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Michel Theroux purchased a property in England on 1 August 1988 for £40,000 and lived in it until 31 May 1990 when he moved overseas to take up an offer of employment. He returned to the UK on 1 August 1993 and took employment in Scotland until 31 October 1998. During these periods he lived in rented accommodation. On 1 November 1998 he moved back into his own house until he moved out permanently on 30 June 2002. The house was then put up for sale and was finally sold on 30 November 2011 for £120,000. At all times when Michel was not in the house it remained empty.
Required:
Required:Calculate Michel's chargeable gains or allowable losses on these transactions.
A plant asset costing $20,000 was sold for its book value of $8,000. And additional plant asset was purchased for $60,000.
If the company requires a two-year payback period for its investment, would it undertake this project? Show your supporting calculations clearly.
Rick, whose wife died in December 2011, filed a joint tax return for 2011. He did not remarry, but has continued to maintain his home in which his two dependent children live. What is Rick's filing status for 2012?
Calculate Johnsons expense deduction using the 2011 Form 2106 (Employee Business Expenses) based on actual automobile expenses and other employee business expenses.
You and two friends drive your car to Texas for spring break. A third friend asks if you can drop her off in Oklahoma. How would you allocate the cost of the trip among the four of you?
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What did the FASB conclude in regard to interperiod income tax allocation?
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.
Consider the following statement: "A taxpayer should not have to report income when debt is forgiven because the taxpayer receives nothing." Do you agree or disagree? Explain.
A new operating system for an existing machine is expected to cost $260,000 and have a useful life of four years. The system yields an incremental after-tax income of $75,000 each year after deducting its straight-line depreciation.
Corporate Tax questions
Compare and contrast for and from AGI deductions. Why are for AGI deductions likely more valuable to taxpayers than from AGI deductions?
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