...1. Assessment Exemplar Assessment Tasks The table below summarises how each assessment exemplar task relates to coverage of the Outcomes detailed in the Unit specification. It also indicates the evidence, which should be retained for external moderation. |Outcome |Suggested task |Suggested evidence to be retained | |. | | | |1. |Each candidate should write a report that|A written report that can be used by Charles Prospect to| | |can be used by Charles Prospect to |give the required presentation to the client | | |deliver his presentation to Bean & Co. |It should clearly describe the personality of a company | | |The report will be assessed for the |separate from its owners and board | | |demonstrated knowledge of the legal |It should also describe the process by which a company | | |formation of a company, forms of |can be formed and registered | | |corporate body and procedures for company|The different forms of corporate body that can be formed| | |formation. Case Study 1 provides |should be clearly described | | |background information for this...
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...allowed to deduct ordinary and necessary business expenditures * Don’t itemize deductions (No need for standard deductions) * No personal or dependency exemptions * Exist to generate income through business activities * Nearly all corporate expenditures create either current or future tax deductions * Corporate taxable income formula is relatively straight forward * Accounting Periods and Methods * Corporations measure their taxable income over a tax year and that their tax year must be the same as their financial accounting year * Generally elect their tax year when they file their first tax return * Timing when corps. recognize income and deductions depends on their accounting method * For tax purposes corps. have some flexibility in choosing methods of accounting for individual items or transactions. However, they are generally required to use the accrual method * Corps. with average gross receipts of $5 million or less over the three prior tax years (or a shorter period for new corporations) may use the cash method. LO2 – Computing Corporate Regular Taxable Income * Most corps starts with book income and then make adjustments for book-tax differences to reconcile to the tax numbers. * Privately held corps may use tax accounting rules for book purposes. (No adjustments required) * Book-Tax Differences * Unfavorable book-tax difference – any book-tax difference that requires an add back to book income to compute...
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...appointed from those licensed to practice auditing by the ordinary general assembly, which shall determine their remuneration and term of appointment. The founders of the company may appoint an auditor to carry out auditing until the constituent general assembly is held. If more than one auditor is appointed, each of them shall exercise auditing separately. If the auditor appointed by the general assembly has not assumed his duties for any reason, the board of directors may, if necessary, appoint another auditor to replace him, provided that the matter shall be presented to the general assembly at its next meeting to resolve it. b- If there is more than one auditor, they shall be jointly liable for auditing. c- The auditor shall not be the chairman or a member of the board of directors of the company the accounts of which he is auditing, nor a managing director nor a person assuming any administrative work or supervising its accounts; nor a second-degree relative of a person supervising the company’s management or accounts. He shall not also buy or sell shares in the companies the accounts of which he is auditing during his term. In all cases the company’s auditor shall not become a member of the company’s board of directors or staff before the lapse of two years from the date of discharging him of his liability. Article (218) a- The auditor shall have at any time the right of access to the company’s books, registers and documents, and of requesting any details he...
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...must be legal 3. Scope and Size The project should be between 1000 and 1200 words, (not including appendices). Wherever a student exceeds the maximum length for the project by more than 10 percent, the teacher must impose a penalty of 10 percent of the score that the student achieves on the project. The project may be done by individual basis or by group work. However, where the project is done by a group, an individual project must be submitted by each student. No two reports must be identical. The project must satisfy the following objectives 1. – Books of original entry (Subsidiary Books) 2. – The ledger with respect to recording the transactions. 3. – The trial balance 4. – Trading and Profit and Loss Account or the Income and Expenditure Account 5. – Balance Sheet Project Reports Each candidate’s project report should be presented in an ordinary and inexpensive soft folder. The front page must have the following The candidate’s name Registration number Name of subject School Centre number Name of Teacher Year of Examination Date submitted Each folder should comprise in this particular order (a) The project, comprising 1. Introduction 2. Table of contents 3. Aims of the project (Name at least TWO) 4....
