DEDUCTIONS AND LOSSES: IN GENERAL
Elizabeth sells land to her adult son, Bradley, for its $50,000 appraised value. Her adjusted basis for the
land is $55,000. Elizabeths recognized loss
AN INTRODUCTION TO TAXATION
AND UNDERSTANDING THE FEDERAL TAX LAW
Lawrence buys a parsonage from a local church which he converts into a rental property. This change
should increase the am
In 2013, Kyle is a widower and maintains a household in which he and his unmarried daughter
What the CPA should
Assistant Commissioner DIVINIA M.
Local Government Sector
Commission on Audit
A program of COA
founded on the
premise that public
prosper only with a
Threshing Out the
Gray Areas Biscocho
15 July 2015
Recent court decisions
CTA may decide on proper tax category in refund cases
In CWT refund, presentation of succeeding quarterly ITR is
NORTHERN CPA REVIEW
Second Pre-Board Examination
1. Statement 1: Congress can exercise the power of taxation even without Constitutional delegation
of the power to tax.
Statement 2: Only the legislature can exercise the power of taxation
TAXATION AS A MAJOR SOURCE OF FUND TO THE
GOVERNMENT OF NIGERIA
ADEOSUN BUKUNMI M.
MAFO OLASINBO N.
TELLA HABEEB A.
IBRAHIM TOHEEB O.
OGUNDIJO GIDEON F.
A PROJECT PRESENTED
Graduated Income Tax Schedule or
Normal (Schedular) Tax rate on Individual Taxpayer
(Sec. 24(A) of NIRC)
Tax due is Plus
Attempt all the questions
Attempt all questions
Each question carries 6 marks [5 x 6 =30]
1. You have to pay $12,000 a year in school fees at the end of each of the next six years. If the
interest rate is 8%, how much do you need to se
Required Rate of
rM and ri?
Ri will be at 10% = 10+1.3*14-10 = 15.2%
It has decreased by 0.3%
Ri will be at 8% = 8+1.3*14-8 = 15.8%
It has increased by 0.3%
It may be assumed that there will not be any impact on rM
Now assume rRF remains at 9% bu