...Assignment 1 logic application In this paper I will summarize the salient facts of the "guess your card game" and explain my strategy in solving this problem. In doing so, I will respond to each player's comment and apply a strategy of process of elimination and logical deduction to establish new facts and reach conclusions. First when Andy responds "yes" to the question "do you see two or more players whose cards sum the same value," this is revealing. The sum of Belle's cards equal 16 (5+4+7=16). Carols cards sum up to be 12 (2+4+6=12). Since Andy cannot see his own cards he obviously cannot factor his own cards into his conclusion. As a result of this, I can deduce that I must be holding cards that equal either 16 or 12. Next, after Belle draws her question card, "of the five odd numbers, how many different odd numbers do you see?" and proclaims that she see's "all of them." The game contains the numbers 1 through 9. This means that the five odd numbers are 1,3,5,7 and 9. Andy has 1, 5 and 7, Belle has 5,4 and 7 but cannot see her own cards, and Carol has 2,4 and 6. Out of the odd numbers, only Andy has any visible to Belle. Since Andy has 1, 5 and 7, but Belle claims she can see all odd numbers, this must mean I have 3 and 9. 3+9=12 and since I still have one unidentified card to add to my total, and my total equals either 12 or 16 that unidentified card must be a 4. Lastly, Andy knows what numbers he has right away based on the answer to the second question...
Words: 337 - Pages: 2
...The issue in this case is to assess Phillip’s taxable income for the year ended 30 June 2010. According to section 4-15 Income Tax Assessment Act 1997 (ITAA 1997), taxable income equals assessable income (Division 6) minus deductions (Division 8). Assessable Income In order to determine the assessable income, Division 6 of ITAA 1997 would be the relevant legislation and in particular Section 6-1(1) refers assessable income consists of ordinary income and statutory income. - Rental Income Section 6-5(1) defines “assessable income” to include income according to ordinary concepts. In the case of Adelaide Fruit & Produce Exchange Ltd, ordinary income is characterized as exhibiting recurrence and regularity. For Phillip’s case, rent falls under income from property as it exploit the property and considered to be income producing. Whereas Adelaide’s ruling for periodic and regular payment is satisfied by which a tenant contracts to pay the landlord, Phillip, for the use of premises. Hence, rent income of $55 000 is assessable under Section 6-5 ITAA 1997. However, $5 000 rent received on 5 July 2010 is not included since the case is only calculating for year ended 30 June 2010. - Manufacturing of tennis racquets business Section 6-5 ITAA 1997 defines “business” as sustained and regular transactions and transactions done in the course of carrying on a business. This is satisfied by the manufacturing of tennis racquets where it regularly manufacture and...
Words: 1173 - Pages: 5
...Luis Alberto Zepeda Professor Juan C. Espinosa IDH2003 5 November 2014 Deductive Reasoning: Explaining Broad Points Deductive reasoning is a method of understanding that takes relatively uncertain claims to make an extremely certain claim. In other words, you can take to generally broad ideas and take the common factor between them to come up with a logical statement. Below, I will attempt to use deductive reasoning to support the following two statements: “We should tolerate all beliefs” and “All true claims rely on presuppositions.” The first claim seems relatively absurd when considering that many religious beliefs state something along the lines of “[insert belief here] is true absolutely, and it is the only absolute truth. It should be firmly believed by all, and a follower of this belief should try to enlighten others.” However, if we truly allow all beliefs to be incorporated into this analysis, there is no way to prove the claim as true, since Gödel's Incompleteness Theorem shows that the system is too broad and will collapse on itself. Said Nursi, a famous Islamic activist from Eastern Anatolia, tried to protect and argue his own religious and educational viewpoints by stating that if your belief is true and absolutely true, you have no need to resort to violence because you have the perfect argument to anything with your absolutely true belief. If we use this as a basis of defining true beliefs and make the edit “We should tolerate all [‘true beliefs’],” we can...
