Sentences with phrase «assets for income tax purposes»

Optimizing the classification of capital assets for income tax purposes can have a significant impact on your corporate taxes payable and the resulting cash flow.

Not exact matches

The ACCA allows manufacturing companies to depreciate, for tax purposes, the value of newly purchased equipment and machinery at the accelerated rate of 50 per cent per year, reducing their taxable income in the first few years of owning the asset.

For tax purposes, virtual currencies are treated as capital assets or income depending on whether the virtual currency was held for investment purposes, or if the virtual currency was received as a form of compensation (e.g., if the donor is a miner or received compensation in the form of virtual currencFor tax purposes, virtual currencies are treated as capital assets or income depending on whether the virtual currency was held for investment purposes, or if the virtual currency was received as a form of compensation (e.g., if the donor is a miner or received compensation in the form of virtual currencfor investment purposes, or if the virtual currency was received as a form of compensation (e.g., if the donor is a miner or received compensation in the form of virtual currency).

Canada, in contrast, for example, treats death as a deemed sale of capital assets to the inheritors under its income tax, which makes an inheritance tax somewhat less important for revenue protection purposes.

«VAIDS is an initiative designed to encourage voluntary disclosure of previously undisclosed assets and income for the purpose of payment of all outstanding tax liabilities.»

Upon dissolution or winding up of said corporation's affairs, whether voluntary or involuntary, all of its assets then remaining in the hands of the board of directors shall, after paying or making provision for payment of all of said corporation's liabilities, be distributed, transferred, conveyed, delivered, and paid over only to educational, scientific, literary, or charitable organizations that are exempt from federal income tax under section 501 (c)(3) of the Internal Revenue Code of 1986, as amended, and which are not private foundations within the meaning of section 509 (a) of the Internal Revenue Code of 1986, as amended, on whatever terms and conditions and in whatever amounts the board of directors may determine, for use exclusively for educational, scientific, literary, or charitable purposes, except that no distribution shall be made to organizations testing for public safety.

In addition, IPP assets are creditor - proof: always a plus for the self - employed; and as with traditional Registered Pension Plans, pension income can be split up to 50 % with one's spouse, for income tax purposes (pension splitting).

However, since they are completed transfers, the assets and the appreciation on any income earned by the assets are excluded from the transferor's estate for estate tax purposes.

For example, under Section 1231 of the U.S. Internal Revenue Code, the sale at a loss of such assets used in a trade or business, usually gives rise to an ordinary loss for income tax purposFor example, under Section 1231 of the U.S. Internal Revenue Code, the sale at a loss of such assets used in a trade or business, usually gives rise to an ordinary loss for income tax purposfor income tax purposes.

However, a gift of assets to a non-spousal trust that names other persons as beneficiaries usually results in a disposition of those assets at fair market value for income tax purposes.

Many Canadians took a deemed capital gain on their 1994 income tax return that pushed up the tax cost of certain capital assets for tax purposes — including their cottages — based on the market value at that time.

Shareholders electing to receive distributions in the form of additional shares will have a cost basis for federal income tax purposes in each share so received equal to the net asset value of a share on the reinvestment date.

Installment Sales related items, Foreign Tax Credit, Passive Activities, Net Operating Loss carryovers, Schedule D amounts containing unrecaptured section 1250 gain (or anticipated for AMT purposes), sale of disposition of business assets, investment interest expense election including net capital gains in investment income, and items covered under «at risk» rules will not be accommodated by the system.

Death benefits are paid income - tax - free to your beneficiaries, but proceeds are generally considered an asset of the estate for estate tax purposes.

This means that SARS does not consider cryptocurrencies as a currency for income tax purposes or Capital Gains Tax rather, they are regarded as assets of an intangible natutax purposes or Capital Gains Tax rather, they are regarded as assets of an intangible natuTax rather, they are regarded as assets of an intangible nature.

The agency explains that cryptocurrencies are not regarded by SARS as a currency for income tax purposes or Capital Gains Tax, rather they are regarded as «assets of an intangible nature.&raqtax purposes or Capital Gains Tax, rather they are regarded as «assets of an intangible nature.&raqTax, rather they are regarded as «assets of an intangible nature.»