Civil Law Questions
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Flip Flop, Inc. treated interest on uncertain tax liabilities as interest expense and penalties as part of selling, general and administrative expenses in the prior year. How can Flip Flop treat interest and penalties this year?
Vebos, Inc. distributes $10,000 cash and a machine with a fair market value of $5,000 (adjusted basis to Vebos was $200) at time of distribution to its shareholder Jody. Vebos had current E&P of $100,000 at the distribution. What is the amount and character of the distribution to Jody?
When a corporation makes a distribution, the distribution is deemed paid out of _____ E&P first, then ____ E&P.
The expected future tax recovery from a taxable deductible difference is recognized as a:
Topham, Inc. has pretax income of $100,000 for the current year. Included in that amount is $3,000 of tax-exempt income, $8,000 of meals expenses, and $10,000 of depreciation expense (depreciation is $15,000 under tax rules). Topham also paid $21,000 in estimated income tax payments during the year. After adjusting for permanent items (only), Topham's taxable income is:
Macrohard Partnership distributes some of its software inventory to partner Jill in a liquidating distribution. Jill intends to use the software for personal use and does so for seven years. After that time, Jill sells the software at a gain. What is the character of the gain to Jill?
The two steps in the process to determine if a tax benefit can be recognized are (in order):
shall be responsible for the dissemination, development, and the promotion of the Filipino national language and the conservation of ethnic languages.
Tax rates In the case of a company other than a domestic company
SURCHARGEIndividual/ HUF/ AOP/ BOI/Artificial juridical personTotal income (including dividend income & CG u/s 111A and 112A) > ₹ ₹1 Cr but ≤ ₹ 2 crore
SURCHARGEIndividual/ HUF/ AOP/ BOI/Artificial juridical personTotal income (excluding dividend income & CG u/s 111A and 112A) > ₹ ₹ 2 Cr but ≤ ₹ 5 crore
SurchargeIn case of a domestic company which has exercised option under section115BAA or section 115BAB
Wildlife Resources Conservation and Protection Act
Are Individuals and HUFs exercising option u/s 115BAC are liable to alternate minimum taxu/s 115JC?
provides all entities engaged in mining to return and rehabilitate and return the lands to their original condition
charging section of the Income-tax Act, 1961
shall be responsible for significant movable and immovable cultural property that pertains to Philippine history,
Deductions under Chapter VI -A available as per section 115BAC -
Declaring Prospecting and Other Mining Operations of Public Use and Benefit
Are resident individuals of the age of 60 years or more and 80 years or more entitled to higher basic exemption limits of ` 3 lakhs and ` 5 lakhs, if they opt for section 115BAC.