Educational LoanTask: 1)This year. Jong paid $3000 of interest on a qualified education loan. Jong files married filing jointly and reports modified AGI of $152,000. What is Jong’s deduction for interest expense on an educational loan?a)$2500 (b)$3000 (c)$1500(d)$1000(e)none of the choice are correct.2)Han is a self-employed carpenter and his wife. Christine. Works full time as grade school...

Question: Learning outcomes Outcomes Assessed: All  This assessment covers the following learning outcomes from the module. Students are required to submit their assignments through Turnitin on Canvas then to JIRA. Only assessments submitted through JIRA and Canvas will be marked. Assignment Brief: Please note that this is an individual assignment and the policy of the University on “Policy on Cheating, Collusion and Plagiarism&...

Part I: Budget-related Research and Discretionary Funding AnalysisYou just got a job working as a budget-research analyst for an online news outfit and your boss wants to highlight a federal program that is funded with annual discretionary appropriations. She identified several items for you to track down and analyze, as well as to write a 1-page memo for the following items, including the relevant information that you learned. The Congress...

Calculating Business Income for Tax PurposesMr. Duncan has asked you to calculate the company’s income from a business for tax purposes for the year ended June 30.Question 2 Donna is married to Don and they have two children, Danielle, age 25, and Susan, age 15. Donna earns $250,000 annually while Don earns $100,000. Danielle works full time and earns $30,000 annually while Susan is still in high school and doesn’t have any income. D...

Section 1 - Multiple Choice Questions1.Which of the following is a taxable benefit? a.A cash Christmas gift to an employee from the employer valued at $450. b.Payment of the tuition for an employee completing a degree that will benefit the employer. c.A 20% discount on the employer’s merchandise, available to all employees. d.Subsidized meals offered to all employees of the company assuming the price is approximately equal to the c...

Course Code   :  TX 600

Course Title   :  professional tax practice

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Background InformationYou are retained by the law firm of D, E & F, PC (hereinafter referred to as the PC) to represent it and its shareholders in connection with a civil examination being conducted by the Internal Revenue Service. The PC is a professional corporation engaged in the general practice of law.  D, E and F are equal shareholders in the PC and are also its principal officers and directors.  The PC files a calendar ye...

Course Code   :  ACCT 3221

Course Title   :  Taxation

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Mr. David Hill's Minimum Net Employment Income CalculationMr. David Hill has been employed for many years as an accountant in Victoria, British Columbia. His employer is a large publicly traded Canadian company. During 2017, Mr. David Hill’s gross salary was $90,000. In addition, he was awarded a $30,000 bonus to reflect his exceptional performance in 2017. Mr. David Hill arranged with his employer that none of this bonus would be paid unt...

Course Code   :  ACC 757

Course Title   :  Taxes & Business Strategy

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Types of Legal Entities and their Advantages and DisadvantagesMr. John a simple Professor of Practice at University has a life long dream of owning a winery.  He has studied the soils and topography of both New York State and California.  It is obvious that California wine and grapes are superior to those of New York; however, there are certain grapes that are able to be grown in New York such as Riesling and Marquette that do well and...