Advise Mr. Chan.
Q: Sanchez, a copra dealer claims that he should be exempt from payment of taxes considering that…
A: Taxes are the amount paid to the government for the services taken or income earned. It is an income…
Q: A new client, John Dobson, recently formed John’s Premium Steakhouse, Inc., to operate a new…
A: Please find the answer to the above question below:
Q: s Mr. Jones a taxpayer in the Philippines? What is his category? b. If Mr. Jones is indeed a…
A: (a) Yes, Mr. Jones is a taxpayer in the Philippines. He would fall under the category of…
Q: Mr A has formed an Accounting Practice business partnership. Your area of expertise is in Income…
A: Introduction:- Tax: The government imposes a tax on income produced by individuals, partnerships,…
Q: I Have This Question. I need an answer relevant to US Tax Code. 5). Leno Hardware is owned…
A: A sole proprietorship is the business arrangement in which the owner will be the sole owner of the…
Q: John Peter is aware that there is no Capital Gains tax in Barbados. He decided to buy a large piece…
A: As per policy we answer only one multiple question.
Q: X owns a business in Manila. BIR imposed income tax on X’s net income while the City of Manila thru…
A: Double taxation Double taxation refers to the income taxes paid twice for the same source of income.…
Q: Mr. Chuang set up a company called Good Home Limited. The company holds several properties in Hong…
A: Taxation in Hong KongUnlike many other jurisdictions, Hong Kong has a territorial taxation system…
Q: its quarterly income tax return? Group of answer choices
A: As we know that Liability for taxation of non-resident (We can say Alien in Philippines) is…
Q: Miguel is a citizen and resident of Brazil. During the current vear, Miguel never visits the…
A: Solution Tax rate is the rate at which an individual or corporation is taxed.
Q: Whilst searching for related literatures for her thesis study, Jackie found a tax law which provides…
A: The answer is stated below:
Q: Joe Doe just started a business. He wants the business income to flowdirectly to his own personal…
A: Limited liability company is the type of company which has features of a sole proprietorship and…
Q: Jackie is currently in need of cash and plans to sell some of his capital assets. Which of the…
A: Capital gain tax is a tax on sale of captial assets of the business. Capital…
Q: that she is so frustrated with taxpayers who are trying to get away with their taxes reasoning that…
A: tax dodging is such a method which is used to reduce the tax amount of a person or company that it…
Q: uch would be the tax on the transfer of ownership?
A: Answer: Sales consideration = P500000 Fair Market Value = P700000 Higher of above two = P700000 When…
Q: Which of the following statements is incorrect on winnings of a resident citizen?
A: Income tax is defined as the compulsory charge being levied upon the incomes of various sources by…
Q: Ms. Filipina A. Ko, a Filipino, works abroad. Ms. Filipina’s work requires her to be overseas most…
A: For Income Tax For tax purposes, an individual may be classified as one of the following:- 1)…
Q: Whilst searching for related literatures for her thesis study, Jackie found a tax law which provides…
A: Right against self-incrimination means no person can be forced to give a witness against himself. No…
Q: Tom and Rachel are married and living together in California. Their income is as follows: Tom's…
A: In all of the community property states , income from interest shall be considered one half of by…
Q: Which of the following describes a taxpayer with a hobby? Sara, an independent seller for a…
A: The important point to note to determine whether the taxpayer is doing a business or hobby is to…
Q: The following persons are your clients: Who is allowed to claim deduction? • Nicanor, an employee of…
A: Following is allowed to claim Deduction - ABC Corp
Q: 5). Leno Hardware is owned and operated as a sole proprietorship by Larry Leno. The location…
A: When the situation arises to sell your business where the buyers are around the corner, the seller…
Q: Advise the following tax payers of the GST consequences arising out of the following information and…
A: An input tax credit means the tax paid on inputs will be reduced from tax on output.
