Deductible expenses – NBC Institute

PT – Dec 2023 – L2 – Q4b – Corporate Tax Liabilities

Explanation of the tax treatment for research and development expenses under tax law.

Question

What is the tax treatment of Research and Development? (6 marks)

Answer

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Tags: Corporate Tax, Deductible expenses, Research and Development, Tax law
Level: Level 2

Topic: Corporate Tax Liabilities
Series: DEC 2023

AT – March 2023 – L3 – Q5a – Business income – Corporate income tax

Compute the income tax payable by the trustees of Randy Koomson’s trust for the 2021 year of assessment.

Question

Randy Koomson, who hails from Cape Coast in the Central Region, died in January 2021 and left his businesses and estates with trustees, who happened to be non-residents. Randy Koomson has two children: Araba Koomson and Kwamina Koomson. These two children were made the beneficiaries, and each of them is entitled to 1/3 of the net distributable income of the trust with the rest for administrative expenses.

The terms of the trust deed provided for discretionary payments to the beneficiaries and donations towards worthwhile causes. During the year 2021, discretionary payments of GH¢300,000 each were made to the children.

Gross Profit, before discretionary payments and other expenses below, for the year 2021 was GH¢3,500,000.

The following expenses were incurred:

The Ghana Revenue Authority has agreed on a capital allowance of GH¢72,550.

Required:
Compute the income tax payable by the trustees on the income for the 2021 year of assessment. (10 marks)

Answer

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Tags: Deductible expenses, Trust Income, Trustee tax
Level: Level 3

Topic: Business income - Corporate income tax
Series: MAR 2023

PT – Dec 2023 – L2 – Q4b – Corporate Tax Liabilities

Explanation of the tax treatment for research and development expenses under tax law.

Question

What is the tax treatment of Research and Development? (6 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate Tax, Deductible expenses, Research and Development, Tax law
Level: Level 2

Topic: Corporate Tax Liabilities
Series: DEC 2023

AT – March 2023 – L3 – Q5a – Business income – Corporate income tax

Compute the income tax payable by the trustees of Randy Koomson’s trust for the 2021 year of assessment.

Question

Gross Profit, before discretionary payments and other expenses below, for the year 2021 was GH¢3,500,000.

The following expenses were incurred:

The Ghana Revenue Authority has agreed on a capital allowance of GH¢72,550.

Required:
Compute the income tax payable by the trustees on the income for the 2021 year of assessment. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Deductible expenses, Trust Income, Trustee tax
Level: Level 3

Topic: Business income - Corporate income tax
Series: MAR 2023

Question Tag: Deductible expenses

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PT – Dec 2023 – L2 – Q4b – Corporate Tax Liabilities

Explanation of the tax treatment for research and development expenses under tax law.

AT – March 2023 – L3 – Q5a – Business income – Corporate income tax

Compute the income tax payable by the trustees of Randy Koomson’s trust for the 2021 year of assessment.

PT – Dec 2023 – L2 – Q4b – Corporate Tax Liabilities

Explanation of the tax treatment for research and development expenses under tax law.

AT – March 2023 – L3 – Q5a – Business income – Corporate income tax

Compute the income tax payable by the trustees of Randy Koomson’s trust for the 2021 year of assessment.

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PT – Dec 2023 – L2 – Q4b – Corporate Tax Liabilities

Explanation of the tax treatment for research and development expenses under tax law.

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AT – March 2023 – L3 – Q5a – Business income – Corporate income tax

Compute the income tax payable by the trustees of Randy Koomson’s trust for the 2021 year of assessment.

You're reporting an error for "AT – March 2023 – L3 – Q5a – Business income – Corporate income tax"

PT – Dec 2023 – L2 – Q4b – Corporate Tax Liabilities

Explanation of the tax treatment for research and development expenses under tax law.

You're reporting an error for "PT – Dec 2023 – L2 – Q4b – Corporate Tax Liabilities"

AT – March 2023 – L3 – Q5a – Business income – Corporate income tax

Compute the income tax payable by the trustees of Randy Koomson’s trust for the 2021 year of assessment.

You're reporting an error for "AT – March 2023 – L3 – Q5a – Business income – Corporate income tax"

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