..................................................................................... 1 Scope.............................................................................................. 2 Document Organization ..................................................................... 4 HIPAA Administrative Simplification Requirements ........................... 5 General Overview ............................................................................. 5 2.1.1 HIPAA Administrative Simplification Goals and Objectives ............. 5 2.1.2 HIPAA Definitions .................................................................... 5 2.1.2.1 Covered Entity .................................................................... 5 2.1.2.2 Hybrid Entity....................................................................... 6 2.1.2.3 Affiliated Covered Entity ....................................................... 7 2.1.2.4 Medicare...
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...Planning Comes First by Michael Hirschfeld and Shaul Grossman Appeared in January 2001 edition of RIA’s Journal of Taxation © Copyright 2003 RIA. All rights reserved. WG&L Journals INTERNATIONAL Opportunities for the Foreign Investor in U.S. Real Estate—If Planning Comes First Author: By Michael Hirschfeld and Shaul Grossman MICHAEL HIRSCHFELD is a partner, and Shaul Grossman is an associate, in the New York City office of the international law firm of Dechert. Mr. Hirschfeld is a member of the ABA Tax Section’s committees on Real Estate (of which he is the past Chair), Foreign Activities of US Taxpayers, and US Activities of Foreigners & Tax Treaties, among others, and has written for The Journal on many occasions. Copyright © 2000, Michael Hirschfeld and Shaul Grossman. The complexities of FIRPTA and the even broader withholding scheme that backs it up require that a nonresident acquire a thorough understanding of the rules before making an investment in real estate. The choice of whether to use an entity—and which one—or to hold the investment directly, as well as the type of investment—equity or debt—can have significant and sometimes expensive consequences. Edited By Sanford H. Goldberg, J.D., and Herbert H. Alpert, J.D. The global economy is a fact of life at the start of the new millennium. One consequence is that cross-border investments in real estate will expand significantly. Twenty years have elapsed since Congress enacted the Foreign Investment...
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...Subchapter K: A Conceptual Guide to the Taxation of Partnerships (3d ed. 2006) PART 1: AN OVERVIEW OF THE TAXATION OF PARTNERSHIPS AND PARTNERS 3 I. Introduction to Subchapter K 3 II. Tax Classification of Business Enterprises 3 a. In General 3 b. Corporations and Partnerships 3 i. “Check-the-Box” Regulations 3 ii. Existence of a Separate Entity for Federal Tax Purposes 4 iii. Publicly Traded Partnerships 6 c. Trusts 6 d. Tax Policy Considerations 6 III. Introduction to Choice of Business Entity 7 PART 2: FORMATION OF A PARTNERSHIP 8 I. Contributions of Property 8 a. General Rules 8 b. Introduction to Partnership Accounting 11 II. Treatment of Liabilities: The Basics 15 a. Impact of Liabilities on Partner’s Outside Basis 15 b. Contributions of Encumbered Property 16 III. Contributions of Services 23 a. Introduction 23 b. Receipt of Capital Interest for Services 24 c. Receipt of a Profits Interest for Services 30 i. Current Law 30 ii. Proposed Regulations 31 IV. Organization and Syndication Expenses 32 PART 3: OPERATIONS OF A PARTNERSHIP: GENERAL RULES 34 I. Tax Consequences to the Partnership: Aggregate and Entity Principles 34 a. The Partnership as an Entity 34 b. The Taxable Year 34 II. Tax Consequences to the Partners 37 a. General Rules 37 b. Electing Large Partnerships 41 III. Limitations on Partnership Losses 41 a. Basis Limitations 41 ...
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...TEACHER’S MANUAL to accompany CASES AND MATERIALS ON TAXATION OF BUSINESS ENTERPRISES Second Edition By Glenn E. Coven Mills E. Godwin Professor of Law College of William and Mary Robert J. Peroni Robert Kramer Research Professor of Law The George Washington University Richard Crawford Pugh Distinguished Professor of Law University of San Diego AMERICAN CASEBOOK SERIES® ® WEST GROUP A THOMSON COMPANY ST. PAUL, MINN., 2002 CHAPTER 1 INTRODUCTION Note to prior users: The order of this chapter has been revised. Users who wish to skip the introductory material and begin with the check-the-box regulations may now begin with paragraph 1075. [¶ 1000] A. HISTORY OF THE CORPORATE INCOME TAX This paragraph briefly summarizes the history of the corporate income tax. Some instructors may want to note here that the top corporate income tax rate reached a zenith in 1951 of 52 percent, before being reduced in 1964 to 48 percent, in 1978 to 46 percent, in 1986 to 34 percent (except for corporations with taxable incomes within a specified range that are subject to a top effective marginal rate of 39 percent). The maximum rate was raised in 1993 to 35 percent but only for a relative handful of generally publicly owned corporations earning over $10 million annually. [¶ 1005] B. COMPUTATION OF C CORPORATION'S TAXABLE INCOME This paragraph discusses the computation of a C corporation's taxable...
