The income tax provision
Section 56 (2)(viib), which is at the root of this problem, was incorporated in the Income Tax Act in 2012 to stop unaccounted money from being funnelled into corporate world.
Income before income tax provision
in the quarter was USD2.01 billion, down from USD2.02 billion, while net income rose to USD1.52 billion from USD1.50 billion.
Because tax practitioners often create or audit the income tax provision
and related disclosures, it is important for tax students and professionals to understand how they are constructed.
Income tax provision
decreased by USD 64 thousand for the quarter ended March 31, 2019 as compared to 2018.
The increase in net income from the prior quarter reflects a $226,000 increase in net interest and dividend income, a $254,000 decrease in provision for loan losses, a $1.1 million increase in noninterest income, a $1.1 million decrease in noninterest expense and a $127,000 decrease in income tax provision
Net investment income decreased by $ 1.7 million, or 18.6%, to $7.5 million during the three months ended September 30, 2018 as compared to the same period in 2017, as a result of the $0.2 million decrease in total investment income and the $1.5 million increase in total expenses, including income tax provision
. Adjusted net investment income , which excludes the capital gains incentive fee accrual, decreased by $0.8 million, or (8.4)%, due to the $0.2 million decrease in total investment income and the $0.6 million increase in total expenses, excluding the accrued capital gains incentive fee.
A remeasurement of Williams' deferred tax liabilities to reflect lower future tax payments expected due to the Tax Cuts and Jobs Act resulted in an income tax provision
benefit of $1.9 billion for 2017.
Adjusted earnings before stock-based compensation, interest income (expense), net, income tax provision
(benefit), and depreciation and amortization ("adjusted EBITDA") was an adjusted EBITDA income of USD 0.8 million for the second quarter of 2017, compared to an adjusted EBITDA loss of USD 1.1 million for the first quarter of 2017 and an adjusted EBITDA income of USD 0.1 million for the second quarter of 2016.
The first quarter 2017 net loss was mainly due to a USD45.4 million in intangible asset impairment charges, for which there were no comparable charges during the prior year period, as well as a USD30.9 million income tax provision
on the current period net loss.
United States, (69) the tax code makes "specific intent to violate the law an element of certain federal criminal tax offenses," (70) and a defendant's good faith misconstruction of an income tax provision
provides a defense to criminal prosecutions under statutory provisions carrying a willfulness requirement.
period reflected a special $4.7 million income tax provision
Year-to-date net profit through the third quarter dipped 0.9% to $162.2 million (Canadian), but the results included a $4.7 million income tax provision
stemming from the reversal in the Quebec court of appeals of a favorable tax judgment.