Tax Law

The tax court ruled in favor of the commissioner, rejecting the petitioner’s argument that “tournament poker, unlike other types of poker, is not a wagering activity.” The court reached its decision by first defining the term “wagering” using the term’s “plain, obvious, and rational meaning.” Therefore, the court adopted the dictionary meaning of “to wager,” which is defined as “to bet” or “the act of betting.” Based on this, the court concluded that “while there are differences between tournament poker and other types of poker, none rise to the level of meaningful, substantive differences that would warrant different tax treatment under the

Under Canadian Tax Law, there is an election for companies to defer recaptures and capital gains of property that was involuntarily or voluntarily disposed of. In this research paper, we attempt to prove that the election is a useful taxation strategy for businesses so that they are not subject to pay taxes on capital gains or recaptures until such a time where they may acquire an eligible replacement property that will help them earn business income. We will provide facts, definitions, and examples to illustrate the use of this election throughout the paper by explaining the capital cost allowance system, the offset available to business for capital gains and recaptures, the election process, the rules regarding replacing former business

The appellants complain that the tax court fail to apply debt-equity principles. The secondary inquiry cannot be reached unless the first question concerning whether an economic

In order to deduct her moving expenses, she must meet certain conditions outlined in Reg. 1.217-2 (c). Helen meets the first two requirements (relevance to work test and distance test) without any issue. The third requirement has not yet been met yet though. This requirement is a minimum period of employment. Since she is a full-time employee, she must work full-time in this general location for at least 39 weeks during the 12 month period after the move. This does not mean she is not required to remain employed at her current place of work to meet this test. Even though she does not meet this requirement yet, she can deduct these expenses on the current years return or the year the reimbursement is paid to her by her employer. If she recognizes the expenses on this year’s return and does not end up meeting the requirement, she will have to include the deductions she took on this year’s return in next year’s gross income.

The pool cost the petitioner over $19,000, and we cannot accept his contention that such amount was spent primarily for therapy for his leg in view of the limited need for such therapy and the alternatives which were then available.

The first argument is supported from the Transport Workers Airlines Award 1988 similar to the case of Mallinson and Scottish Australian Investment Co Ltd 'where an employee tried to recover in the New South Wales District Courts the difference between the award rate and the lesser amount which he had been paid.'

I appreciate the opportunity to advise you regarding the tax treatment for your loss of $25,406 in 2015 from your dog breeding activities. I understand that you decided to start breeding purebred terriers to keep yourself busy after your divorce with your husband in January. There are two possible ways to treat the loss under rulings in the Internal Revenue Code. One option is to treat your dog breeding activity as a business and deduct the losses on Schedule C, Profit or Loss from Business, of your individual income tax return. The second option is to treat your dog breeding as an activity not engaged in for profit, which does not allow you to deduct the

Allen received something of value from the casino. Under the broad concept of income, the airfare and hotel accommodations would be considered income. However, Allen could argue that the income should be matched with his $25,000 in gambling losses on the trip, and when the income and losses are combined, the net effect is an economic loss

Your managing partner has handed you the Supreme Court of Queenslands’ decision in The Public Trustee of Queensland and Anor v Meyer and Ors [2010] QSC 291 and asked you to answer the following questions. You should assume you are answering questions for someone who has not read the case, so be sure to provide sufficient detail in your answers. You do not need to provide reference details for Part A of the assignment.

In January the sales is £17,000 it increases by £2,000 to £19,000.the total income in January was £32,000 it decreases by £13,000 to £19,000 because the loan was one off income. It an irregular cash inflow which only happened in January. These profit can be use to expand or give the staff bigger salaries for there hard work. A regular cash inflow is good for business you know how

The court may pierce the corporate veil when there is an implied agency relationship inside the corporate groups. By applying the 6 point test from SSK case in an orderly manner, Casino Ltd. may have argued that the profits earned by Caterers Ltd. are separate from them, given that distribution was made in the form of dividends. However, in reality the profits belong to Casino Ltd. This is because all the profits are given to them and Caterers Ltd. gets nothing. This means that the first criterion is satisfied. Additionally, since all the

A Health Savings Account (HSA) plan requires a high-deductible medical insurance policy, which means that the premiums on the policy will be less than for a low-deductible policy. The contributions to the HSA are deductible for AGI, which reduces the nondeductible amount of itemized deductions subject to certain limitations, and the taxpayer does not have to itemize to obtain the deduction. The HSA distributions pay for the deductible medical expenses and they are not included in gross income. Also, the income earned on the HSA is not included in gross income if it is used to pay medical expenses not covered by the high-deductible plan.

ASC subtopic 605-20 provides guidance in the accounting for revenues from service activities and arrangements which includes the ff: a. separately price extended warranty and maintenance contracts. b. commissions from restrospective insurance arrangements. c. fees for guaranteeing a loan d. services for freight-in-transit at the end of reporting period e. advertising barter transactions. This subtopic doesn’t include: a. guarantees accounted for as derivatives b. product warranties c. financial guarantee insurance contracts.

Chief Justice M. Hameedullah Beg., Justice N. L. Untwalia, Justice P. N. Bhagwati, Justice P. S. Kailasam, Justice S. Murtaza Fazal Ali, Justice V. R. Krishna Iyer and Justice Y. V. Chandrachud.

The breakthrough decision on the distinction of charges over book debts became the Siebe Gorman case where Slade J held that the restrictions placed on the company’s power to deal with the proceeds of the debts gave the bank a degree of control which was inconsistent with a floating charge and therefore the debenture given to Barclays was a fixed charge. The case caused a significant effect to commercial practice as it