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...TEACHER’S MANUAL to accompany CASES AND MATERIALS ON TAXATION OF BUSINESS ENTERPRISES Second Edition By Glenn E. Coven Mills E. Godwin Professor of Law College of William and Mary Robert J. Peroni Robert Kramer Research Professor of Law The George Washington University Richard Crawford Pugh Distinguished Professor of Law University of San Diego AMERICAN CASEBOOK SERIES® ® WEST GROUP A THOMSON COMPANY ST. PAUL, MINN., 2002 CHAPTER 1 INTRODUCTION Note to prior users: The order of this chapter has been revised. Users who wish to skip the introductory material and begin with the check-the-box regulations may now begin with paragraph 1075. [¶ 1000] A. HISTORY OF THE CORPORATE INCOME TAX This paragraph briefly summarizes the history of the corporate income tax. Some instructors may want to note here that the top corporate income tax rate reached a zenith in 1951 of 52 percent, before being reduced in 1964 to 48 percent, in 1978 to 46 percent, in 1986 to 34 percent (except for corporations with taxable incomes within a specified range that are subject to a top effective marginal rate of 39 percent). The maximum rate was raised in 1993 to 35 percent but only for a relative handful of generally publicly owned corporations earning over $10 million annually. [¶ 1005] B. COMPUTATION OF C CORPORATION'S TAXABLE INCOME This paragraph discusses the computation of a C corporation's taxable...
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...Estate and Gift Tax Outline Repetti Fall 2013 Boston College Law School Casebook: Federal Wealth Transfer Taxation, 6th Edition Table of Contents Filing Returns 3 Gift Tax: 3 Estate Tax: 3 Generation-Skipping Tax: 3 Statutes of Limitations, Interest, Penalties: 3 Computation of the Estate and Gift Tax 3 General Description of Gift Tax: 4 General Description of the Estate Tax: 4 Role of State Law 4 Scope of the Estate Tax 5 Beneficial Ownership and § 2033: 5 Interests Arising at Death 5 “Property” versus “Expectancy” 6 Bank Deposits, Checks, and Notes 6 Right to Accrued Payments 7 The Scope of the Gift Tax: §§ 2501 and 2511 7 Is There a “Transfer” of “Property?” 7 Interest-Free Loans and Rent-Free Use of Other Assets 8 When is the Transfer “Completed?” 8 Transferred Interest Incapable of Valuation 9 Indirect Transfers 10 What is a “Gift”? 10 Donative Intent and “Adequate and Full Consideration” 10 Transfers of Property in Satisfaction of Marital Rights 11 Dower and Curtesy Interests in the Gross Estate 11 Marital Rights as Consideration 11 Transfers Incident to Separation and Divorce 12 Transfers with Retained Powers and Rights 13 Transfers with Retained Life Estates: § 2036 13 Reciprocal Trusts 14 Retention of Right to Income from Property: § 2036(a)(1) 14 Retention of Possession or Enjoyment of the Property: §§ 2036(a)(1) and 2036(b) 14 Retention of Power to Designate Who Shall Possess or Enjoy the Property:...
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...Chapter 13, you should be able to: 1. List what are permissible tax years. 2. Explain the requirements for changing a tax year. 3. Identify the available accounting methods. 4. Understand the rules for accounting method changes. 5. Account for the capitalization of inventory costs. 6. Describe long-term contract reporting. 7. Defi ne the installment method of accounting. 13–2 CCH FEDERAL TAXATION—COMPREHENSIVE TOPICS OVERVIEW The fi rst 12 chapters are presented primarily from the individual taxpayer’s point of view (including self-employed taxpayers). This chapter provides a general discussion of the previous material as it applies to other entities and provides a discussion of accounting periods and accounting methods as they apply to all entities. Discussions of specifi c provisions as they apply to other entities (e.g., corporations, partnerships, etc.) are contained in subsequent chapters. The term “fi nancial accounting” refers to the reporting of the fi nancial data of an enterprise through fi nancial statements prepared in accordance with generally accepted accounting principles. Income tax accounting, hereafter referred to as “tax accounting,” is concerned with the reporting of fi nancial data to satisfy the requirements of the Internal Revenue Code, the Regulations which interpret the Code, rulings by the IRS which further interpret the Code and Regulations, and the decisions of the courts on litigated issues. Tax accounting is statutory. It is concerned...
