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Sparrow Corporation is a calendar year taxpayer. At the beginning of the current year, Sparrow has accumulated E & P of $33,000. The corporation incurs a deficit in current E & P of $46,000 that accrues ratably throughout the year. On June 30, Sparrow distributes $20,000 to its sole shareholder, Libby. If Libby's stock has a basis of $4,000, how is she taxed on the distribution?
Presumptive tax is one way of enforcing compliance with the tax requirements. You are required to define presumptive tax and give examples of situations where presumptive tax is applied
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their taxable income for the current year excluding the loss from tornadao is $250,000. Evaluate the amount of Olaf and Anna's loss and the year in which they should take the loss
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Indicate with explanations, sections of the Acts and relevant caselaw how the Revenue and Expense items in the company's accounts are treated for tax purposes and calculate SEM Pty Ltd's taxable income for 2011/12.
Explain how the business should account for the $5,000 expenditure under the cash basis and the accrual basis.
Prepare Journal Entries to account for income taxes in Year 1 and Year 2.
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