Provide the costs incurred on the plant or machinery used for the purpose of the business which is entitled to be included as “qualifying expenditure” in tax law.
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question 6
(a) Provide the costs incurred on the plant or machinery used for the purpose
of the business which is entitled to be included as “qualifying expenditure”
in tax law.
if couldn't answer don't reject, let others to answer. Thank you.
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- question 6(a) Provide the costs incurred on the plant or machinery used for the purposeof the business which is entitled to be included as “qualifying expenditure”in tax law. Explain the answer with relevant examples. Thank you.1. Which of the following differences would result in future taxable amounts? a. Revenues or gains that are taxable before they are recognized in financial income. b. Expenses or losses that are deductible after they are recognized in financial income. c. Expenses or losses that are deductible before they are recognized in financial income. d. Revenues or gains that are recognized in financial income but are never included in taxable income. 2. If a company constructs a laboratory building to be used as a research and development facility, the cost of the laboratory building is matched against earnings as a. research and development expense in the period(s) of construction. b. depreciation deducted as part of research and development costs. c. depreciation or immediate write-off depending on company policy. d. an expense at such time as productive research and development has been obtained from the facility. 3. How should research and development costs be accounted for, according…Which of the following causes a temporary difference between taxable and pretax accounting income? A. Investment expenses incurred to generate tax-exempt income. B. MACRS used for depreciating equipment. C. The dividends received deduction. D. Life insurance proceeds received due to the death of an executive.
- Which of the following items would not be depreciable in computing income taxes? a. A company’s corporate headquarter building b. Land on which a company’s factory sits c. A machine tool used for production d. A company’s office furniture.Please answer in good accounting form. Thankyou 8. Compute for the deferred tax asset.1. According to the article by Tony Dimitriadis (see Supplementary Study Materials Folder), whether an amount received by a taxpayer following the sale of a capital asset (e.g. real estate) will be treated as capital or income depends largely on: Select one: The intention of the taxpayer when the property was first acquired The degree of renovation and development carried out on the property Whether the taxpayer held on to the property, rather than making a short term profit Whether the taxpayer is an individual or a business taxpayer All of the above are important considerations 2. Select the INCORRECT statement from the following options: Select one: The Cost Base of Personal Use Assets excludes Element 3 expenses (Ownership Costs) An antique vase bought at a garage sale for $200 and sold for $20,000 is exempt from CGT The indexation rate for assets acquired on 2 February 1986 was 41.4 All costs incurred under Element 3 (Ownership Costs) should be included in the indexation…
- 1.Whatare the conditions under Income Tax Act, ACT 896 forexpenditure to be allowed as a deduction when computingbusiness, employment or investment income?2.List5 allowable deductions from the assessable income3.Assumethat the written down value of assets in the pool 2 isGH 100 000 and the repairs and improvements is GH 20 000What will be the tax allowable expenses?4.Giventhat the assessable income for the company isGH 140 000 the finance cost is GH 90 000 and there is nocorresponding finance gain, what is the allowable expense?Ac. Which of the following statements regarding the home office deduction is true? In order to qualify for the deduction, a portion of the taxpayer's home must be used regularly and exclusively to meet with clients or customers. A home office deduction is not allowed for using the home office for administrative or management activities only. The home office deduction is limited to the taxable income of the business before the deduction. A depreciation deduction is not allowed for a home office.Question 78 of 85. Choose the response that correctly describes a condition, or conditions, that must be met for property to be considered depreciable. The property must be an item that will eventually wear out, get used up, become obsolete, or otherwise lose its value. The taxpayer must place the property in service and dispose of it within the same year. The taxpayer must either rent or own the property and use it in their business or in an income-producing activity. The useful life of the property must not exceed one year.
- Question Content Area Which of the following provisions of the Internal Revenue Code can be used to reduce the amount of the income tax expense arising from capital investment projects? a. depreciation deduction b. charitable contributions c. deductions for individuals d. minimum tax provisionItemized Deductions can be classified as: a. Expenses that are purely personal in nature or expenses related to (1) the production or collection of income and (2) the management of property held for the production of income. b. Expenses that are purely personal in nature or expenses related to (1) the production or collection of income and (2) the management of a corporation. c. Deductions for AGI. d. Workmens' CompensationThe definition of gross income in the tax law is: All items specifically listed as income in the tax law All cash payments received for goods provided and services performed All income from whatever source derived All income from whatever source derived unless the income is earned illegally
