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In 2015-16, the FBR deducted Rs6,127.116 million from Excise and Taxation Department, Rs1.7million from Information Department, Rs11.878 million from P and D, Rs7.229 million from Board of Revenue, Rs59.069 million from Mines and Mineral Development Department, Rs122.324 million from Prisons and Rs87.750 million from Education Department.
Because the fee on the joint account ($6,500) is less than 2% of their AGI ($7,000), and because fees deducted from an IRA are not deductible on IRS Form 1040, Schedule A, no income tax deduction is allowed.
Additionally, Wingnut includes allegations that costs were incorrectly deducted from the revenues to arrive at the net profit amount.
Following the issuance of the TAM a settlement was negotiated in the case that was almost wholly satisfactory to the taxpayer: not only were the just-in-time manufacturing training expenditures involved in the case determined to be currently deductible (or amortizable over a relatively short time frame), but it was agreed that the taxpayer's ongoing expenditures for training could be currently deducted as ordinary and necessary business expenses.(3)
Adding an element that is neither equity nor a liability to be deducted in determining equity (net assets) would call for a new concept of income.
On Tuesday, Attorney General Ashtar Ausaf Ali told the court that for every cellular charge, 5.5 per cent was deducted as a withholding tax, 19pc as sales tax which was 17pc in the capital area and another 10pc as services charges.
The chief minister was informed by his finance team that the FBR has also deducted various other amounts from the Provincial Consolidated Fund, in respect of claims over different departments of the Sindh government with respect to Sales Tax.
[Sections] 1.162-4, the cost of incidental repairs that neither materially add to the value of property nor appreciably prolong its life, but rather keep it in an ordinarily efficient operating condition, may be deducted as an expense.
The IRS argued that once section 267(a)(2) disallowed a deduction for an accrued expense for a given tax year, the expense could not be deducted until it was paid.
The line between what items may be deducted and what items must be capitalized has long been a question for debate in the tax field.(1)(*) In INDOPCO, Inc.
The Congressional Research Service determined that more than half of the civil damages--totaling $900 million--could be deducted on its Federal income tax returns.
Following an appeal ITW paid the judgment, capitalized $1 million (the original settlement offer) and deducted the rest.