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Determine whether the following benefits are fringe benefits or exempt fringe benefits and, where applicable, the relevant category of the fringe benefits. Provide reasons for your answer:
a) Kerry is an employee of the university. She is provided with 10 gifts vouchers worth $50 each for use at the local supermarket as a Christmas gift. Advice Kerry and the University of the tax consequences of this transactions
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. Advice sorella and her employer of the tax consequence of the transactions.
c) Penny is employed as a secretary by law firm. As part of her remuneration package, the firm agree to provide her with legal services in relation to her divorce a 60% discount to its normal rates. The firm also purchase 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.
Estimated the refunds of those to be about $20,000 in total. Why do you think the IRS goes to the trouble to provide this free service when most lower income individuals receive a refund?
devons company has 24000 shares of 1 par common stock issued and outstanding. the company also has 2000 shares of 100
Evaluate the combined (state+ federal) income tax rate for XYZ company. Use this rate for evaluating after tax cash flows and evaluate the after tax cash flow for this investment. Make adjustment in the DDB depreciation charges if required in any y..
questionalex is a tax resident of australia. he is employed as a mechanic at fix-a-car pty ltd with a salary of 60000
A company has current assets of $500,000, net income of $10,000, current liabilities of 250,000 and equity of $250,000. What is the current ratio?
How much income must Dave report for tax year and what is character of the income and evaluate what is Dave's basis in his partnership interest at the end of tax year?
A staff tax accountant has come to you for advice. She has begun a tax return and does not know what to do with the expenses that the client has submitted as itemized deductions
matthew county issued a six month 6 percent 1000000 bond anticipation note on march 31 20x5 to give temporary financing
write a six to eight 6-8 page paper in which youresearch the manner in which tax-deductible losses originally became
Brief statement in your own words of the facts of the cases.
1 ethyl owns an undeveloped parcel of investment parcel of investment real estate blackacre with a value of 100000 and
Prepare the necessary journal entries for Evergreen for each of the above dates. For transactions involving the sale of merchandise, ignore the entry for the cost of goods sold
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