Stanley Park Essay Example | Topics and Well Written Essays - 1500 words

Stanley Park - Essay Example   Large sections of the park were densely forested in the late 1800s and covered by half million trees that mainly occupied stand that was seventy-six meters, which is many centuries old. Numerous trees were lost and others were planted subsequent to the major windstorms that happened past one hundred years in the year 2006. An important effort was concentrated in the building of the near century-old Vancouver Seawall that mainly attracts numerous residents and corresponding visitors to the Stanley Park. Stanley Park also possesses features forest trails, Vancouver Aquarium, lakes, beaches, and children’s play locations.   The land where Stanley Park is situated was leased by the Vancouver’s City Council in the year 1886. The year 1908 federal government converted the lease of the Stanley Parkland by ninety-nine year. It was possess a lease that was continuously renewable by the park board in regard to the restitution. The park was officially opened in the year 1888 and named after Lord Stanley. Lord Stanley dedicated it to the utilization and enjoyment of the populace of all races, creeds and customs thus being named Stanley Park.   The building of the Lost Lagoon and the corresponding causeway of the Stanley Park took place amidst the year 1913 to corresponding 1916.The lake was built within a shallow section of the Coal Harbour and was named the Lost Lagoon because of its disappearance during low tide.   Moreover, the lake and corresponding causeway into the Stanley Park was designed by Thomas Mawson.  Ã‚  

Type Of Tax-Book Difference Essay Example | Topics and Well Written Essays - 2250 words

Type Of Tax-Book Difference - Essay Example The contribution that can be deductible by the employer must not exceed 25% of employee's total compensation (Green, n.d., retrieved 07.09.06). The employer receives a tax deduction equaling his contribution in the employee's defined contribution plan. The employees benefit from deduction of contribution from pre-tax salary, which enables them to save taxes and fund the retirement plan with the gross amount. The tax continues to be deferred until the plan is distributed and therefore there remain opportunities for fast investment growth (Building Your Retirement Funds, 2006). The advantages for defined contribution plan are that this plan allows the employees to save the tax payments until the plan is withdrawn, employees also benefit from employer contribution into the fund, the employees will have the opportunity after the retirement to either receive the entire amount or a series of payment over their entire life etc. The major advantage for employer underlying this plan is that it enables him to evade the risk on investment and also the burden of plan contribution is shared between the employer and the employees. Its major disadvantage is the complexity and strictness of the rules concerning the plan administration (Employer-Sponsored Retirement Plans, 2005). Being the one who establishes the pension plan, an employer is expected to administer it and meet its requirements. The employer will monitor and supervise the investment poured into the plan and review the growth of funds. Moreover, he is also required to provide periodical information to the e mployees concerning the operation and status of the invested funds (Retirement Plan Basics, n.d. retrieved 08.09.06) The contribution on the part of employer is limited to a maximum of $40,000 or 25% of the employees' compensation whereas, for the year 2006, the contribution by employees has been defined as limited to 100% of his compensation up to the maximum of $15,000 (Green, n.d., retrieved 07.09.06). The distribution from a defined contributed plan is not allowed whilst the employee is still working. However, when this distribution takes place, it is taxed as an ordinary income. The Internal Revenue Service states the minimum age limit for pension plan distribution as 70-1/2 years, from which the employees should start withdrawing the funds. The distribution is not allowed before the employees reach the age of 59-1/2. If it is done, the investment would be subjected to an early-withdrawal penalty of 10% (Retirement Planning, 2006). The financial statements of XYZ Corporation should include a statement of net assets available for benefits at the end of the plan year. Moreover, the company also needs to present a statement of changes in net assets available for the benefits at the same time. Also, the GAAP requires the financial statements to be prepared under the accrual basis so as to ease the evaluation of plan assets composition (Defined Contribution Pension Plans, 2005) REQUIREMENT 2 Type Of Tax-Book Difference The discrepancies in the rules and principles set down for financial reporting and tax accounting lead to significant differences in the tax amounts shown in financial statements and the tax returns. These differences are known as the book-tax differences, which are further classified as either temporary or permanent tax differences (Michel, 2005). Permanent tax difference originates when an income or expense amount needs to be recognized by any of the two methods but not by both of