Q: the tax payer's claimed capital allowance for a car that registered under his personal name and the…
A: Job of tax agent is quite difficult because people want to save tax but our job is quite difficult…
Q: Allen, Beth, and Charlie formed Brick Corporation. Allen and Beth each received one-third of Brick…
A: Preferred stock- Preferred stock, are shares of a corporation's stock with dividends that are…
Q: You are Melina’s CPA, she to whom Walter “Buck” Swords left $50,000 and a used car in his will. What…
A: Inheritance in simple words can be defined as an act of passing on the property, cash, estates or…
Q: The following persons are your clients: Who is allowed to claim deduction? - Nicanor, an employee…
A: The tax credits are government-granted credits to the taxpayer. They can be provided by the…
Q: Linda and her sister Hannah own a bed and breakfast hotel in Maine in which they provide maid…
A: According to the given question, we are required to find the correct option from the available…
Q: d it to make it flatter, installed a soakaway so the water does not settle on the land, and made…
A: John Peter is aware that there is no Capital Gains tax in Barbados. He decided to buy a large piece…
Q: Which of the following is not an economic entity? А. Aldo, Baldo, Calvo & Associates, a law firm St.…
A: Law firm is a firm of advocates which provides the service of law. Piggery is a farm or place where…
Q: Statement 1: When a taxpayer receives a car from a corporation for furnishing the names of potential…
A: Solution Taxable income is the income of which you are given tax . The income after deductions.
Q: John Peter is aware that there is no Capital Gains tax in Barbados. He decided to buy a large piece…
A: John Peter is aware that there is no Capital Gains tax in Barbados. He decided to buy a large piece…
Q: Federal income taxes have a significant effect on businesses and investors, and affect the personal…
A: As in the given case if the situation of individual and corporation has been reached to 37% many of…
Q: Mary owns a business in California. She wants to know what she has to do about withholding from her…
A: (1) Mary owns a Business in California. She has to withhold certain portion of the Employees wages.…
Q: please just categorize which are tax object and which are not Prize we received after competing as…
A: Taxable income refers to the income which is subjected to tax. Compensation, wages, salaries, stock…
Q: Which of the following is not considered a purpose of taxation? A. To regulate B. To make the…
A: Tax means the mandatory payment made by tax payer to the government without expecting anything…
Q: Jacques is an alien assigned in the Philippines to manage the regional area headquarters of Deli…
A: The Non Resident Aliens in Philippines are subject to income tax on the incomes…
Q: If a client had used a commission-free broker to trade stock options, but the client is dependent in…
A: Brokers like ZERODHA,UPSTOX,FYERS,PROSTOCK AND INDIABULLS offer brokerage free investment in the…
Q: ABC Corporation’s CEO owns a condominium in Bahamas where top executives and their spouses stay,…
A: Here discuss about the details of taxation issues which are incurred for the benefits provided to…
Q: Statement 1: When a taxpayer receives a car from a corporation for furnishing the names of potential…
A: Taxation is defined as the compulsory financial charge, which is levied by the taxing authority or…
Q: Jenny is a student from Sweden who comes to Australia to study for a four-year bachelor’s degree in…
A: Tax refers to a percentile form of mandatory charged which is levied on the desired incomes or…
Q: Which of the following statements, if any, is false? O An individual can get lower Federal tax rates…
A: Taxable income: It is the portion of the income on which individual or corporation is required to…
Q: Bamdad plans to become a landlord and purchase a property to use as a rental (he is conducting these…
A: Property consists of two parts land and building.
Q: taxpayers may claim a deduction for qualified business income? a. A driver for Uber or Lyft. b. A…
A:
Mr. Chan set up a company called Good Home Limited. The company holds several properties in Hong Kong and lease out to earn rental income. Mr. Chan wonders whether the company should pay property tax or profits tax. He also concerns if double
Home Limited and how it can avoid this if so.
Question:
Advise Mr. Chan.
Step by step
Solved in 2 steps
- Mr. Chuang set up a company called Good Home Limited. The company holds several properties in Hong Kong and lease out to earn rental income. Mr. Chuang wonders whether the company should pay property tax or profits tax. He also concerns if double taxation of the same income derived from a property under property tax and profits tax will charge to Good Home Limited and how it can avoid this if so. Advise Mr. ChuangYour group has formed an Accounting Practice business partnership. Your area of expertise is in Income Tax matters in Australia. Jonathan is one of your clients and he has come to see you seeking advice on how to minimize his tax. You explain to Jonathan of the many ways in which to reduce his tax liability. Jonathan is most impressed by what you have told him and he pays a fee for your professional advice and then carries out your suggestions on tax minimisation. Unfortunately, you have misread the tax legislation and as a result Jonathan is audited by the Australian Taxation Office who then issues him with a tax liability of $600,000.00 plus interest. Discuss what the consequences are to your group for giving Jonathan bad advice.Mr A has formed an Accounting Practice business partnership. Your area of expertise is in Income Tax matters in Australia. Jonathan is one of your clients and he has come to see you seeking advice on how to minimize his tax. MR A explains to Jonathan of the many ways in which to reduce his tax liability. Jonathan is most impressed by what MR A has told him and he pays a fee for his professional advice and then carries out Mr A's suggestions on tax minimisation. Unfortunately, MR A has misread the tax legislation and as a result Jonathan is audited by the Australian Taxation Office who then issues him with a tax liability of $600,000.00 plus interest. Discuss what the consequences are to MR A for giving Jonathan bad advice.
