What are the new concepts/ understanding/ insights you gained upon…
Question Answered step-by-step What are the new concepts/ understanding/ insights you gained upon… What are the new concepts/ understanding/ insights you gained upon reading the attached pictures below? Explain, and please refer to the image attached below. This is an Income Taxation subject. Image transcription textALLOWABLE DEDUCTIONS, DEFINEDDeductions, are the amounts, which thelaw allows to be deducted… Show more… Show moreImage transcription textgle.com/C/NDCOMDUBNTASNTQz I.OPTIONAL STANDARD DEDUCTIONCan be claimed in lieu of i… Show more… Show moreImage transcription textgle.com/C/NDCOMDUBNTASNTQz I.OPTIONAL STANDARD DEDUCTIONCan be claimed in lieu of i… Show more… Show moreImage transcription text||. ITEMIZED DEDUCTIONS a) Ordinaryand necessary trade; 9) Depletion of oiland gas wells and busine… Show more… Show moreImage transcription textORDINARY AND NECESSARY TRADE,BUSINESS, OR PROFESSIONALEXPENSES Includes: 1. Sa… Show more… Show moreImage transcription textORDINARY AND NECESSARY TRADE,BUSINESS, OR PROFESSIONALEXPENSES Requisites for… Show more… Show moreImage transcription textORDINARY AND NECESSARY TRADE,BUSINESS, OR PROFESSIONALEXPENSES ENTERTAIN… Show more… Show moreImage transcription textORDINARY AND NECESSARYTRADE, BUSINESS, ORPROFESSIONAL EXPEN… Show more… Show moreImage transcription textINTEREST EXPENSE REQUISITESFOR DEDUCTIBILITY: a) There must bean indebtedness; b) Paid … Show more… Show moreImage transcription textINTEREST EXPENSE REQUISITESFOR DEDUCTIBILITY: f) Must havebeen stipulated in writing;… Show more… Show moreImage transcription textINTEREST EXPENSE If the interestexpense arises from loans, thedeductible amount shall b… Show more… Show moreImage transcription textINTEREST EXPENSE OPTIONALTREATMENT OF INTEREST Interestrelated to acquisition of p… Show more… Show moreImage transcription textTAXES The term ‘taxes’ means taxesproper and no deductions should beallowed for amounts repr… Show more… Show moreImage transcription textLOSSES KINDS OF LOSSES 1.Casualty losses 2. Net operating losscarry over (NOLCO) 3. Sp… Show more… Show moreImage transcription textLOSSES CASUALTY LOSSESRequisites for deductibility of losses a)Actually sustained during … Show more… Show moreImage transcription textlOSSES NET OPERATING L055CARRY OVER “NetOperating Loss&qu… Show more… Show moreImage transcription textlOSSES NEI’ OPERATING LOSSCARRY OVER Requisites fordeductibility: [l J The ope… Show more… Show moreImage transcription textLOSSES Loss on wash sales a. Lossesfrom wash sales are not deductible b.Gains from wash sales are… Show more… Show moreImage transcription textLOSSES Abandonment losses a. Ifcontract area where petroleumoperations are undertake… Show more… Show moreImage transcription textBAD DEBTS Requisites for deductibilitya) There must be an existingindebtedness due to the t… Show more… Show moreImage transcription textDEPRECIATION Requisites fordeductibility a. Reasonable; b. Propertyis used in the trade or busi… Show more… Show moreImage transcription textDEPRECIATIUN Depreciation ofproperties used in petroleum operationsProperties directly 1) SL re… Show more… Show moreImage transcription textDEPRECIATION Depreciation used inmining operations Expected life ofDepreciate of actual UL p… Show more… Show moreImage transcription textDEPRECIATION Depreciationdeductible by NRA ETB or RFCDepreciation is only allow… Show more… Show moreImage transcription textDEPLETION OF OIL AND GASWELLS AND MINES Method ofdepletion: Cost-depletion… Show more… Show moreImage transcription textCHARITABLE AND OTHERCONTRIBUTIONS A. Contributionsdeductible in full B. Contr… Show more… Show moreImage transcription textDEPLETION OF OIL AND GASWELLS AND MINES Method ofdepletion: Cost-depletion… Show more… Show moreImage transcription textCHARITABLE AND OTHERCONTRIBUTIONS A. Contributionsdeductible in full B. Contr… Show more… Show moreImage transcription textHE GROSS INCOME.pdf Open withCHARITABLE AND OTHERCONTRIBUTIONS A. Con… Show more… Show moreImage transcription textCHARITABLE AND OTHERCONTRIBUTIONS A. Contributionsdeductible in full 2. Donat… Show more… Show moreImage transcription textCHARITABLE AND OTHERCONTRIBUTIONS B. Contributionsdeductible with limit a. Th… Show more… Show moreImage transcription textCHARITABLE AND OTHERCONTRIBUTIONS B. Contributionsdeductible with limit Corp… Show more… Show moreImage transcription textCHARITABLE AND OTHERCONTRIBUTIONS Valuation: Theamount of any charitable c… Show more… Show moreImage transcription textRESEARCH AND DEVELOPMENTRequisites for deductibility: a. Paid orincurred by the taxpayer i… Show more… Show moreImage transcription textRESEARCH AND DEVELOPMENT Ifnot chargeable to capital account Claimas outright expense If char… Show more… Show moreImage transcription textPENSION TRUSTS Requisites fordeductibility: a. Reasonable; b.Established and maintain… Show more… Show moreImage transcription textSPECIAL DEDUCTIONS EXPENSESALLOWABLE TO PROPRIETARY(PRIVATE) EDUCATIONA… Show more… Show more Law Social Science Tax law ECON 101 Share QuestionEmailCopy link Comments (0)