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...1. John Smith tax issues: a. How is the $300,000 treated for purposes of federal tax income? John is to report the $300,000 as earned income. This gross income can be filed on Schedule C of his individual tax return or as gross income on the LLC return. Our course text book defines gross income as gross income is defined by the Code as including gross income derived from a business. Income is the fundamental concept of income is set forth in the Sixteenth Amendment, “incomes from whatever source derived”. The reason why he can report this income on the individual return or LLC return is a result of the variance in state laws as to whether a single person LLC can report on a business return or not. For the states that don’t allow separate reporting, then John cannot file this income on the individual return. The $300,000 is considered taxable income in this case. Gross income, for income tax purposes, refers to all income that is taxable. The law enumerates specific items of income that are not to be included in gross income and, therefore, are nontaxable. With these exceptions, all income is includible in gross income. Gross income includes all items of income from whatever source unless specifically excluded. All compensation received by the individual is included in gross income. b. How is the $25,000 treated for purposes of federal tax income? Assuming that John had $25,000 in expenses that was incurred and paid in the same year, and if this is true, then $25,000...
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...Chapter 2 - Working With The Tax Law Three Sources of Tax Law * Statutory – the law * Administrative- guidance on the law * Judicial – courts Statutory Sources of Tax Law * Internal Revenue Code (2.6 million words) * Codification of the Federal tax law provisions in a logical sequence * Have had three codes: * 1939, 1954, 1986 * Committee Reports * Explain intent of the law Statutory Sources of Tax Law * Example of Code Citation: § 2(a)(1)(A) * § = Abbreviation for “Section” * 2 = section number * (a) = Subsection * (1) = paragraph designation * (A) = subparagraph designation Legislative Process For Tax Bills Figure 2.1 Administrative Sources of Tax Law * Treasury Department Regulations * Revenue Rulings * Revenue Procedures, and Help interpret and understanding how the tax laws apply Regulations * Issued by U.S Treasury Department * Provide general interpretations and guidance in applying the code * Reg. § 1.2 Issued as: * Proposed: preview of final regulations * Do not have force and effect of law * Temporary: issued when guidance needed quickly * Same authoritative value as final regulations * Final: * Force and effect of law Revenue Rulings * Officially issued by National Office of IRS * Specific interpretations and guidance in applying the code * Less...
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...it addresses the naked short selling prohibition and the reporting and disclosure obligations. This guide is particularly relevant to institutional investors and brokers who are involved in short selling activity. REGULATORY GUIDE 196: Short selling About ASIC regulatory documents In administering legislation ASIC issues the following types of regulatory documents. Consultation papers: seek feedback from stakeholders on matters ASIC is considering, such as proposed relief or proposed regulatory guidance. Regulatory guides: give guidance to regulated entities by: explaining when and how ASIC will exercise specific powers under legislation (primarily the Corporations Act) explaining how ASIC interprets the law describing the principles underlying ASIC’s approach giving practical guidance (e.g. describing the steps of a process such as applying for a licence or giving practical examples of how regulated entities may decide to meet their obligations). Information sheets: provide concise guidance on a specific process or compliance issue or an overview of detailed guidance. Reports: describe ASIC compliance or relief activity or the results of a research project. Document history This version was issued on 7 April 2011 and is based on legislation and regulations as at 7 April 2011. Previous versions: Superseded Regulatory Guide 196, issued 19 September 2008, reissued 23 April 2010, with minor amendments made to the text on 31 May 2010 Disclaimer This guide...
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...as H&M, Uniqlo, Zara, Padini Concept Store (PCS) and Brands Outlet (BO) under one roof. Our findings are that Padini remains the “market leader” in this mall; its PCS and BO brands have a combined 45% “market share”. H&M stood out as the main competitive threat, accounting for a 38% “share of the market”. Extending its market presence. Elsewhere, store expansions will resume in FY6/14 after the slowdown in FY6/13 with only one new Brands Outlet. The five new stores (3 Brands Outlets, 2 Padini Concept Stores) for FY6/14 will all be located outside the Klang Valley, as the group extends its presence in the suburban areas. Besides facing less competition from foreign brands, it fits well into the group’s strategy to grow the Brands Outlet business which focuses on value proposition. Less reliant on Chinese manufacturers. The group received the fourth shipment of garments from its Bangladeshi manufacturers in Dec 2012. Diversifying its suppliers reduces its reliance on Chinese manufacturers in supplying finished goods to c.70%...
