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3 years ago

Using the legend provided, classify each of the following statements: Legend A = Tax avoidance E = Tax evasion N = Neither

Business

1 answer:

11111nata11111 [884]3 years ago

8 0

Answer:

A, A, E, E, E.

Explanation:

Tax evasion is an illegal activity in which a person or entity deliberately avoids paying a true tax liability. Those caught evading taxes are generally subject to criminal charges and substantial penalties.

Tax avoidance is the legal usage of the tax regime in a single territory to one's own advantage to reduce the amount of tax that is payable by means that are within the law. Tax sheltering is very similar, although unlike tax avoidance tax sheltering is not necessarily legal.

Sue writes a $707 check for a charitable contribution on December 28, 2013, but does not mail the check to the charitable organization until January 10, 2014. She takes a deduction in 2013. A - Tax Evasion

Sam decides not to report interest income from a bank because the amount is only $19.75. A - Tax Evasion

Harry pays property taxes on his home in December 2013 rather than waiting until February 2014. - E - Tax Avoidance.

Variet switches her investments from taxable corporate bonds to tax-exempt municipal bonds. E - Tax Avoidance.

Mel encourages his mother to save most of her Social Security benefits so that he will be able to claim her as a dependent. E - Tax Avoidance.

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3 years ago

The statement reflecting changes in permanently restricted, temporarily restricted and unrestricted net assets for a private sec

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Answer:

Statement of Net Assets or statement of financial position.

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3 years ago

A rich uncle wants to make you a millionaire. How much money must he deposit in a trust fund paying 12% compounded quarterly at

Reptile [31]

Answer:

P=24.92 per quarter

Explanation:

this problem can be solved applying the concept of annuity, keep in mind that an annuity is a formula which allows you to calculate the future value of future payments affected by an interest rate.by definition the future value of an annuity is given by:

$s_{n} =P*\frac{(1+i)^{n}-1 }{i}$

where $s_{n}$ is the future value of the annuity, $i$ is the interest rate for every period payment, n is the number of payments, and P is the regular amount paid. so applying to this particular problem, we have:

$s_{60*4} =P*\frac{(1+(0.12/4))^{60*4}-1 }{(0.12/4)}$

we will asume that deposits are made as interest is compounded it is quarterly thats why we multiply 60 and 4 and also we divide 12% into 4, so:

$1,000,000 =P*\frac{(1+(0.12/4))^{60*4}-1 }{(0.12/4)}$

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2 years ago

Darcy Roofing is faced with a decision. The company relies very heavily on the use of its 60-foot extension lift for work on lar

meriva

Answer:

$ 102,100

Explanation:

Based on the scenario been described in the question the incremental Analysis for replacement of old equipment:

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$ 190,500

Saving in Incremental Cost of Repair of old lift

$ (45,000)

Reduction in Annual operating expenses = $25,600 * 6 years

$ (153,600)

Annual Rent revenue from new used lift = $11,000*6 years

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$ (28,000)

Saving in Incremental Costs

$ (102,100)

Net income increase

$ 102,100

Hence, the net income shall increase by $102,100 if the old liftis replaced.

3 0

3 years ago