Words: 602 - Pages: 3
...main issues in this case is whether or not Rex and Agnes Harrell should be able to make deductions in excess of rental income on their beach house. This deduction depends on if the 14-day personal use provision was exceeded. If the 14-day provision was exceeded than income should be limited to rental income as the ISR decided in this case. However, we have determined that the Harrell’s have not violated the 14-day provision and should therefore be allowed deductions for rental expenses exceeding rental income. Facts: • The Harrell’s purchased a beach house to use occasionally for recreational purposes, but also to rent it out. • The house was in need of significant repairs so the couple decided to make the repairs themselves rather than hiring a contractor. Rex had taken advanced courses in woodwork at a local community college and he applied those skills in his maintenance work. • The log maintained by the Harrell’s showed that the couple occupied the house for 38 days and rented it out for 49 days. On 24 of the 38 days occupied, one or both of them were actively working on the beach house. • On the days they were working on the beach house they sometimes still had time for fun with their two teenage children. Some days they would only work 4 to 5 hours and be able to have fun while other days they would work 8 hours and not have time for fun. • The IRS has limited the deductions to rental income on the grounds that the 14-day personal use provision was exceeded. ...
Words: 1343 - Pages: 6
...price in the course of wholesale trade. In such a situation, the most convenient - convenient form the point of view of the Revenue as well as the assessee - course would be to treat the price at which the goods are sold to the government as the normal price within the meaning of Section 4(1)(a). In fact, the learned Counsel says, that should be the only method. However, if for some reason, the Revenue is not prepared to adopt this course then, he says, the Revenue has to deduct all the aforesaid expenses and not merely the transportation charges as specifically provided by Sub-section (2) of Section 4. Sri Nariman relies upon the holding in Bombay Tyre International that deductions other than those specifically mentioned in Section 4 are permissible in law, depending no doubt upon the character of the deduction claimed. On the other hand, Sri Chandrasekheran, learned Additional Solicitor General, submits that Sub-section (2) of Section 4 does specifically envisage and provide for the situation concerned herein. It provides expressly that where the price of any excisable goods is not known at the place of removal and the value of such goods is determined with reference to the price charged at the time of their delivery from a place other than the place of removal, the transportation charges incurred for transporting the goods from the place of removal to the place of such delivery shall be excluded. submits that it is not the case of Revenue that the sales to the government are...
Words: 859 - Pages: 4
...Asia One Business 2010, Budget 2010 to invest in future, viewed 22 February 2010, < http:// www.asiaone. com/Busienss/News/My~2BMoney/Story/A1Story20100222-200178.html> Budget 2010, who gets what, viewed 22 February 2010, <http://www.asiaone.com/static/business/business/ budget2010/> BDO 2010, Singapore Budget Commentary, viewed February 2010, <www.bdo.com.sg/pub/pub_tax/ 2010 Budget Commentary.pdf> BSL Tax Services Pte Ltd 2010, Singapore Budget Commentary, viewed 22 February 2010, <www.bslcs.com. sg/tax_commentary.htm> [2010_singapore_budget_commentary_bsl[1].pdf] BSL Tax Services Pte Ltd 2010, Singapore Budget Highlight, viewed 22 February 2010, <http://agnap.org/ publications/2010Budget Highlights.pdf> CPF Board 2010, Singapore Budget 2010 initiatives relating to CPF, viewed 25 March 2010, <http://mycpf. cpf.gov.sg/Members/Gen-Info/Features/Budget2010_CPF.htm> Empire State FX 2010, Singapore’s 2010 Budget Sets High Bar for Productivity Gains, viewed 25 February 2010, <http://empirestatefx.com/economy/singapores-2010-budget-sets-high-bar-for-productivity-gains/> Ernst & Young 2010, Singapore Budget 2010 Synopsis <http://www.fccsingapore.com/fileadmin/template/ documents/MembersNews/Singapore_Budget_2010_synopsis_ErnstYounh.pdf > Inland Revenue Authority of Singapore 2010, Budget 2010-Tax Changes , viewed 22 February 2010,<www. iras.gov.sg/irasHome/budget2010.aspx> Note...
