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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.
in march and august of each year the congressional budget office cbo the independent analysis arm of congress publishes
The income tax return excluded a revenue item of $10,000 (reported on income statement) because under tax laws the $10,000 would not be reported for tax purposes until 2011.
Evaluate how much gross profit is expected to be earned on these jobs in 2013 under the cost recovery method, and how much could be earned if MB instead used the installment sales method. Ignore interest.
Does the important increase in compensation in 2011 indicate that there is private increment that endangers the tax exempt status of the organization? Would it matter if Bill was an attorney who provided legal services to organization?
Ethical standards for corporations and recent changes to financial and reporting laws to take into account ethical standards as a result of the earlier corporate scandals
Ben included Reilly's share of the profits for the 7/31/2012 fiscal year on Reilly's Form 1040 for 2012. This is Reilly's final 1040.
What the differences between Ordinary Income and Statutory income and clarify what Capital Gains and CGT.
What is the book value of the equipment and does the balance in the accumulated depreciation account mean that the equipment's loss of value is $725,000? Explain.
How much income is each beneficiary entitled to receive - what is the trust's DNI and what is the trust's taxable income?
Stacey wants to know the tax consequences of incorporating the business. Her business assets include a building, equipment, accounts receivable and cash.
question you are sitting in an office in fargo north dakota with joanne dwood human resources director of black hill
1. lee is starting a small lawn service. on advice of his accountant lee has formed a corporation and made an s
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