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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.
Consider initial time interest is more than 1 and others are less than Want to understand if there is an increase, decrease, or no effect.
Evaluate Oriole Company's current income tax expense. Evaluate Oriole Company's deferred income tax expense or benefit.
Identify three areas to support the above statement and discuss how these areas would benefit a country in trade and commerce.
Advise Periwinkle of its FBT consequences arising out of the above information, including calculation of any FBT liability, for the year ending 31 March 2014.
Calculate of the S Corporation''s ordinary taxable income and list which items are separately stated for the S Corporation.
What are highest priorities to think when acquiring another company, business, or other organization?
In addition, include the tax benefits (savings) for the first year and the present value (use 5% discount rate) of the total tax benefits for the entire 5-year period. Discuss how the tax benefits and present value would change if a different method ..
at 31st december gill co. reported accounts receivable of 238000 and an allowance for uncollectible accounts of 600
the first chance casino has gambling facilities a bar a hotel and a restaurant. all employees are allowed to get food
title subject to the 200000 mortgage, and agreed to pay him 100000 with interest at 6 percent one year from the date of sale. How much is robert's recognized gain on the sale.
The interest rate on the debt is 6 percent and there are no taxes and Rolston Corporation is comparing two different capital structures, an all-equity plan (Plan I) and a levered plan (Plan II)
Evaluate price and quantity variances for nursing costs and evaluate spending and efficiency variances for supplies and other variable overheads.
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