Words: 597 - Pages: 3
...Keeping things simple Annual report and financial statements 2010 Contents and introduction ConTenTs The DIreCTors’ reporT AnD busIness reVIeW 1 Highlights 2 Chairman’s statement 4 Strategic review 4 Business review 5 Market overview 6 Our strategy 8 Key Performance Indicators 10 Our business model 12 Risks and uncertainties 14 CSR/Today 16 Our people – Values in action 18 Performance review 18 Operating review 23 Financial review 26 Governance 26 Board of Directors 28 Corporate governance report 32 Directors’ remuneration report 41 General information FInAnCIAL sTATemenTs 43 Group financial statements 43 Directors’ statements of responsibilities 44 Independent auditors’ report 45 Consolidated financial statements 45 Group accounting policies 50 Consolidated statement of comprehensive income 51 Consolidated balance sheet 52 Consolidated cash flow statement 53 Consolidated statement of changes in equity 54 Notes to the Group financial statements 75 Company financial statements 75 Company accounting policies 77 Company balance sheet 78 Notes to the Company financial statements InVesTor InFormATIon 86 Five year summary of results 87 Supplementary information 88 Investor relations and financial calendar Our business We are the UK’s fourth largest food retailer by sales with an annual turnover in excess of £15bn. We have 425 stores across Britain, ranging in size from 10,000 to 40,000 square feet. Over 10m customers visit our stores each week served by over 134,000 employees...
Words: 57108 - Pages: 229
...Investment Booklet December 2010 1. ATTRACTIVE INCENTIVES FOR INVESTORS The most competitive Free Trade Zone in Latin America: 15% Income Tax as well as the possibility to sell to local markets • • • • • A single 15% income tax rate, allowing sales in the local market. No customs taxes (VAT and customs duties). VAT exemption for raw materials, inputs and finished goods sold from the national customs territory to industrial Free Trade Zone users. Exports made from Free Trade Zones to foreign countries (except Peru) benefit from international trade agreements. No customs taxes on machinery, related directly to the business operation which is imported from abroad and entered into the FTZ. Single Enterprise Free Trade Zone (SEFTZ): Investors can take advantage of the benefits provided by the Free Trade Zones even by locating out of a Permanent Free Trade Zone. Investors can sign Legal Stability Contracts with the Colombian Government In order to promote new investments and expand existing ones, the government provides investors the option to sign a Legal Stability Contract, securing key conditions for investment promotion. Companies must meet the following requirements: • • • Minimum investment of USD 1,930,000 . Investors must pay a premium to the government equivalent to 1% of the investment. The period of the contract can last between 3 and 20 years. 1 . Income Tax deductible expenses Among the deductions included are the following: • 100% of the amount paid for...
Words: 1922 - Pages: 8
...Encarnacion: We are submitting herewith SEC Form 17-A for the year ended December 31, 2010. Very truly yours, ROSANNA A. PARICA Corporate Information Officer Head Office: Unit 1704 17th Floor, Prestige Tower Condominium, F. Ortigas Jr. Road, Ortigas Center , Pasig City 1605 Tel. Nos.: 706-2805/706-2806 * Fax No.: 706-2804 Minesite: Maco, Compostela Valley COVER SHEET 4 0 6 2 1 S.E.C. Registration Number A P E X M I N I N G C O . I N C . (Company's Full Name) 1 7 T H F. O R T I F L OOR G A S J R P R E S T R D I G E T O W E R P A S I G C I T Y O R TI GA S (Business Address: No. Street City/Town//Province) ROSANNA A. PARICA Contact Person 706-2805 Company Telephone Number 1 2 Month 3 1 Day SEC Form 17-A FORM TYPE 0 6 Month 3 0 Day Fiscal Year Annual Meeting Secondary License Type, If Applicable Dept. Requiring this Doc. Amended Articles Number/Section Total Amount of Borrowings of Stockholders Domestic Foreign To be accomplished by SEC Personnel concerned File Number LCU Document I.D. Cashier STAMPS ck ink for scanning purposes SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-A ANNUAL REPORT PURSUANT TO SECTION 17 OFTHE SECURITIES REGULATION CODE AND SECTION 141 OF CORPORATION CODE OF THE PHILIPPINES 1. 2. 3. 4. 5. For the calendar year ended December 31, 2010 SEC Identification Number 40621 BIR Tax Identification No. 000-284-138 Exact Name of...
