Describe the service tax law in usa and concept of negative, Operation Research

Describe the service tax law in usa and concept of negative, Operation Research

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Question 1

X Ltd. has Unit C which is not functioning satisfactorily. The following are the details of its fixed assets:

Asset

Date of acquisition

Book value (' lakh)

Land

Goodwill (raised in books on 31^st March, 2005)

Machinery

Plant

10^th February, 2003

5^th April, 1999

12^th April, 2004

30

10

40

20

The written down value (WDV) is ` 25 lakh for the machinery, and
15 lakh for the plant. The liabilities on this Unit on 31st March, 2011 are 35 lakh.
The following are two options as on 31st March, 2011:
Option 1: Slump sale to Y Ltd for a consideration of 85 lakh.
Option 2: Individual sale of assets as follows: Land ` 48 lakh, goodwill ` 20 lakh, machinery 32 lakh, Plant 17 lakh.
The other units derive taxable income and there is no carry forward of loss or depreciation for the company as a whole. Unit C was started on 1st January, 2005. Which option would you choose, and why?

Question 2

Describe the Service Tax Law in USA and concept of negative list. Write about the exemptions and rebates in Service Tax Law.

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