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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.
Evaluate Janice Morgans Federal income tax payable
What is Kelly's deductible theft loss in the current year and what is Kelly's deductible theft loss in the current year if the theft is not discovered, until January of the following year?
Determine the marginal tax rate and the effective tax rate for each of the C corporations and describe why marginal tax rate for a C corporation can exceed 35%, but effective tax rate cannot.
Discuss- A tax on cigarettes is a good way of raising tax revenue for the government
Evaluate the project's NPV? Note that a project's expected NPV will be negative, in which case it will be rejected.
Calculate the capital gain under the indexation method and calculate the capital gain under the 50% discount method.
Cara Siler, Janna Funk, and Valerie Cloward each own one-third of the common stock of Blue Catering Services Inc. (BCS). BCS was incorporated on February 4, 2008.
Create a memo to Texaco Inc's chief accountant showing the appropriate income tax allocation required for the above items, adding the appropriate balance sheet presentation
Compute dan and Cheryl's income tax liability for 2011. Disregard the alternative minimun tax.
Prepare a form 1065 for ABC Partnership, including the Schedule K-1 for the partners and all other required schedules - information is missing make reasonable assumptions and attach a listing of those assumptions
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
Purpose the journal entries for the years 2012-2014 to record income taxes payable refundable, income tax expense benefit, and the tax effects of the loss carryforward and carryback.
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