Tax Planning Report Prepared Especially for: Billie Ghote March 2016 Prepared by: XiangYu (Lucy) Fan 250702646 Xiaohan (Elliot) Yu 250674565 Yiping Hu 250685725 Ensen Xie 250673945 Hai Val Yu Chartered Public Accountant Firm Table of Contents Contents Executive Summary .................................................................................................................... 3 Assets Not Transferred To the Corporation ............................................
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Bob is a client that has a piece of land that has a fair market value of 9,000,000 that he bought in 1966 for 450,000. In order to explain to Bob about his tax consequences, we should calculate the property disposition capital gain. According to the IRS Publication 434, capital gains is explained as: Capital Gains Basis, adjusted basis, amount realized, fair market value, and amount recognized are defined next. You need to know these definitions to figure your gain or loss. Basis. The cost or
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a) No or low taxes on all or certain types of income and capital. The main purpose of an operation involving tax haven is to obtain benefits in taxation, taking advantage of its no or lower taxation. Thus, there may be extremely low or no capital gains or transfer tax, gift, death or estate duties. The difference in the level of taxation between jurisdictions is determinant to decide whether a tax haven should be used and, if so, which one. The no or nominal tax criterion is not sufficient, by itself
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BA (Hons) Accounting (Full-time), Edinburgh Napier University City University of Hong Kong School of Continuing and Professional Education Taxation (Hong Kong) 2013/14 Trimester 1 COURSEWORK ASSIGNMENT DUE DATE: 18 November 2013 (Monday) (Answer the following questions within 1,500 words): (a) George Chan has been employed by Diamond Ltd (Diamond) in the UK as a manager since 1 January 2010. On 1 April 2011, George was posted to Hong Kong to work for two years for the Hong Kong
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Taxation system in India India has a well-developed tax structure with clearly demarcated authority between Central and State Governments and local bodies. Central Government levies taxes on income (except tax on agricultural income, which the State Governments can levy), customs duties, central excise and service tax. Value Added Tax (VAT), (Sales tax in States where VAT is not yet in force), stamp duty, State Excise, land revenue and tax on professions are levied by the State Governments
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Accounting Week 1 homework • Chapter 1: Problem 1-1 a. Calculate the tax disadvantage to organize a U.S. business today as a corporation, as compared to a partnership, under the following conditions. Assume that all earnings will be paid out in cash dividends. Operating income (operating profit before taxes) will be $500,000 per year under either organizational form. The tax rate on corporate profits is 35% (Tc = 0.35), the average personal tax rate for the partners is also 35% (Tc=0.35), and
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SIX DEBATES over MACROECONOMIC POLICY SIX DEBATES over MACROECONOMIC POLICY ISSUES | YES | NO | 1. Whether or not monetary and fiscal policymakers should try to stabilize the economy | Advocates of active monetary and fiscal policy view the economy as inherently unstable and believe that policy can manage aggregate demand, and thereby, production and employment, to offset the inherent instability. When aggregate demand is inadequate to ensure full employment, policymakers should boost
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Financial Statement Analysis Apple Inc. Muhammad Khan DeVry University Class: Acct305: Intermediate Accounting III Professor: Jodi Krausman 02-10-2013 Table of Contents Scope 3 Profile 3 Taxes 4 Deferred Tax: 4 Temporary and Permanent Tax difference: 7 Provision for Income Tax Expense: 8 Carryforward and Carryback losses: 10 Defined Benefit Plan 10 Earnings per Share (EPS) 11 Share based compensation 13 Cash Flow Statement 14 Executive Summary 16 Works Cited 17
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from various government agencies. These, at times, may compel them to adopt a stringent method of monitoring and recording financial transactions to minimize these exposures. One of the strategies is to focus on particular risk areas including taxation. In doing so, professional managers and business owners may be compelled to maintain a separate set of records in addition to other financial records used internally. For as long as the objective of preparing a separate record is clean and without
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134 Solutions Manual for Taxation for Decision Makers Solutions to Chapter 7 Problem Assignments Check Your Understanding 1. Asset Classification How are assets classified to determine their tax treatment on disposition? What are other ways to classify assets? What events qualify as asset dispositions? Solution: Assets are first classified as business, personal-use, or investment assets; then they are classified as capital assets, Section 1231 assets, and ordinary income assets to determine their
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