Words: 15269 - Pages: 62
...2011 DAN/ AND 2010 PT XL AXIATA Tbk DAN ANAK PERUSAHAAN/ AND SUBSIDIARIES Halaman 1 Page LAPORAN POSISI KEUANGAN KONSOLIDASIAN 31 DESEMBER 2011 DAN 2010 (Dinyatakan dalam jutaan Rupiah, kecuali nilai nominal per saham) Catatan/ Notes 3 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER 2011 AND 2010 (Expressed in millions of Rupiah, except par value per share) 2011 Aset lancar Kas dan setara kas Piutang usaha - setelah dikurangi penyisihan piutang ragu-ragu - Pihak ketiga - Pihak-pihak berelasi Piutang lain-lain - Pihak ketiga - Pihak-pihak berelasi Persediaan Pajak dibayar dimuka Uang muka dan beban dibayar dimuka Aset lain-lain Jumlah aset lancar Aset tidak lancar Aset tetap - setelah dikurangi akumulasi penyusutan Piutang derivatif Aset lain-lain Jumlah aset tidak lancar Jumlah aset Liabilitas jangka pendek Hutang usaha dan hutang lain-lain - Pihak ketiga - Pihak-pihak berelasi Hutang pajak Beban yang masih harus dibayar Pendapatan tangguhan Liabilitas diestimasi Bagian pinjaman jangka panjang yang jatuh tempo dalam satu tahun Bagian obligasi yang jatuh tempo dalam satu tahun Jumlah liabilitas jangka pendek Liabilitas jangka panjang Pinjaman jangka panjang Liabilitas pajak tangguhan Obligasi Hutang derivatif Liabilitas diestimasi Jumlah liabilitas jangka panjang Ekuitas yang dapat diatribusikan kepada pemilik entitas induk Modal saham - modal dasar 22.650.000.000 saham biasa, modal ditempatkan dan disetor penuh 8.518.566.332 (2010: 8.508.000.000)...
Words: 42262 - Pages: 170
...NATURAL PROGRESSION Annual Report 2010-11 Acme Plaza, Andheri - Kurla Rd, Andheri (E), Mumbai - 400 059. Tel : 91-22-66969696 Fax: 91-22-28212010 www.sunpharma.com Final - Resize Sun pharma Cover.indd 1 13/08/2011 8:13:09 PM CONTENTS Natural Progression Lines depicting steps—incremental 02 Key Performance Indicators 03 Ten Year Financial Highlights change, gradual growth, lines sloping 04 Management Discussion and Analysis upwards. Innumerable such steps adding 22 Directors’ Report up, to form a smooth growth pattern when seen from a distance. Progress shown with 25 Annexure to Directors’ Report lines racing to the distance, to infinity. The 28 Auditors’ Report cover shows an artist’s interpretation of the company’s progress 32 Balance Sheet 33 Profit and Loss Account 34 Cash Flow Statement 69 Corporate Governance 83 Auditors’ Report Consolidated 84 Consolidated Balance Sheet 85 Consolidated Profit and Loss Account 86 Consolidated Cash Flow Statement 111 Statement Relating to Subsidiary ompanies Corporate Information Inside Back Cover Disclaimer Statements in this Management Discussion and Analysis describing the Company s objectives, projections, estimates, expectations, plans or predictions or industry conditions or events may be forward looking statements within the meaning of applicable securities laws andregulations. Actual results, performance or achievements could differ materially from those expressed...
