Required: Briefly describe which of the following deductions would be deductible under section 8-1 if the relevant specific deductions mentioned did not exist in the legislation (citing authority )  . Donation to a charity (which assists homeless persons) by an employee lawyer, where the donation is deductible under Division 30. Repairs to office premises owned and used by a business which are deductible to that business under s 25-10. Depreciation deductions under Division 40 for a car owned and used by a delivery business for undertaking deliveries. An employee deducts amounts payable to their registered tax agent for defending themselves against an ATO tax audit under s 25-5.

Question 51 of 100. Which of the following statements is TRUE? A separate row of Form 8949 must be completed for each transaction for which the taxpayer did not receive a Fom 1009-8 (uniess A taxpayer must tile a separate Schedule D for each Form 1099-B transaction with basis reported to the IRS Short-term transactions are reported on Form 8949 and long-term transactions are reported on Schedule D The lotals from each Schedule D are combined on Form 8949 OMark for follow up Back Save / Return Later Summary Next»

In an agreement involving the right to acquire property, which of the following are conditions that must be met in order for the IRS to accept the purchase price set in the agreement as a valid measurement of the value of the property being acquired? The purchase price must be determined by an independent appraisal submitted with an informational gift tax return regardless of the value of the property. The agreement must be a bona fide business arrangement. The agreement cannot be an attempt to transfer the property to a family member for less than full and adequate consideration. The terms of the agreement must be comparable to those that would be entered into by persons in an arm's-length transaction A) I and III     B) II and IV     C) I and IV     D) II, III, and IV

Which of the following statements is NOT correct? The registered taxpayer can claim input tax credit for items used for its exempt activities. a registered taxpayer can claim input tax credit for items used for zero-rated activities. The VAT rate exempt supplies is 0%. Zero-rated goods or services are taxable for VAT at 0%   i only None of the above i, ii and iv. i and iii

14) When examining revenue transactions, which of the following transactions is classified as an exchange transaction? A) When a homeowner pays property taxes B) When a university receives a federal grant that mandates a certain type of research activity C) When an aquatic center receives cash for a group swim D) When an employer deducts money for state tax withholding