Capital gains tax

various fringe benefits by her employer. Mary and her employer were worried about the tax consequences of the respective benefits and how it could be addressed in income tax return. (a) Tax Implications on Relocation Cost The employer of Mary paid her $4,000 for the transfer of furniture for her recent relocation at Brisbane. The amount is an exempt benefit for Mary because section 61B, Div 13 of Fringe Benefit Tax Assessment Act 1986 concludes relocation expense as an exempt benefit provided relocation

Preparation and Filing of Income Tax Returns A PROJECT REPORT Submitted by Preksha Shetty in partial fulfillment for the award of the degree of Post Graduate Diploma in Management Studies Under the Guidance of Prof. N. Krishnamurthy THAKUR INSTITUTE OF MANAGEMENT STUDIES AND RESEARCH KANDIVILI MUMBAI Table of Contents Chapter 1 INTRODUCTION: 5 Chapter 2 CURRENT SENARIO: 10 A. Income from Salary 10 B. Income from House Property 11 1. Computation of income from Let Out Property 11

CASE STUDY -1 INTRODUCTION: For the application of Capital Gain Taxation (CGT) provisions under the Australian taxation system, the happening of a CGT event is must. The most common capital gain tax event is a sale of assets. These assets may be generally the either the real estate or the shares. However, there are other events also which are considered as CGT events. TO WHOM APPLICABLE: The provisions of the capital gains or losses are applicable on the following three kinds of legal personalities:

to be better for an employee from a tax perspective. This assumes that (1) AMT won’t be triggered and (2) you’ll get low long-term capital gains rate by holding the stock for the appropriate holding periods. However, often you either run afoul of the AMT trap, or don’t hold the stock long enough with the complicated 1 year + 2 year requirement, or the spread at exercise is zero or small, so the difference wouldn’t matter anyway. NSOs do have a slightly higher tax because of the employment taxes. Overall

were started in 2010, and each business sustained a $5,000 net capital loss for the year. Which of the following statements is correct? Your Answer: Ted’s corporation can deduct the $5,000 capital loss in 2010. Ted’s corporation can deduct $3,000 of the capital loss in 2010. Sue can carry the capital loss back three years and forward five years. Sue can deduct the $5,000 capital loss against ordinary income in 2010. None of

depreciation recapture under Sections 1245 or 1250, is considered as an amount realized from the sale or exchange of property other than a capital asset. Prior to the implementation of the Internal Revenue Code of 1954, the character of gain produced by the sale of a partnership interest was uncertain. It was not clear if the sale should be viewed as a sale of a single capital asset, or the sale of undivided interests in partnership assets which

‘Amalgamation—Income-tax Act’ by P.S.Gopalakrishnan I.R.S. (retd.) gives a broad concept about amalgamation, its types, and its benefits. Two natures of Amalgamation according to ICAI: Merger and Purchase: Income tax act is concerned only about the merger side of amalgamation and it does not include the purchase nature into consideration. There are few conditions that needed to be fulfilled in

James D. Ktsanes, TC Summary Opinion 2014-85, Code Sec(s) 61; 104, 09/2/2014 where the taxpayer argued that a settlement of $65,000 received from an insurance company fell under the guidelines of IRC § 104 due to his Bell’s Palsy. Regrettably, the Tax Court’s “decision did not allow the $65,000 payment to be excluded from the taxpayer’s gross income based on the payment being

Digital India: Startup Plans of 2016 Start-up India is harmonious with the PM’s innovation approach when he addressed Digital India program. The Start-up India Action plan is a great start but will need continued support and evolution to make this a true, deep revolution for the future India. Starting own business is the dream project of many individuals which is underpinned by many facilities in our country. Hundreds and thousands of business are being launched every day with a low success but

2014 a.)When Cut and Chop entered into a contract to sell the business premises on 1 May 2014, CGT event A1 occurred.(s104-10) According to sec100-50, the net capital gain or net capital loss for the income year is calculated as follow: Current year capital gain=capital proceeds-cost base or indexed cost base In this case, the capital proceeds is 2.65 million (s116-20). Since the business premise is acquired on 1 June 2009 (after 21 September 1999) indexation method cannot be applied for calculating