Tax income later = Future tax liability 1. Installment sales 2. Equity method (undistributed dividends) ② Tax return income first, F/S income later Tax income first = Prepaid tax benefit (asset) 1. Prepaid rent (received) * 2. Prepaid interest (received) * 3. Prepaid royalties (received)...
② Tax return income first, F/S income later Tax income first = Prepaid tax benefit (asset) (1) Prepaid rent * (2)Prepaid interest* (3)Prepaid royalties* *— The IRC uses the term "prepaid," GAAP uses the term "unearned" ③ F/S expense first, tax return expense later Tax deduct ...
exemptadj. 免除(责任、付款等),获豁免 v.[T] 【正式】免除,豁免 Interest兴趣爱好 interestn. 1. [C,U]兴趣;关注;注意,关心;爱好 2. [U]令人感兴趣的人(或事);趣味 3. [U]利益;利害;利害关系;好处;私利 4. [U]利息, 利率 5. [C] ...
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② Tax return income first, F/S income later Tax income first = Prepaid tax benefit (asset) 1. Prepaid rent (received) * 2. Prepaid interest (received) * 3. Prepaid royalties (received) * *— The IRC uses the term "prepaid," GAAP uses the term "unearned" ...
Exempt Income: Income of Child Clubbed U/s 64 (IA) [Section 10(32)] If investment is done on parents’s income in name of minor child(age less than 18 years) is clubbed with parents income and has to be shown in parent’s Income Tax Return ...
income (ˈiŋkəm)noun money received by a person as wagesetc.He cannot support his family on his income.sueldo,salario income tax a tax paid on income over a certain amount.impuesto sobre la renta ˈincome-tax returnnoun
tax-free income)[countable, uncountable]a part ofpersonalincomeon which you do not have topayincometaxHis tax return shows that he earned $217,000 in taxable and tax-exempt income last year.A unit investment trust generates tax-free income from interest over the life of the trust.→income...
Tax exemption on capital gains 个人取得来源于境外的财产(包括股权、不动产等)转让收益,符合条件的可享受境外个人所得税免税待遇。 Individuals that obtain capital gains by the transfer of property (including equity, real estate, etc.) from overseas are exempt from overseas indi3vidual income tax if el...
Tax-Exempt Interest Explained Tax-exempt interest can be somewhat of a misnomer as it may still be taxed at the state or local levels. It may also be subject to thealternative minimum tax(AMT).1 Furthermore,capital gainson tax-exempt investments are still taxable; only the interest on ...