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...CHAPTER 2 CORPORATIONS: INTRODUCTION AND OPERATING RULES SOLUTIONS TO PROBLEM MATERIALS Question/ Problem Learning Objective 1 LO 1 2 LO 1 3 LO 1, 7 4 LO 1, 2 5 6 LO 1, 2 LO 1, 2 7 8 9 10 LO 1 LO 1 LO 1 LO 2 11 LO 2 12 LO 2 13 LO 2 14 LO 2 15 LO 2 16 17 LO 2 LO 2 18 LO 2 Topic Choice of entity: tax and nontax factors in entity selection Corporation versus S corporation: treatment of operating income and tax-exempt income; no distributions Corporation versus proprietorship: treatment of losses Corporation versus partnership: treatment of operating income and STCG Corporation versus LLC and S corporation Closely held corporations: shareholder transactions Double taxation LLCs: single member LLCs: multi-owner default rule Accounting periods: general rule and fiscal year limitation Accounting periods: PSC fiscal year limitation Accounting methods: limitation on cash method Accounting methods: limitation on accrual of expenses to cash basis related party Net capital gain: corporate and individual tax rates contrasted Net capital loss: corporation and individual contrasted Recapture of depreciation: § 291 adjustment Passive loss rules: closely held C corporations and PSCs contrasted Passive loss rules: closely held C corporation Status: Present Edition Q/P in Prior Edition Unchanged 1 Unchanged 2 Unchanged 3 Unchanged ...
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... * Debt Allocation Rules §752 * Liabilities considered contribution of money of the partnership * Decrease in liabilities=distribution §721 does not apply when an incoming partner contributes personal services to a partnership in exchange for ownership interest. Capital interest: ordinary compensation to extent of interest, becomes partner’s initial outside basis (ex. substantial risk of forfeiture) Profits/Losses interest: does not recognize current income because there is no initial liquidation value; initial basis is zero, recognize income to extent of future profits + Original basis of contribution + Additional contributions + Increase in share of liabilities + Distributive share of taxable K income (inc. capital gains) + Distributive share of tax-exempt K income – Distributions of cash and property – Decrease in share of liabilities – Distributive share of nondeductible expenses – Distributive share of losses = Partner’s outside basis for interest §83 election: taxed now instead of when restriction lapses, good if stock price increases Computation of Partnership Taxable Income * Same as individual; Form 1065—ordinary business income or loss * However, must classify income in two groups * Separately stated items: capital gains and losses, §1231 gains and losses, investment income and expenses, net rental income or loss, and charitable contributions; page 4 of Schedule K, 1065 * Non-separately stated...
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........................................................................ Task A First Term Report: Companies This task is suitable for Grade 12 learners from 2014 (CAPS). Question paper ............................................................................................. Answer book ................................................................................................. 1 2 5 Task B First Term Test: Financial statements of a company This task includes shares of no par value and repurchase of shares. This task is suitable for Grade 12 learners from 2014 (CAPS). Question paper ............................................................................................. Answer book ................................................................................................. 10 14 Task C Second Term Project: Published financial statements of Famous Brands Ltd This task is suitable for Grade 12 learners from 2014 (CAPS). Combined question paper and answer book ................................................ Source material ............................................................................................ 18 25 Task D Third Term Case Study: Cash budget and debtors This task is suitable for Grade 12 learners from 2014 (CAPS). Question paper ............................................................................................. Answer book ..........................................................................................
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...individual income tax deductions as set forth in March 15, 2010 30-day letter. The following information is submitted in support of this protest. 1. NAME AND ADDRESSES OF TAXPAYER Ican Wright 55555 NE 40th Street Redmond, WA 98051 (555) 555-5555 2. STATEMENT OF APPEAL The taxpayer requests an appeal of the findings of the IRS to the Appeals Office. 3. DATES AND SYMBOLS FROM 30 DAY LETTER Date of Letter: March 15, 2010 Letter 7869 4. TAX PERIOD INVOLVED Ican Wright’s Federal Individual Income Tax Return: 2009 Tax Year 5. ITEMIZED SCHEDULE OF UNAGREED ADJUSTMENTS Increase in adjusted gross income: $15,000.00. 6. STATEMENT OF FACTS The facts relevant to this federal income tax dispute fall into two primary categories: (A) the work-related travel expenses, and (B) the current procedural setting of the case. A. Work-Related Travel Expenses Ican Wright (“Ican”), a Washington state resident is a writer of novels. He has been writing professionally for two years and has published one novel. In 2009 Ican had income of $20,000, which was given to him as an advance on book sales for a novel. In writing the novel Ican spent three months in Florida spending 10 hours a day researching the area. With the receipts in hand he deducted $15,000 as work-related expenses on his tax return. B. Current Procedural Setting of the Case On or about March 15, 2010, Ican received a 30-day letter proposing adjustments to his 2009 Individual Federal...
