Fringe benefits tax, Taxation

Mr and Mrs Adams and Mr Adam's mother, Louise, bought an investment property equally as joint owners in 1979 for $30000. Mr Adams died in 2005. Louise died in 2006. The property was eventually sold in 2008 at which time the property was solely owned by Mrs Adams and there are no buildings separate from the property. How should the cost base of the property be calculated? Note: The property was not valued by a registered buyer but by a real estate agent who is no longer in business.

An accounting business is conducted through a partnership where the partners are family trusts. An employee of the business uses his personal credit cards to pay substantial amount of partnership expenses. The credit cards accumulate frequent flyer points which are used by the employee and his family to pay for personal travel. The partnership claims the credit card commission as a business expense.  Is Fringe Benefits Tax (FBT) payable? Also, does the partnership claiming a tax deduction for the credit card commission affect the FBT treatment  of the frequent flyer points?

Posted Date: 2/28/2013 6:23:45 AM | Location : United States







Related Discussions:- Fringe benefits tax, Assignment Help, Ask Question on Fringe benefits tax, Get Answer, Expert's Help, Fringe benefits tax Discussions

Write discussion on Fringe benefits tax
Your posts are moderated
Related Questions
two years ago, corporation used its excess cash to purchase piece of land as an investment. Is this ordinary, capital or 1231 asset?

Suppose there is a negative externality associated with the production of aluminum due to the pollution it creates. Is the market quantity of aluminum efficient? Is there a deadwe

there is customer invoice booked with cst 2% (tru AFP) and now the customer says he wont provide c from.. so now we hv to charge extra 3% cst.. how to book this

Roberta Santos, age 41, is single and lives at 120 Sanborne Avenue, Springfield, IL 60781. Her Social Security number is 123-45-6789. Roberta has been divorced from her former husb


Q. Which are the allowances are exempted from the income tax? Ans: 1. Uniform Allowance and Sumptuary Allowance 2. Death cum Retirement gratuity received by Government

Carol is a successful physician who owns 100% of her incorporated medical practice. She and her husband, Jared, are considering the purchase of a commercial office building located

Stewie loaned a friend $12,500 to buy some stock 3 years ago. In the current year the debt became worthless. a. How much is Stewie's deduction for the bad debt for this year? (Assu

Thomas Crown expects to earn the following stream of annual income for the next four years:- $41,000; $45,000; $38,000 and $50,000. Although he has adopted the ‘Pay Yourself Firs

Erica is a citizen of a foreign country, and is employed by a foreign-based computer manufacturer. Erica's job is to provide technical assistance to customers who purchase the comp