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John opened an investment account with Randy Hansen, who held himself out to the public as an investment adviser and securities broker. John contributed $200,000 to the account in 2012. John provided Randy with a power of attorney to use the $200,000 to purchase and sell securities on John's behalf. John instructed Randy to reinvest any gains and income earned. In 2012, 2013, and 2014, John received statements of the amount of income earned by his account and included these amounts in his gross income for these years. In 2015, it was discovered that Randy's purported investment advisory and brokerage activity was in fact a fraudulent investment arrangement known as a Ponzi scheme. In reality, John's account balance was zero, the money having been used by Randy in his scheme. Identify the relevant tax issues for John.
Conceptually, when taxpayers receive annuity payments, how do they determine the amount of the payment they must include in gross income?
Advise ABC of its FBT consequences arising out of the above information, including calculation of any FBT liability, for the year ending 31 March 2014. Assume that ABC would be entitled to input tax credits in relation to any GST-inclusive acquisitio..
Because the earnings generated by the fast-food franchise would be tax- exempt, substantial additional revenue would be provided. How should Winston respond?
A purchase discount was recorded as a credit to purchases account- the remainder was properly recorded. This error will cause
Identify the tax issues that are raised and the relevant sections of the legislation. Identify any cases and other sources of law or information that apply.
Year Income (loss) Tax rate Income tax 2009 30,000 35% 10,500 first year of operations 2010 45,000 30% 13,500 2011 (60,000) 30%0 What is the income tax refund receivable?
students are required to answer the following question. the essay must be fully referenced with in text citations and a
Julie Smith commenced a mixed business/sub-newsagency called ALLNews at 45 Orr Street Numurkah on 1st July 2012. She makes an appointment with you to prepare her 2013 income tax return
Advise Justin of the capital gains tax implications if he sells these assets now
She earned 30,000, 40,000 and 9,000 respectively form the jobs and had 10,000 from self-employment income. What amount can Edwina apply as credit against her 2011 income tax liability for overpayment of FICA taxes?
The corporation also borrowed $250,000 from ACME Venture Capital to finance operating costs and capital expenditures - first few years of operation and the corporation sustained chronic losses
Explain the distinction between a realized gain and a recognized gain and what is the basis of property received in a like-kind exchange? What is the holding period for the new asset
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