Tax law questions and answers in February 2021

On January 1, year 1, Dave received 1,000 shares of restricted stock from his employer,  RRK  Corporation. On that date, the stock price was $7 per share. Dave's restricted shares will vest at the e...
Meredith has a vacation rental house in the Sierra Mountains. During the year, she and her immediate family used the house for 12 days for a personal vacation. Meredith spent two more weekends (4 days...
Olga is the proprietor of a small business. In 2020 the business's income, before consideration of any cost recovery or 179 deduction is 250,000. Olga spends 620,000 on new 7 year class assets and ele...
Superannuation funds are preserved until the member reaches the preservation age pursuant to reg 6.01 of the superannuation industry(supervision) regulations 1994(Cth). What is the preservation age fo...
On 1 July 2017, Bright Star Ltd was incorporated. The accounting profit and other relevant information of Bright Star for the two years to 2019 are as follows: 2019 2018 Profit before tax $4 500 000 $...
8. A concerned government employee furnished the BIR a statement detailing the improper tax practices of a corporate taxpayer. The information was instrumental to the collection of P500,000 tax. How m...