Personal Growth Influences Essay Example | Topics and Well Written Essays - 500 words

Personal Growth Influences - Essay Example This lifestyle, with it’s exposure to a variety of cultures and ethnicities, has been the learning experience of my lifetime and has made me very much aware of the universality and basic oneness of mankind, despite differences of race, language and religion. It has made me a true ‘citizen of the world.’ The extracurricular activity I have most enjoyed has been running track in High School. This has inculcated in me the passion to go all out to reach my goal, taught me that preparation is the key to success and has given me endurance and the hunger to win. It has also taught me to work as a member of a team towards a common objective and made me appreciate the camaraderie of a commonly motivated group and also the importance of physical fitness in life. The strongest influence of my life has been my parents. My Mother, who is a registered nurse at a retirement home, has influenced me to be sensitive to the needs of the economically and socially disadvantaged and also the aged and the ill. At her suggestion, I have been involved in a community project in which I have visited hospices for the aged over the weekends and spent some time with the inmates, reading to them (mainly the newspapers and the Bible) and helping them with their letters and other correspondence. I have come away from this experience with the certainty that society owes the aged a gift of security and inclusion. I have a deep admiration and respect for my Father, who is an International trader for a major American bank. He treats me not only as his son, but also as his confidante and friend. I am often privy to the information inputs which guide his management techniques and his responses to the various financial complexities involved in his profession. From his experiences, I have understood that the quality of life and the personal happiness of people all over the world is dependent on their financial security, particularly in the later years.

Multijurisdictional tax (Inbound taxation and Outbound taxation Essay

Multijurisdictional tax (Inbound taxation and Outbound taxation assignment) - Essay Example IBM Corporation pays a regular quarterly dividend on the stock. Your previous research concluded that Joe T. is a nonresident alien of the US. 1. Is the income received US source income or foreign source income? What statute did you rely on for your conclusion(s)? Facts Joe T. is a non resident alien of the United States who has invested in 1,000 shares of common stock in IBM Corporation. IBM is registered in Delaware, United States and does most of its business within the United States. The stock owned by Joe T. represents less than 1% of the overall value of IBM Corporation. Interpretation Joe T. is a non resident alien in the United States which means that Joe T.’s income derived from sourced within the United States are liable to taxation. Since IBM Corporation executes most of its business from within the United States, so under Sections 861(a)(2) and 862(a)(2), the dividends released by such businesses are considered as income being derived from within the United States. ... , since dividends from purchased stock do not fall under any exception based category under Section 871(1), so income derived from such sources is liable to tax. 2. If the income is US source income, is it taxable income to the individual (i.e., is there an exemption or exclusion available)? What statute did you rely on for each of your conclusions? Facts Joe T. is a non resident alien of the United States who has invested in 1,000 shares of common stock in IBM Corporation. IBM is registered in Delaware, United States and does most of its business within the United States. The stock owned by Joe T. represents less than 1% of the overall value of IBM Corporation. Interpretation Most forms of income derived from sources within the United States are liable to taxation even if a non resident alien owns benefits from such sources. However, under certain circumstances exceptions may be provided to foreign investors in the United States as per taxation on income. No deductions may be taken on a foreign investor’s income from sources within the United States if it is covered by either Section 873 or Section 882(c). Income derived from a United States trade or business is exempt for taxation for foreign individuals but this applies to gross income only which does not apply to Joe T.’s case. On another note, dividends are clearly mentioned as being taxable for foreign persons under Section 871(a)(1) which makes Joe T.’s income liable to taxation. Exceptions to the current rule exist if the source of the income derived from the United States is either interest from a bank or other fiscal institution (under Section 871(i)) or if it is portfolio interest (under Section 871(h)). Joe T. may be provided with some relief, but not a complete exemption, under US Model Treaty