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Dutch to English translations [PRO]
Bus/Financial - Accounting / annual accounts | | Dutch term or phrase: fiscaal vermogen | aangifte vennootschapsbelasting:
fiscaal vermogen per 31 maart 1999 |
| | | net assets for tax purposes | Explanation:
http://phx.corporate-ir.net/phoenix.zhtml?c=78193&p=irol-new...
The loss on the sale was due primarily to a difference in the basis of the net assets sold for financial reporting purposes compared to the Company's basis in such net assets for tax purposes. This difference relates, for the most part, to goodwill that is not recognized for tax purposes. As a result, the transaction generated a taxable gain requiring the recording of a tax provision, in addition to a write-off of net assets in excess of the selling price.
2. Federal Income Taxes:
No provision for federal income or excise taxes is required since the Fund intends to continue to qualify as a regulated investment company and distribute substantially all of its taxable income to its shareholders. Because federal income tax regulations differ from accounting principles generally accepted in the United States of America, income and capital gains distributions determined in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes differs from those reflected in the accompanying financial statements.
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Note added at 2 hrs 3 mins (2005-11-19 13:33:31 GMT)
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The difference between net assets for tax and for financial reporting purposes basically arises as a result of different rates of depreciation being applied to certain assets. It can also be the result of allowances, incentives and other forms of tax relief which do not affect the assets in the financial statements.
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Note added at 20 hrs 11 mins (2005-11-20 07:41:35 GMT)
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See Dave's answer.
http://www.myflorida.com/dor/taxes/ippt.html
What are taxable assets?
The most common types of taxable assets are:
Stocks
Shares or units of a mutual fund, including money market funds
Ownership interest in a limited liability company
Interest in limited partnerships registered with the Securities and Exchange Commission
Bonds
Loans
Notes
Accounts receivable not arising from your normal course of trade or business
Note: Assets exempt from federal income tax are not necessarily exempt from Florida's intangible tax.
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Note added at 20 hrs 17 mins (2005-11-20 07:47:33 GMT)
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See Dave's answer
http://www.delcf.org/StartingFund_3_2_1_1.htm
It is usually better to transfer the taxable assets that are subject to income tax to a tax-exempt charity ? such as the Delaware Community Foundation ? and to transfer the non-taxable assets that are not subject to income tax to heirs.
In other words, 'taxable assets' are assets that are subject to tax. That is a very different concept from 'fiscaal vermogen'!
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Note added at 20 hrs 57 mins (2005-11-20 08:27:12 GMT)
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And finally, here is the definition of fiscaal vermogen I found in the 'Financieel Woordenboek' published by 'Het Financieele Dagblad': "Fiscaal vermogen is het verschil tussen bezittingen and schulden [this is fundamental to the concept] van een bedrijf dat voor de vennootschapsbelasting moet worden opgegeven".
As indicated earlier, that difference (net assets) can and often does differ from the net assets for financial reporting purposes. |
| Selected response from:
xxxjarry
South Africa
Local time: 07:21
| Grading comment | 4 KudoZ points were awarded for this answer |
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4 mins confidence:   peer agreement (net): +1 | |
The translation workplace 
