MGAC50H3 Chapter Notes - Chapter 1: Double Taxation, Ratio Decidendi, Logical Consequence
10 Sep 2017
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Chapter 1: introduction to income taxation: four areas of practice, compliance. Income tax act: includes tax measures, and tax forms must allow for them. Imputed: to assign a value of something by inference from the value of the products or process to which it contributes. Imputed income requires calculation of income where value was created or enjoyed by taxpayer, but formal receipt may not have been recorded or taken place: role of gaap, public enterprises must use ifrs (public) or aspe (private) Ita income from a business is the profit of that business: gaap considered, but should be put into context of overall business practices and should not stand alone. Net income for reporting purposes: division c deductions subsection 110-114. 2, subsections 2(1), 2(2) Taxable income: divisions e and e. 1 sections 117-127. 55. Income tax first imposed in 1917 during world war i. Motion to amend the income tax act presented to house of.