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...case against taxpayer David Hobson in matters pertaining to exclusion of income, deductions for expenses related to excluded income, and deductions for business expenses. We determined that the taxpayer owes taxes on improperly excluded income and improperly deducted expenses as a double benefit. Facts: * Taxpayer excluded income in the amount of $1000 per month, claiming that part of his compensation for work as a minister is a rental allowance from his church. * Taxpayer uses the rental allowance to make payments on mortgage, interest, and property taxes of a home he is purchasing. * Taxpayer rents basement of home to a renter and receives $400 per month for this. The basement space does not have a separate entrance. Taxpayer reports this rental income on Schedule E. * Taxpayer deducted expenses for 80% of mortgage interest and taxes on Schedule A and 20% on Schedule E. Issues: * Is the exclusion of a rental allowance for a minister, provided in IRC §107(2), a violation of the Establishment Clause of the First Amendment of the U.S. Constitution? * May the taxpayer exclude a rental allowance from income when he is using it to purchase income-producing property? * Is the deduction of expenses a double benefit if the expenses are incurred for items related to excluded income? * Does a business use exist that justifies the separation of expenses between Schedule A and Schedule E? Authoritative Support: Recently, the constitutionality of the exclusion...
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...1) Promotes Uniform Certification and licensing standards for CPA’s ch. 1 4 sections:1 Auditing & Attestation, Financial Accounting and Reporting, Regulation (REG), Business Environment and Concepts (BEC) *All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. While the exam is the same no matter where it's taken, every state/jurisdiction has its own set of education and experience requirements that individuals must meet. *Most states/jurisdictions require at least a bachelor's degree to be eligible to become a CPA. Learn more about educational requirements. * As for experience, most states/jurisdictions require at least two years public accounting experience. * 2) Sets requirements for maintaining member’s professional competence. Licensed CPAs are subject to regulation by their respective state boards of accountancy and strict professional ethics rules adopted by the boards to protect the public against fraud, incompetence and conflicts of interest. In addition, members of the American Institute of CPAs have to adhere to the AICPA Code of Professional Conduct, which sets forth certain standards of professional conduct. The Statement on Responsibilities in Personal Financial Planning Practice establishes guidance for AICPA members who provide personal financial planning services. This guidance applies whether personal financial planning services are provided...
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...Final Paper Jason Rhone BUS311: Business Law I Professor Timory Naples 11 Aug 2014 Final Paper Acme Fireworks has came a long ways in the past 15 years and thus has accepted some changes that will be challenging. If the large orders do not continue, the company will not have the funds to pay the new employees. Acme Fireworks should expand to a larger business entity because expanding to a larger business entity will allow the company to negotiate larger contracts with other companies, and the company will never reach its full potential until it has expanded to a larger business entity. Consumers are commonly the victims of mishandled fireworks. There are various ways that fireworks can be mishandled, such as: lighting fireworks improperly, lighting fireworks too close to others, or lighting the fireworks while still holding them. Fireworks can have dangerous affects, whether handled properly or improperly. Fireworks are also capable of being manufactured improperly. Acme Fireworks seeks desperately for consumers to avoid risk while handling fireworks. There are warnings and directions attached to every firework package that is available for purchase. Acme Fireworks requests that all consumers to read the warnings and precautions before use. Never allow children to use fireworks without adult supervision. Only use fireworks outdoors, away from houses and fire hazards. Never try to reignite used or malfunctioning fireworks. Always keep a bucket of water nearby for...
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...Student Cases with Solutions to accompany Accounting & Auditing Research: Tools & Strategies (7th edition) NOTE: In addition to the in-chapter and end-of-chapter exercises which serve as short cases you will find the following short cases arranged by course title that can also be utilized as short cases that require the student to access the authoritative literature to address the issue presented in the case. Other excellent sources of longer and more detailed cases include the Deloitte Trueblood cases (www.deloitte.com/more/DTF/cases_subj.htm), as well as the AICPA cases (www.aicpa.org). A topical listing of the cases is presented with the case and solution following the listing. Topical Index of Student Cases INTERMEDIATE ACCOUNTING Cases Case 1: Reporting acquisition and repayment transactions in the Statement of Cash Flows Case 2: Recording a forfeited payment Case 3: Revenue and expense recognition associated extended warranties Case 4: Accounting for “due on demand” note payable Case 5: Purchase of a controlling interest with a greenmail premium Case 6: Revenue recognition in the construction industry Case 7: Accrual and measurement of interest payments Case 8: Recognition of an asset transfer when title has not yet been received Case 9: Capitalization of interest and property taxes on a construction project Case 10: Deferred compensation and life insurance policy recognition Case 11: Reporting earnings per share balances...
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