Eddie Enterprise Ltd imported a vehicle for GH¢30,000 and was denied the claim of input tax (VAT) on the imports in 2014 on the vehicle by the Ghana Revenue Authority. In 2019, it intends to sell the vehicle for an amount of GHc26,000. Required: The Company seeks your views as a seasoned Tax Expert to advise on the possible tax implication of the above transaction.
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- On March 15, 2022, MOSCOW received a court decision on a lawsuit filed against the company in January 2021. As of December 31, 2021, MOSCOW did not recognize a liability as a result of this case because according to its legal counsel, it was not probable that the company will be found liable. On March 15, the court ordered MOSCOW to pay the amount of P2 million to the plaintiff. Although MOSCOW intended to make an appeal, it is still considered probable that it will pay an amount between P1.5 million to P2 million, with P2 million considered to be the most probable amount. MOSCOW's financial statements for the year ended December 31, 2021 were authorized for issue on April 30, 2022. How much is the estimated liability for damages to be reported by MOSCOW on its statement of financial position at December 31, 2021? *11. Due to the enactment of the CREATE Law, some provisions therein produced confusions on the part of the taxpayers. To clarify certain matters, the Commissioner of Internal Revenue may issue: A. Revenue Regulations B. Revenue Memorandum Order C. Revenue Memorandum Circular D. Revenue Rulings 12. The government, beginning January 2021, temporarily imposed what is called Safeguard Tax (SG Tax) on certain imported motor vehicles to minimize the influx of foreign-made vehicles to the detriment of local manufacturers. The purpose of the imposition of the SG Tax is based on A. Primary purpose of taxation B. Fiscal purpose C. Regulatory purpose D. Sumptuary purpose 13. Which of the following is not among the powers of the Commissioner? I. Issue Revenue Regulations II. Offer Voluntary Assessment and Payment Programs (VAPP) to taxpayers with delinquent accounts for a specific year or period III. Offer estate tax amnesty to taxpayers IV. Require taxpayers to file Related Party Transaction…During the preparation of financial statement for Master Ltd for 2023 it was discovered thatan amount of $22,000, incurred in September 2021 and payable to an overseas supplier, wasoverlooked and not paid or provided for in the financial statement ending 30 June 2022. Theamount is considered to be material and will be permitted as a deduction for tax purposes(tax rate 30%).Required:i) Prepare the necessary journal entry to correct this error.
- New America, Inc., a USA exporter of computer hardware intends to open a retail subsidiary in Kabul, Afghanistan sometime during tax year 2019. New America’s chief accountant has contacted our firm to inquire about income taxation for this planned business in Afghanistan and about the income tax obligations they might incur if they followed through with their plan. They also have asked to compare the Afghanistan tax rates and the rules governing ordinary and necessary business deductions to the respective US tax provisions. What would be the tax memorandum for this question.New America, Inc., a USA exporter of computer hardware intends to open a retail subsidiary in Kabul, Afghanistan sometime during tax year 2019. New America’s chief accountant has contacted our firm to inquire about income taxation for this planned business in Afghanistan and about the income tax obligations they might incur if they followed through with their plan. They also have asked to compare the Afghanistan tax rates and the rules governing ordinary and necessary business deductions to the respective US tax provisions. set up the memorandum. Conduct appropriate research and cite all relevant primary authority (tax code, regulations, etc.).I am stuck on the Self-Study Problem 2.9 in 2019 Income Tax Fundamentals. I am suppose to on #1 enter the amount from form 1040, line 10. However, if you are filing form 2555 or 2555-ez (relating to foreign earned income), enter the amount from line 3 of the foreign earned income tax worksheet. There is not a line #10 on the 1040 provided in the book???
- During 2026, Raven Company became involved in a tax dispute with BIR. At December 31, 2026, Raven’s tax advisor believed that an unfavorable outcome was probable and a reasonable estimate of additional taxes was P5,000,000 but could be as much as P6,500,000. After the 2026 financial statements were issued, Raven received and accepted a BIR settlement offer of P5,500,000. Assume that the company accepted the BIR settlement offer of P5,500,000 before the 2026 financial statements were issued, what amount of accrued liability would Raven have reported in its December 31, 2026 statement of financial position? Walter Wentworth Walter Wentworth lives in South Africa. He was on holiday in Australia for the last 92 days of the 2021year of assessment. Venicia Ltd Venicia Ltd is incorporated in South Africa. It carries on business in Europe. Its place of effectivemanagement is in Lucerne, Switzerland. Its year of assessment ends on the last day of February.REQUIRED: Indicate if the above persons will be subject to normal tax in South Africa for the 2021year of assessment. (Ignore the provisions of a double tax agreement that may be applicable.)The concept of reverse onus, as it relates to taxation in Canada, suggests: Select one: O a. We should refrain from exercising tax avoidance O b. We should engage in tax evasion O C. We may have to go through an appeal process, firstly with CRA (Canada Revenue Agency) and possibly through the courts, if we disagree with a reassessment O d. We are not required to comply with a reassessment from CRA because a court ruling will be required firstly
- Assume that a U.S.-based company is issuing securities to foreign investors who require financial statements prepared in accordance with IFRS. Thus, adjustments to convert from U.S. GAAP to IFRS must be made. Ignore income taxes for given problem. Harrington Company was sued by an employee in late 2017. General counsel concluded that there was an 80 percent probability that the company would lose the lawsuit. The range of possible loss is estimated to be $20,000 to $70,000, with no amount in the range more likely than any other. The lawsuit was settled in 2018, with Harrington making a payment of $60,000.a. Determine the appropriate accounting for this lawsuit for the years ending December 31, 2017, and December 31, 2018, under (1) U.S. GAAP and (2) IFRS.b. Prepare the entry(ies) that Harrington would make on the December 31, 2017, and December 31, 2018, conversion worksheets to convert U.S. GAAP balances to IFRS.Please Introduction and solution proper and please check plagiarismOMG is in a country which has a capital gains tax, conducted the following transactions:a. Purchased a building in February 2018 for $26,000,000. In March 2019, the companyspent $2,000,000 to install solar panels for electricity in the building. The building wassold for $28,500,000 in 2021. The annual maintenance cost was $500,000. The cost ofadvertising the sale of the building and the legal fees amounted to $1,500,000.b. A motor vehicle was purchased for $5 million on January 1, 2018. The vehicle was soldin 2021 for $4.5 million.c. Bought an antique painting for $3.5 million in 2019. The painting was sold in 2021 for$10 million.d. Purchased a government bond for $5,000,000 in 2018 and sold it for $7,500,000 in 2021.The company is entitled to an Annual Exemption of $500,000. Capital losses as of 1 January2021 were $1,500,000.Calculate the capital gains tax in 2021, assuming a capital gains tax of 15%.