The rules for depreciating assets for tax purposes are based upon provisions in the Blank______. Multiple choice question. capital cost allowance system 2002 Sarbanes-Oxley Act 1986 CRA Act 1986 OSC Act
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The rules for
capital cost allowance system
2002 Sarbanes-Oxley Act
1986 CRA Act
1986 OSC Act
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- Question Content Area Which of the following provisions of the Internal Revenue Code can be used to reduce the amount of the income tax expense arising from capital investment projects? a. depreciation deduction b. charitable contributions c. deductions for individuals d. minimum tax provision1.Whatare the conditions under Income Tax Act, ACT 896 forexpenditure to be allowed as a deduction when computingbusiness, employment or investment income?2.List5 allowable deductions from the assessable income3.Assumethat the written down value of assets in the pool 2 isGH 100 000 and the repairs and improvements is GH 20 000What will be the tax allowable expenses?4.Giventhat the assessable income for the company isGH 140 000 the finance cost is GH 90 000 and there is nocorresponding finance gain, what is the allowable expense?The tax rate that is applied against a prepayment penalty is the Group of answer choices 1) Capital gains tax rate 2) Depreciation recapture tax rate 3) Local property tax rate 4) Ordinary income tax rate
- How do taxpayers determine whether they should deduct their itemized deductions or utilize the standard deduction? Under what circumstances would you expect the after-tax return from an investment in a capital asset to approach that of tax-exempt assets (assuming equal before-tax rates of return)?Which of the following types of expenses is deductible? Group of answer choices A.Bribes & Illegal Kickbacks B.Expenses related to Tax-Exempt Income C.Political Contributions D.Contingency Attorney FeesBriefly describe the tax depreciation system under MACRS.
- 1) Class, what are transfer taxes? What is the purpose? When and how might they apply? 2) Share your thoughts on the processes and fairness associated with federal estate taxes.Which one of the following is not deductible when itemizing a, State income tax b, Real property tax c, Cigarette tax d, None of theseThe definition of gross income in the tax law is: All items specifically listed as income in the tax law All cash payments received for goods provided and services performed All income from whatever source derived All income from whatever source derived unless the income is earned illegally
- For assets acquired after 1986, but before September 27, 2017, what depreciation methods are allowed for federal income tax purposes?Definitions The FASB has defined several terms in regard to accounting for income taxes. Below are various code letters (for terms) followed by definitions. 1. The deferred tax consequences of future deductible amounts and operating loss carryforwards 2. A difference between the tax basis of an asset or liability and its reported amount in the financial statements that will result in taxable or deductible amounts in future years when the reported amount of the asset or liability is recovered or settled, respectively 3. Temporary difference that results in taxable amounts in future years when the related asset or liability is recovered or settled, respectively 4. The future effects on income taxes, as measured by the applicable enacted tax rate and provisions of the enacted tax low, resulting from temporary differences and operating loss carryforwards at the end of the current year 5. The change during the year in a corporations deferred tax liabilities and assets 6. The deferred tax consequences of future taxable amounts 7. The portion of o deferred tax asset for which it is more likely than not that a tax benefit will not be realized 8. Temporary difference that results in deductible amounts in future years when the related asset or liability is recovered or settled, respectively 9. The sum of income tax payable and deferred tax expense (or benefit) 10. The amount of income taxes paid or payable (or refundable) for the current year 11. An excess of tax deductible expenses over taxable revenues in a year that may be carried forward to reduce taxable income in a future year 12. The excess of taxable revenues over tax deductible expenses and exemptions for the year 13. Income tax expense divided by income before income taxesDefinitions The FASB has defined several terms in regard to accounting for income taxes. Below are various code letters (for terms) followed by definitions. Code Letter Term Code Letter Term A. Future deductible amount H Deferred tax consequences B Income tax payable (or refund) I Future taxable amount Operating loss carryback Deferred tax liability D Valuation allowance K Temporary difference E Deferred tax asset Income tax expense (or benefit) F Operating loss carryforward M Deferred tax expense (or benefit) Taxable income Required: Indicate which term belongs with each definition by choosing the correct term. 1. The deferred tax consequences of future deductible amounts and operating loss carryforwards 2. A difference between the tax basis of an asset or liability and its reported amount in the financial statements that will result in taxable or deductible amounts in future years when the reported amount of the asset or liability is recovered or settled, respectively X 3. Temporary…
