TAXATION

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TAXATION

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Taxation

Ms. Emily is working as an internal auditor in London Bank since January 2010. She is earning a monthly salary of £4,500 without any additional non-monitory benefits. She makes a contribution of £2,000 towards registered occupational pension scheme. Income tax liability of £8,030 towards her employment income is deducted at source through PAYE (Pay As You Earn) system.She put her last five years savings in a buildings society scheme to purchase an apartment in London. For theses deposits, she receives...
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A calendar year taxpayer purchased land and a residential building for $20,000,000 on November 22, 2015. It was determined that 25% of the purchase price would be allocated to the land. What is the residential buildings adjusted tax basis on December 31, 2018 (rounded to the nearest $500)?A. $4,432,000.B. $13,167,000.C. $13,295,500.D. $13,363,500.E. $18,363,500.2. Ralph is employed as a bus driver. For calendar year 2019, he had AGI of $110,000 and paid the following medical expenses:Doctor and Dentist bills - $5,000Prescription medicine -...
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Tom owns a business called Tom’s Band in Westfield Sydney selling musical instruments. Tom also teaches guitar on a casual basis at the Sydney Guitar School a local musical college. The following are Tom’s receipts during the 2019-20 financial year: Particulars $ Tom’s Band sales include $2,500 from sales of musical instruments made last year. In addition, there is a sale of $3,200 made in April of the current year but not yet paid. 220,000 Salary from the Sydney Guitar...

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Mr. John Handel an Australian was expatriated for 3 years to the multi-national’s Regional Office in middle east. Although his position was designated as Marketing Manager, he also performed a critical strategic role for global business development. Company CEO Mr. Demise want to set the compensation package for Mr John for his international assignment. As there is 5% tax in Middle East but being an Australian citizen, he must pay tax in Australia. Mr John worked in Middle East for...
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Taxes are an integral part of any economy and are one of the major revenue generating avenues for the government of the country. The western world has devised a system by which individuals need to pay tax on incomes that they carn in the coonomy. The UK is no exception and has a very strong tax law which is enforced upon its citirens. You are an ACCA qualified individual who is working with PWC, a company comprising the BIG FOUR...
TAXATION

May, age 84, died Sept. 19, 2019. At the time of her death, she owned, completely or partially, the following assets:Her late husband, John, had established a trust with being an income beneficiary and their two children receiving a remainder interests. The executor of John’s estate made the QTIP election. At the time of her death, the value of the trust was $7.5 million.May owned three insurance policies – one on her life and one on the life of each...

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Steve and Erin started a general partnership to do landscaping and sell gardening supplies. Both will work in the business full time and need to withdraw approximately $40,000 year each to live on. The partnership has purchased substantial capital assets that it will hold until the cash from their sale is needed in the business. For the first five years of operations, the partnership expects to earn approximately $140,000 of ordinary income each year before distributions to the two owners....
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1. The following information is available for the first three years of operations for Santos Inc.:Year Taxable Income 2020 $850,000 2021 900,000Depreciation of property, plant and equipment for financial reporting purposes amounts to $30,000 each year for 3 years beginning in 2020. The company is able to deduct the full cost under the IRS Code Section 179 $90,000 amount allowed for tax purposes in 2020 (note there is no tax depreciation in future years).On July 1, 2020, $280,000 was collected...
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Mr. Samiullah had been working as Assistant Manager Marketing for last 15 years in M/s. Moonlight Limited, a public limited company. In addition to salary, perks and allowances given to him by the company, he has various other sources of income. Assume that Mr. Samiullah is 62 years old and has been retired from the company services on June 30, 2019. You are his Tax Consultant. He has submitted the following information for the tax year ended June 30, 2019...

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Taxpayer is single and earns no income other than $133,000 in salary from his employer. Determine Taxpayer's FICA tax liability for the year? You may round your final answer to the nearest dollar.2) Taxpayer, who is single, purchased 350 shares of XYZ Corporation in January 2015 at a cost of $30 per share (total cost of $10,500). On 15 December 2019, Taxpayer sold all 350 shares for a price of $22 per shares (total sales price of $7,700). By 10 January...

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