- I Have This Question. I need an answer relevant to US Tax Code. 5). Leno Hardware is owned and operated as a sole proprietorship by Larry Leno. The location is excellent, and he is approached by a buyer, Hard Bargains Inc., a national chain of hardware stores. What are the tax consequences in the following situations? Larry sells the store for cash. Larry sells the store for marketable stock in Hard Bargains. Larry incorporates the store and exchanges the stock for shares in Hard Bargains. Same as (c), but Larry incorporated his hardware store two years earlier. check_circle Expert Answer thumb_up thumb_down INTRODUCTION When the situation arises to sell your business where the buyers are around the corner, the seller may meet a proper tax bill. Careful computations and transactions are needed while winding up and selling off the business with responsible tax abiding taxes. The seller will be taxed on the gain or profit he/she make from selling the business.…Juan is the owner of a "kalesa". He charges fees to customers who would want to ride on his "kalesa" and take a tour around the area. What is the tax implication of this to Juan? A. Operating the "kalesa" is subject to percentage tax on business. B. Operating the "Kalesa" is subject to VAT if the gross annual receipts exceed P3M. C. The transaction is exempt from business tax.As a business owner, discuss how the level of taxes (inland or at the border) could improve or impede the performance of your business.
- ABC Corporation’s CEO owns a condominium in Bahamas where top executives and their spouses stay, from time to time, for personal leisure only. The CEO pays all upkeep and other incidental expenses of the condo. Do you think the benefit provided to the top executives would be taxable or not? It is important to note that the CEO does not use any of the corporate funds to maintain the condominium. The purpose of the benefit is to reward the employees.Which of the following is not considered a purpose of taxation? A. To regulate B. To make the poor poorer C. To minimize the adverse effects of certain activities D. To have an equitable distribution of wealth among inhabitants True or False: You are employed. The Income tax on your salary is required to be paid at the Mayor’s Office.Mr Rahman is a professional accountant who works in a big corporation. While filling his income tax, he deliberately hid the information that he received some income from his part-time consultancy service to a scall company. This action of Mr Rahman can be termed as _______ a. Tax planning b. Tax avoidance c. Tax hiding d. Tax evasion
- 5). Leno Hardware is owned and operated as a sole proprietorship by Larry Leno. The location is excellent, and he is approached by a buyer, Hard Bargains Inc., a national chain of hardware stores. What are the tax consequences in the following situations? Larry sells the store for cash. Larry sells the store for marketable stock in Hard Bargains. Larry incorporates the store and exchanges the stock for shares in Hard Bargains. Same as (c), but Larry incorporated his hardware store two years earlier.Which of the following is most likely not a trade transaction for income tax purposes? A. In August 2020, Jackie imported fine diamond jewelleries from South Africa which she placed it in her diamond boutique in London for resale on higher profits. B. Aziza imported a consignment of tourist gifts made of genuine leather from overseas. She subsequently sold all the gifts through a few tourist agents on commission. C. Alexander sold his inherited properties during the tax year 2020/21. The properties were inherited from his wealthy father. A property agent helped him in doing that by advertising the properties in a local magazine in search of good prices. D. Speculating the fluctuation in the price of gold, James bought a large quantity of gold on 1 July 2020 and successfully resold on 15 September 2020.please just categorize which are tax object and which are not Prize we received after competing as the best employer in the financial industry Income from transferring some of our investment in shares to another Indonesian company Income from mutual fund Income from Unit Link insurance Payment from insurance company due to fire in our office in Semarang. Sale of one of our branch building Gain from foreign exchange