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.................................................. Task A 1 First Term Report: Companies This task is suitable for Grade 12 learners from 2014 (CAPS). Question paper.............................................................................................. Answer book.................................................................................................. Task B 2 5 First Term Test: Financial statements of a company This task includes shares of no par value and repurchase of shares. This task is suitable for Grade 12 learners from 2014 (CAPS). Question paper.............................................................................................. Answer book.................................................................................................. Task C 10 14 Second Term Project: Published financial statements of Famous Brands Ltd This task is suitable for Grade 12 learners from 2014 (CAPS). Combined question paper and answer book................................................. Source material............................................................................................. Task D 18 25 Third Term Case Study: Cash budget and debtors This task is suitable for Grade 12 learners from 2014 (CAPS). Question paper.............................................................................................. 32 Answer book..............................................................................
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...is defined in the Tax Law to be the difference between a person’s assessable income and deductions (reduced by losses made in prior years). So it is a two-step process – looking first at what amounts fall into assessable income, and then looking at what amounts are deductions.These are the two critical concepts that we want to examine:1. Which receipts and other amounts form part of a person’s assessable income?2. Which payments and other amounts are allowed as deductions?If we know the answers to these questions, we then know how much is the person’s taxable income.|s. 4-15| 2. The first part of taxable income: assessable income You will find this rule in …| Assessable income is ordinary income|Section 6-5 of the Tax Law says that a person’s assessable income includes all their “ordinary income” derived during the year. |s. 6-5| ||| Plus statutory income|Section 6-10 then says that a...
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...Annual Report 2009 Aspire Lead Grow Directors’ Report TO THE MEMBERS The Directors of the Company are pleased to present their Report together with the Audited Accounts of the Company for the year ended December 31, 2009. DIRECTORS The Directors retiring by rotation under Articles 109, 115 and 116 of the Articles of Association of the Company are Mr. S. H. Kabir and Dr. Sarwar Ali who, being eligible, offer themselves for re-election. BUSINESS ACTIVITIES Turnover during 2009 was Taka 3,900.7 million registering a growth of 26.2% over last year’s turnover of Taka 3,089.7 million. Profit after tax was Taka 603.5 million – a growth of 39.3%. Earnings per Share (EPS) stood at Taka 417.38 against Taka 299.55 of 2008. CONTRIBUTION TO NATIONAL EXCHEQUER AUDITORS During the year under review your Company paid Taka. 862.10 million to the National Exchequer in the form of Corporate Income Tax, Import Duties and Value Added Tax (VAT). DIVIDEND Renata continues to have a very aggressive investment strategy. During 2009 investments made for upgrading the General Facility at Mirpur, and the Cephalosporin and Penicillin Facilities at Rajendrapur amounted to Taka 642.57 million. The entire amount was financed through internal cash generation. Investments of this magnitude are to be expected every year for the foreseeable future. Hence the Directors deem it necessary to retain adequate funds for financing capital expenditures. The Board of Directors is pleased...
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...INTRODUCTION Bangladesh is a nation of 164 million people where , according to world bank 41 percent live on less $1 per day. Different classes of people live here and their earning source is different. We have upper level people to lower level people Tea seller is one of them in the lower level. In this situation tea stall business provide a poor family in Bangladesh with the opportunity to grow a unique small business and serve their community with refreshing tea as well as earn money .Thousands of ordinary people earn their livelihood by selling tea, in every part of Bangladesh. As a student’s of research method we try to find out the average daily income of tea sellers in dhanmondi area, Dhaka Statement of the problem & setting Objective Every research have some objectives .We choose tea stall business for our research, because there is no sufficient research about tea stall business in our country. That’s why we conduct a small research, in three tea stall at dhanmondi area and our research objectives as follows- 1. To assess the daily average income of a tea sellers 2. How they improve their business 3 .To know about their future business plan 4. Is there any loan or credit facilities for tea sellers 5. To provide some suggestions for business development Review of Literature A literature review is a body of text that aims to review the critical points of current knowledge including substantive findings as well as theoretical and methodological...
