Taxation and Related Cases Essay

Capital Budgeting Case Egret Printing & Publishing Company Instructor: Mr. Sabin Bikram Panta Submitted By: Group 3 Shivshankar Yadav (12336) 9/3/2012 Theory and Case Background: The term capital budgeting refers to the process of decision making by which firms evaluate the purchase of major fixed assets, including building, machineries, and equipment. Capital budgeting describes the firm’s formal planning process for the acquisition and investment of capital and results in capital…

Global round up). Social factors such as this are affecting the beer market. Legal The smoking ban has meant that most consumers are not allowed to do as they wish and so some op to just stay home and buy from the retailers. According to the case study ‘almost 60% percent of beer sales are sold in pubs, clubs and bars.’ (A wake up for Westminster) Considering drinking and smoking go hand in hand it can be said that one factor affects another. This in return also contributed to closures of…

Task one Issues: 1. Are activities relating to use of land a business or a hobby? 2. Are the amounts related to the land deductible or not under general rules? * the loan to purchase the land and interest expense * council rates and insurance in respect of the land * payment to develop plans for proposed building 3. If no, is there a “specific deduction” section? References: ITAA97 s8-1---general deductions: you can deduct from your assessable income…

Taxation Law Question: What is the “first strand” of the decision in FC of T v The Myer Emporium Ltd 87 ATC 4363? Did the courts apply the first strand in any of the following cases: FC of T v Cooling 90 ATC 4472, Westfield Ltd v FC of T 91 ATC 4234, Henry Jones (IXL) Ltd v FC of T 91 ATC 4663 and SP Investments Pty Ltd v FC of T 93 ATC 4170? If the first strand did not apply in some of these cases but amounts were nevertheless assessable, on what basis was this so? Answer: Introduction…

income (Ronpibon Tin case – apportionment of expenditure would be necessary when the expenditure is included both capital nature and deductible expenditure) or expenditure must be necessarily incurred in carrying on a business to gain or produce such income (FCT v Snowden & Willson Pty Ltd). The loss incurred when the company was robbed – deductible under s 8-1; and the recovery of the loss from insurance would be assessable. Business travel expenses (airfare, accommodation) related to the existing…

there is no one to act as banker of last resort able to provide liquidity banks subject to a rush of depositors. The elements concerning the beginning of the crisis are going to be related to economics and the overall mistakes committed by the financial crisis that happened in Argentina and the mistakes related to the banking system set up, internal and external. Table of contents Economic environment 1 THE SITUATION BEFORE THE CRISIS 3 ARGENTINA: 3 The reasons of the convertibility plan…

Taxation Requirement 1 Part 1 (a) Explain what is meant by “income by ordinary concepts”. a) Ordinary income (s6-5) is an element of Assessable income. In the context of the Income Tax Assessment Act 1936 and ITAA 1997 assessable income is made up of Ordinary Income and Statutory Income. Assessable income includes income according to ordinary concepts which is called ordinary income s6-5(1). Legislatures and courts have…

CLAW3201 Case Analysis Introduction In Crown Insurance Services Ltd v Commissioner of Taxation (Crown), the issues raised are pertinent to the residence and source of the company under s6(1) of the Income Tax Assessment Act 1936. As cases are determined on the basis of all relevant facts and circumstances of each case, this analysis will focus on how the court’s decision process determined whether Crown had carried on business in the years 2004-2007 inclusive and the existence of central management…

Mertajam Police Station. Among his duties, was to investigate commercial crime cases. [2] The accused was originally charged, at the instant of Suruhanjaya Pencegahan Rasuah Malaysia, with two offences under s 10(a)(aa) of Anti Corruption Act, 1997 and s 11(a) of of Anti Corruption Act, 1997 Anti Corruption Act, 1997 respectively at Butterworth Sessions Court which ended with his acquittal. These are corruption cases. [3] The accused too was indicted with two charges at Bukit Mertajam Magistrate's…

John Smith I worked on this case for over two years. The jury awarded my client $2,000,000 in damages, of which my fee was $300,000 plus recovery of expenses paid up front in the amount of $25,000. How is the $300,000 taxed? What about the $25,000? What can I do to minimize the tax consequences of each? Also, I am thinking about buying the building that I currently lease my office space in. My current lease is $3,500 per month. How is this lease reported on my income tax returns (either personally…