Words: 45525 - Pages: 183
...Case: Case Study 3, Trade or Business Deductions Facts: Dee Bater, a calendar year taxpayer, has a very successful law practice. On January 1, 2012 she purchased a country club membership which she uses partly for professional purposes. An analysis of her bills for 2011 shows her use of the club for the year to be as follows: Dinner with husband and family with purchase of drinks for any clients who happen to be present at the club, $240 Golf with present clients which was preceded or followed by a business discussion, $650 Golf with present clients during which some business was discussed, $200 Lunch with prospective clients during which some business was discussed, $470 Personal use of club facilities, $460 Lunch with prospective clients, on days when the Bater family used the club swimming pool, during which some business was discussed, $250 Lunch with present clients in order to discuss business $700 Luncheon with other attorneys to negotiate various matters pertaining to client affairs during which some business was discussed $400 Dinner with client attended by Dee Bater's husband and client's wife during which some business was discussed $200 Parties were given for current and prospective clients. The guest list included 50-100 people and Bater's employees were asked to attend and mingle $4,500 Yearly club dues were $3,000. Issue (1): Are...
Words: 1536 - Pages: 7
...government is attempting to support those in pursuit of higher education and is sympathetic to those who are having problems managing this expense as well as those who have accumulated student loans that seem impossible to repay. In coming to the aid of taxpaying American citizens the U.S. government is offering a number of tax credits and other incentives that can provide substantial relief for many taxpayers. Let’s first consider the various credits and deductions available to students of higher education and for their parents. The most prevalent ways of reimbursing taxpayers for higher education expenses is through tax credits. There are two main credits available, one was introduced in 2009. The American Opportunity Tax Credit, it provides a credit of up to $2,500 per student. This credit is offered for up to four years of undergraduate studies and is therefore both an improvement and an expansion on the Hope Credit which it replaced, and which was only applicable for the first two years of college (Cussen, 2010). The American Opportunity Tax Credit has an income limitation for single taxpayers with adjusted gross incomes from $80,000-90,000 and for married taxpayers filing jointly of $160,000 and over. Individuals have the opportunity to receive up to 40% of this credit which...
Words: 940 - Pages: 4
...people consider settlement payments as prices that one party pay to the others for their wrongful behaviors or violation of laws. For tax purposes, are settlement payments deductible? According to Internal Revenue Code (IRC) Section 162(a), any ordinary and necessary business or trading expenses are deductible during the current taxable year. That is to say if any settlement payments meet criterions of deduction under 162(a), but not in the exception of Section 162, should be deductible. In real court cases, IRS uses the exceptions of Section 162 to disallow settlement payments. Nowadays, more court cases and arguments appear to show that even though some settlement payments are in the exceptions of 162 (a), they can also be deducted. The relief of settle payments deductibility causes disagreements among tax professionals. Some believes settlement payments may be composed of deductible compensatory damages from non-deductible punitive damages; however, others worries that allowing deductibility may leads an indirect lesser penalty, because juries are unaware of tax benefits from deductions. This essay will mainly discuss the deductibility of settlement payments by explaining of original laws and regulation languages, citing tax professionals’ perspectives and illustrating actual court cases. According to IRC Section 162(a), “all the ordinary and necessary expenses” from “any trade...
Words: 2916 - Pages: 12
...CHAPTER 7: DEDUCTIONS AND LOSSES: CERTAIN BUSINESS EXPENSES AND LOSSES 1. James is in the business of debt collection. He purchased a $20,000 account receivable from Green Corporation for $15,000. During the year, James collected $17,000 in final settlement of the account. James can take a $2,000 bad debt deduction in the current year. a. True b. False ANSWER: False RATIONALE: James has a basis of $15,000 in the account receivable and hence, he has income of $2,000. 2. If a business debt previously deducted as partially worthless becomes totally worthless this year, only the amount not previously deducted can be deducted this year. c. True d. False ANSWER: True 3. Last year, taxpayer had a $10,000 nonbusiness bad debt. Taxpayer also had an $8,000 short-term capital gain and taxable income of $35,000. If taxpayer collects the entire $10,000 during the current year, $8,000 needs to be included in gross income. e. True f. False ANSWER: False RATIONALE: The taxpayer must include the $10,000 in gross income to the extent of the tax benefit received last year. The entire $10,000 deduction provided a tax benefit; $8,000 offset by the short-term capital gain and $2,000 offset against ordinary income. 4. A cash basis taxpayer must include as income the proceeds from the sale of an account receivable to a collection agency. g. True h. False ANSWER: True 5. If an account...
Words: 60111 - Pages: 241