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...the work of a single man in a small bank, apportioned among several men. For example, the receiving teller in a five-man bank will take the deposit, count the cash, examine the checks, assort them as to place payable, enter them upon the proper records and make a settlement or proof at the end of the day. In a large bank each of these operations is performed by a different man or group of clerks under the direction of the receiving teller, who is head of the department. It may be that he himself will do very little if any of the detail work. He becomes the manager. Frequently we find a department within a department, as for example, the money department within the paying teller's department. The ordinary departments, classified as to group, may be described as follows: Paying Teller's Department (Teller): Pays or certifies checks. In charge of the signature book or cards bearing the authorized signatures of all depositors. Ships currency. In charge of the vault cash and reserves. Receiving Teller's Department (Teller): Receives deposits. Distributes checks to bookkeepers and other departments. Prepares exchanges for clearing house. Turns cash over to the paying teller at end of day. Note Teller's Department (Teller): Collects notes and drafts due at the bank or elsewhere in the city. Usually in charge...
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...Quarterly Review January-March 2008 Securities and Exchange Commission Bangladesh SECURITIES AND EXCHANGE COMMISSION Quarterly Review January - March 2008 A publication of the SEC Securities and Exchange Commission Jiban Bima Tower ( Floor 15, 16 & 20 ) 10, Dilkusha Commercial Area Dhaka-1000, Bangladesh Phone: 9568101-2, 9561525 Fax: (88)-02-9563721 Website: http//:www.secbd.org E-mail: secbd@bdmail.net Price: TK. 25.00 only SECURITIES AND EXCHANGE COMMISSION Quarterly Review January - March 2008 TOPIC 1. Capital Market News 2. Corporate Finance 3. Capital Issue Department C O N T E N T S 4 7 8 11 13 14 20 22 23 24 25 4. Supervision and Regulation of Markets and Intermediaries 5. Central Depository System Department 6. Registration Department 7. SEC Surveillance Department 8. SEC Enforcement Actions 9. Legal Services Department 10. DSE and CSE Scenario 11. Bangladesh Capital Market Summary CAPITAL MARKET NEWS Establishment of Securities and Exchange Commission (SEC) SEC was established in June 1993 through enactment of the Securities and Exchange Commission Act, 1993 as a regulator of capital market of Bangladesh. Missions of SEC ! Ensuring proper issuance of securities ! Protection of the interest of investors in securities; ! Development of the capital and securities markets; and ! Regulation of the capital and securities markets in Bangladesh. Market Performance Dhaka Stock Exchange: As on the end of January-March,...
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...Section 320 IPC – An Appraisal Dr. Dasari Harish, Prof & Head; Dr. K H Chavali, Assoc. prof; Dr. Amandeep Singh & Dr. Ajay Kr, Asst. Profs Dept. Forensic Medicine & Toxicology, Government Medical College & Hospital, Sector 32, Chandigarh – 160030 Correspondence: dasariharish@gmail.com Abstract: S. 320 defines grievous hurt and lists eight kinds of hurt which it lables as “grievous”. These clauses are not mutually exclusive, for there can be injuries which may fall in more than one clause. However, the list is exhaustive in the sense that, the framers of the Code have used the term “only”, while listing the type of hurts which they designated as “grievous”. To make out the offence of voluntarily causing grievous hurt, there must be a specific hurt, voluntarily inflicted, and coming within any of the eight kinds enumerated in this section. A simple hurt cannot be designated as grievous simply because it was on a vital part of the body, unless the dimensions or the nature of the injury or its effects are such that it actually endangers life. In the backdrop of the verdicts by the Hon’ble courts wherein it was held that the extent of the hurt and the intention of offender should be considered to determine whether a given hurt is grievous, an attempt is made in this article to review the Section with a view to put forward certain fallacies. These, need to be addressed to, in tune with the changing times and in accordance with the modern trends of treatment...
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