Sources of Revenue A. There are 4 types of federal taxes 1. Income taxes- individual incomes tax and corporate tax 2. Employment taxes- Federal Insurance Contributions Act (FICA) social security, FICA Medicare, and Federal Unemployment Tax Act (FUTA) 3. Estate and Gift taxes- taxes on transfers of property 4. Excise and custom taxes- taxes on transactions such as alcohol, tobacco, gasoline and other B. Value-added tax (VAT) is composed into 2 categories: direct and indirect
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Companies Ordinance, 1984 1 i THE COMPANIES ORDINANCE, 1984 (XLVII OF 1984) ********* CONTENTS ………… PART I - PRELIMINARY Sections Pages 6. Preamble Short title, extent and commencement Definitions Meaning of "subsidiary" and "holding company" Ordinance not to apply to certain corporations Application of Ordinance to non-trading companies with purely provincial objects Ordinance to override memorandum, articles, etc. 7. 8. 9. 10. PART II-JURISDICTION OF COURTS
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Chapter One: The Legal Environment 1. Business activities and the legal environment 2. Sources of American law 1) Primary sources of law * Constitutional law (The U.S. Constitution, state constitutions) * Statutory law ( federal statutes, state statutes, ordinances; uniform laws) * Administrative law (administrative agencies: federal, state, local) * Case law 2) Secondary sources of law * Books , articles 3. The common law tradition 1) Stare decisis
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.... 7 Transfer at $20,000 less than FMV (Bob) ..................................................................................... 7 Conclusion.................................................................................................................................. 8 2 Executive Summary The following report presents the analysis of transferring assets from a sole proprietorship, Ghote Classic Cars, to a newly incorporated company. It demonstrates the ways to transfer assets and
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Supreme Court of the Philippines Batas.org G.R. No. 109125 EN BANC G.R. No. 109125, December 02, 1994 ANG YU ASUNCION, ARTHUR GO AND KEH TIONG, PETITIONERS, VS. THE HON. COURT OF APPEALS AND BUEN REALTY DEVELOPMENT CORPORATION, RESPONDENTS. DECISION VITUG, J.: Assailed, in this petition for review, is the decision of the Court of Appeals, dated 04 December 1991, in CA-G.R. SP No. 26345 setting aside and declaring without force and effect the orders of execution of the trial court
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damages and attorney fees. The intermediate court affirmed and added attorney fees on appeal. The court’s held that: (1) the standard of care under the Uniform Gift to Minors Act (UGMA) and the Uniform Transfers to Minors Act (UTMA), Colo. Rev. Stat. §§ 11-50-101 - 11-50-126 (1987), is not the same as under the general trust laws, Colo. Rev. Stat. § 15-1-304 (1973), (2) a custodian is a fiduciary, (3) the statutes contain different standards and that
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Accounting Standard (AS) 9 Revenue Recognition (This Accounting Standard includes paragraphs set in bold italic type and plain type, which have equal authority. Paragraphs in bold italic type indicate the main principles. This Accounting Standard should be read in the context of the General Instructions contained in part A of the Annexure to the Notification.) Introduction 1. This Standard deals with the bases for recognition of revenue in the statement of profit and loss of an enterprise. The Standard
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financing the purchase of real estate. 3. The rights and duties of the parties 4. The relationship between mortgages and other liens. 5. The options often available to buyers and sellers when mortgaged real property is sold. Mortgage--a written instrument that uses real property to secure payment of a debt. Deed of Trust--a 3-party written instrument created by statute as follows: 1. Borrower- known in a deed of trust as the grantor 2. Trustee – neutral third party who holds title
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of the law especially the law to do with family property, the proposals for reform and look at the different arguments. If we look at the current law when it comes to marriage each party can seek court orders requiring one party to pay maintenance and the court has the power to redistribute any property owned by either party. Also on death the living spouse is the next of kin. However the court has no similar power to ‘adjust’ rights and property, they only can ‘declare’ who owns what. This can
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at law a different person altogether from its members, the company is not in law agent of the subscribers or to the trustees of them”. Introduction A company is a legal entity that is separate and distinct from its members and shareholders and can act as a single person. When a company is formed, it is said to have become "incorporated". However there were several controversies about the company’s entity. Question was being raised that, ‘does it have a
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