Accounting for property tax liability
[DOC File]APPENDIX 14 A: INVESTMENT TAX CREDIT
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Liability reduction was restricted to the first $25,000 of tax liability plus, for 1982 and thereafter, 85 percent of the excess above the first $25,000 of tax liability. Unused current benefits of the ITC could be carried back for 3 years and forward for 15.
[DOC File]Table of US GAAP, IFRS and Intermediate Textbook chapters ...
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No adjustment has been made for deferred tax during the current year. As of December 31, 20X8, a deferred tax liability of (6.3 had been recorded. Determine the appropriate journal entry to record the income tax effect of the revaluation for IFRS, using the tax rate of 30%. How would this transaction be treated for US GAAP? Exercises
[DOC File]Paymnets for Specified Energy Property in Lieu of Tax ...
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A cost is generally “incurred” for tax purposes when 1) the fact of the liability is fixed, 2) the amount of the liability is determinable with reasonable accuracy, and 3) the economic performance test (see Treas. Regs. §1.461-4) has been met with respect to such cost.
[DOC File]Computation of Surplus Cash, Distributions and Residuals ...
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Any person who knowingly presents a false, fictitious, or fraudulent statement or claim in a matter within the jurisdiction of the U.S. Department of Housing and Urban Development is subject to criminal penalties, civil liability, and administrative sanctions. Project Name: Fiscal Period Ended: ___/___/___ FHA Project Number:
[DOC File]FINANCIAL ACCOUNTING & REPORTING II
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( Sale of Hotel vs shares in VM Property. ( The sale of the hotel by VM Property could trigger a potential income tax liability if the tax authorities view the sale of the hotel to fall within the ambit of income tax as opposed to RPGT. ( VMSB could sell the shares of VM Property which will attract RPGT at the rate of 5%. Question 6 (a)
[DOC File]Contribution of Property to a Corporation – Sections 351 ...
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Deferred tax liability 0 1,505,030 Common stock 10,573,440 15,000,000 $11,373,440 $17,305,030 5. What is the present value of Wilpepper’s deferred tax liability? (Assume a discount rate of 4.7%) Wilpepper’s deferred tax liability with respect to each asset is summarized below:
[DOC File]TAX EXEMPTION GUIDELINES FOR STATE AGENCIES
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The two following examples may help illustrate the proper calculation of tax liability on fuel purchase. Example 1. Assume that a State agency in DeKalb County purchases 300 gallons of gasoline at a cost of $.70 per gallon (no State or federal taxes included), for a total cost of $211.50 (including GUST Fee.)
[DOC File]Risk Transfer in Reinsurance Contracts
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Dec 07, 2004 · If separate accounting for prospective and retroactive portions of a single contract is not possible, the entire contract must be accounted for as a retroactive contract. Provides comprehensive disclosure requirements for cedants and reinsurers. AICPA SOP 92-5 – Accounting for Foreign Property and Liability Reinsurance – (12/92)
[DOC File]Document - Babson College
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For accounting and tax purposes, the operating rent payment is recognized as an expense. The balance sheet does not include the value of the asset or the lease liability. Under a capital lease, the property is treated as an owned asset.
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