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Question
Determine whether the following benefits are fringe benefits or exempt fringe benefits and, where applicable, the relevant category of fringe benefit. Provide reasons for your answer:
a) Kerry is an employee of the university. She is provided with 10 gift vouchers worth $50 each for use at the local supermarket as a Christmas gift. Advise Kerry and the University of the Tax Consequences of this transaction.
b) Sorella borrowed $10,000 from her employer on 4 September 2011 as her home was damaged in a freak storm. The loan was provided at no interest. On 15 January 2012, her employer informed Sorella that she was only required to repay half the loan. Advise Sorella and her employer of the Tax Consequences of this transaction.
c) Penny is employed as a secretary by a law firm. As part of her remuneration package, the firm agrees to provide her with legal services in relation to her divorce at a 60% discount to its normal rates. The firm also purchases a plasma TV set for $5,500 (inclusive of GST), which it gives to Penny. Explain how the taxable value of these fringe benefits will be calculated.
Evaluate what amount of dividends must the company pay the preferred shareholders in 2009 if they wish to pay the common stockholders a dividend?
Tax Project - Past tax season and two sets of colorful clients have come in with tax problems seeking your advice
The taxpayer was employed as a clerk by Macdonald, Hamilton & Co [MH], a firm of shipping agents. His annual salary was around 250 pounds. On 22nd December 1939 Macdonald, Hamilton & Co
Show whether this tax planning strategy is advisable for Donna Noble. Find what are two other strategies that she could also consider?
Advise the directors as to the Hong Kong profits tax implications in relation to the taxability of profits of the Korean Company, as well as the profits accruing to the Hong Kong entity involved.
Evaluate how much gross profit is expected to be earned on these jobs in 2013 under the cost recovery method, and how much could be earned if MB instead used the installment sales method. Ignore interest.
Advise whether Juan has to pay Australian Tax on any of his salary and in your answer, refer to case law and legislation when necessary to support your answer.
Chevron began an action to sue Fine Furniture for damages of $700,000, being compensation for the increased cost of having to buy its furniture elsewhere. The action by Chevron was discontinued when Fine Furniture paid to Chevron $400,000 to settle t..
What is the basis in the like-kind property received and what is the basis in the not like-kind property received
Why is this case particularly important to Tennessee taxpayers? When was the decision rendered? Is this case still reliable with respect to similar issues and facts? Why is this case particularly important to Tennessee taxpayers?
Find how much income is each beneficiary entitled to receive - evaluate what is the trust's DNI and determine what is the trust's taxable income?
Advise Sam on the legal issues arising in relation to the contract between Sam and Giant Copper Ltd, and the television interview. Discuss any points the other parties may counter argue.
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