4 Oman immediately purchased a new motorcycle for R102,000 using the insurance proceeds of R40,000 to pay part of the purchase price. The insurance proceeds have been credited to the income statement. The two delivery vans are fully written off for both accounting and tax purposes. 10. Oman...
If fire insurance covers a loss of several or many items of property, then the IRS requires that the gain or loss must be assessed on each item rather than as a whole.Recognized Gain = Conversion Proceeds − the Greater of Replacement Property Cost or the Adjusted Basis of the Converted ...
Okay, so I view mylast post on 401k loansas a failure. I tried to use as little math as possible in explaining why 401k loans are not a bad idea due to the incorrect concept of “double taxation”. Instead, I probably managed to confuse many of you all further. I have tried to co...
S. 15-20: your assessable income includes an amount that you received as or by way of royalty within the ordinary meaning of ‘royalty’ and is not ordinary income under s. 6-5(1). 13. S. 15-30: any amount you received by way of insurance or indemnity for the loss of an amount...
Banka, insurance, financial institutions (1) Capital gain arising out of –Transfer of stocks & shares of private limited company 15% 10% –Transfer of other capital assets 15% 15% (2) Dividend income –Subject to dividend distribution tax u/s 16Db nil Nil –Not subject to dividend distrib...
The insurance company evaluated the extent of the damage and had agreed to make the following compensation payments: Factory building Automated conveyor system Furniture $ 1,000,000 1,000,000 3,000 Required: (a) Compute the enhanced productivity and innovation credit (PIC) allowance, PIC bonus ...
This pension fund had not yet registered with the Commissioner of Insurance, Pension and Provident Funds as at 31 December 2014. What is the amount of Peter's allowable deductions in respect of his contributions to the pension funds for the year ended 31 December 2014? A US$5 400 B US$3...