On Section III of the loan application, what should be entered for the number of dependents and the dependent's ages? O Two dependents, ages 2 and 9 O Three dependents, ages 2, 9, and 18 O Four dependents, age 2, 9, 18, and 22 O Five dependents, ages 2, 9, 18, 22, and 39
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- Loan interest income ► S.15(1)(i) 。 sums, not otherwise chargeable to tax under this Part (i.e. not chargeable under s.14), received by or accrued to a financial institution by way of interest which arises through or from the carrying on by the financial institution of its business in Hong Kong, notwithstanding that the moneys in respect of which the interest is received or accrues are made available outside Hong Kong 。 Contrast to s.14: arising in or derived from HK What does "arises through or from" mean? Loan interest income is deemed taxable even though the loan is made available outside Hong Kong? 74Pisey needs $ 8,000 for her pig farm. After Sisey Pisey told her about the $ 8,000 she needed, the bank said she had collateral, such as a house, because borrowing, in principle, requires the bank to have collateral? Sister Pisey says I mortgaged the title deed to get a $ 8,000 loan from the bank. The bank assessed the land and told Pisey to borrow $ 25,000 (by submitting the land title), otherwise the bank would not lend her $ 25,000, not $ 8. $ 000) Do you agree? Sister Pisey said that I only need $ 8,000, $ 25,000 is more than I need! The bank said it was likely to force her to borrow $ 25,000 ... Finally, Pisey gave up the loan, fearing that the bank would not be able to confiscate land worth more than 25,000. Dollars. How do students understand the situation? Delay. As a Business ManagerCan you please explain the following section, it is talking about Hong Kong Tax, Special Business, Financial Instituition Profit Tax Computaion. Can you lease explain the following paragraph in a simlier way and with simple example. S.15(1)(i) ◦ sums, not otherwise chargeable to tax under this Part (i.e. not chargeable under s.14), received by or accrued to a financial institution by way of interest which arises through or from the carrying on by the financial institution of its business in Hong Kong, notwithstanding that the moneys in respect of which the interest is received or accrues are made available outside Hong Kong ◦ Contrast to s.14: arising in or derived from HK What does “arises through or from” mean? ◦ Loan interest income is deemed taxable even though the loan is made available outside Hong Kong?
- Loan interest income ► S.15(1)(i) 。 sums, not otherwise chargeable to tax under this Part (i.e. not chargeable under s.14), received by or accrued to a financial institution by way of interest which arises through or from the carrying on by the financial institution of its business in Hong Kong, notwithstanding that the moneys in respect of which the interest is received or accrues are made available outside Hong Kong 。 Contrast to s.14: arising in or derived from HK What does "arises through or from" mean? Loan interest income is deemed taxable even though the loan is made available outside Hong Kong? 74Which of the following correctly identify the requirements for both legal and personal competence for a fiduciary? Must be a U.S. citizen Must meet a minimum age requirement as specified by state law Must be capable of analyzing a situation and making decisions Must be mentally competent as required by state law A) I and II B) II and III C) I, II, III, and IV D) III and IVDavid owns a restaurant in downtown Sarasota. When David's lease is up, what happens to his cooking stoves and dish washing machines? O These items are considered trade fixtures and thus owned by David. David will take these items when he moves from the property. These items become emblements and belongs to both David and the landlord These items are considered trade fixtures and will stay with the landlord. These items are considered fixtures and will stay with the landlord.
- Which one of the following is NOT a correct pairing of a trust provision with its characteristics? A) Spendthrift provision: a clause in a trust that prevents a beneficiary from withdrawing more than the greater of $5,000 or 5% of the corpus.quizlet B) Crummey provision: a trust clause that provides the beneficiary with a limited duration right to demand payment of contributions to a trust each year up to the annual gift tax exclusion from the trustee. C) Discretionary provision: a trust clause that allows the trustee to use his or her sole judgment in determining how much of the trust income and principal will be paid to or on behalf of a beneficiary. ?After researching Best Buy common stock, Sally Wang is convinced the stock is overpriced. She contacts her account executive and arranges to sell short 550 shares of Best Buy. At the time of the sale, a share of common stock had a value of $148. Three months later, Best Buy is selling for $140 a share, and Sally instructs her broker to cover her short transaction. Total commissions to buy and sell the stock were $58. What is her profit for this short transaction?Joe took out a loan to purchase a new house. In return, Joe's lender placed a lien on the property. Is this legal? O No. Only Joe can place a lien his property. O No. A lender is never allowed to place a lien on a property as long as the borrower is up-to-date ontheir payments. О Yes. This is a voluntary mortgage lien that allows the lender to foreclose on the property if Joe defaults on the loan. O Yes. However, the lien is only valid for 12 months.
- Able does not ever want Baker's shares to be transferred to Baker's brother, who has been convicted of criminal fraud and embezzlement on several occasions and who is currently serving time in a federal prison for one of those convictions. Which of the following types of restrictions on the transfer of Baker's shares might Able insist to accomplish this, even if Carter and Dennis don't share Able's concerns? Multiple Choice A put agreement Option agreement Provision disqualifying purchasers Buy-and-sell agreement Right of first refusalZach had surgery, which was his third claim of the year. He had a bill of $5000.Considering the prior visits, what is Zach’s portion of this bill and what is theresponsibility of the insurance carrier?Pls help ASAP