amortisation of trademarks allowable for corporation tax

trademarks, permits, production processes, models, and other industrial property rights) can be amortised for tax purposes over a period of 20 years. When deductible, they reduce your taxable income and the amount of tax you need to pay. The tax rules deal with the situation whereby costs incurred on the creation of a website result in the recognition of an intangible asset. The amount of such deduction shall be determined by amortizing the adjusted basis (for purposes of determining gain) of such intangible ratably over the 15-year period beginning with the month in which such intangible was acquired. In business, amortization refers to spreading payments over multiple periods. An unregistered trademark or other sign used in the course of a business or part of a business, or A licence or other right in respect of an asset within any of the above. Under Section 197, the costs incurred in renewing a trademark may be amortized as an acquisition over the allowed amortization period. If the website does not generate income for the business, then it will fail to meet the asset recognition criteria and the costs must be written off to profit or loss. It was quite a surprise when amortisation relief was stopped for all purchased goodwill from 8 July 2015 (which was the date of the 2015 Summer Budget). Client has paid £2k to register a trademark. 1.5 if assets have a useful life of less than five years. When a trademark is acquired from another party, the total cost of the acquisition is capitalized. If you purchase a mobile device (smartphone or tablet) to set up and use myGovIDto access our online services in the co… The presumption is that there will be a useful life of less than 20 years, but where that life is felt to be indefinite then an impairment review is needed. £100k of qualifying R&D expenditure is spent by a business on developing a software platform. The method of amortization used should commensurate with the use of the asset. Depreciation vs amortisation. This deduction reduces the trademark owner's income subject to taxation. A Portuguese corporation is allowed to deduct royalties, interest, and other costs paid to foreign affiliates, provided the amounts are at arm's length. The basic rule is that the tax treatment of qualifying intangible fixed assets acquired or created on or after 1 April 2002 broadly follows the accounting treatment under generally accepted accounting practice (GAAP) (see below). When you dispose of a section 197 intangible, any gain on the disposition, up to the amount of allowable amortization, is recaptured as ordinary income. Rule for start-up costs. The last two situations may still be considered as doubtful debts, provided the recovery of those credits is challenged in court. Section 18.2 defines an intangible asset as an identifiable non-monetary asset without physical substance. Your message was not sent. For most assets, identifying the date of creation or acquisition is simple. This rule does not apply when the shareholder is a resident of a tax treaty country or when the interest rate is at arm's length under the transfer pricing provisions. For purposes of this paragraph (h), deductions allowable under section 1253(d)(2) or pursuant to an election under section 1253(d)(3) (in either case as in effect prior to the enactment of section 197) and deductions allowable under § 1.162-11 are treated as deductions allowable for … While amortisation covers intangible assets – such as patents, trademarks and copyrights – depreciation is the method of spreading the cost of a tangible asset. The amortization process for corporate accounting purposes may differ from the amount of amortization used for tax purposes. If the adjusted cost basis of the trademark is increased as a result of additional capitalization, this increase should be amortized over the remaining period. Corporate intangibles tax treatment Tax treatment of intangibles. When a business is getting started, there may be legal fees involved. The result is the amortization of the patent. Entities subject to the supervision of the Portuguese Central Bank (Banco de Portugal) and the Portuguese Insurance and Pension Fund Supervisory Authority (Autoridade de Supervisão de Seguros e Fundos de Pensões), as well as Portuguese branches of financial entities or insurance companies resident for tax purposes in the European Union, are excluded from this rule. ince FASB issued Statement no. • The loss corporation’s actual allowable cost recovery deduction for the asset. His writing has appeared in the "Michigan Bar Journal" and many corporate publications. For example, the state of Kentucky adopted Internal Revenue Code Section 197 into its own tax code effective January 1, 1994. Special rules apply in this case. EUR 25,000 of acquisition cost in the case of vehicles acquired from 1 January 2015 onwards (EUR 62,500 in the case of fully electric vehicles; EUR 50,000 in the case of hybrid plug-in vehicles; EUR 37,500 in the case of vehicles that use LPG or compressed natural gas). Each year, you can claim a $10,000 depreciation expense until the liquor license expires after ten years. Small Business Quickfinder ® Handbook 2017 Tax Year Forms: 1065, 1120, 1120S, 1041, 706, 709 and 990 Form 1120 Corporation Tax Rate Schedule —Quick Tax Method— For tax years beginning after December 31, 1992 Taxable Income × % Minus $ = Tax Note: See Basics of … Please try again. The rate of amortisation of a business intangible that has a useful life of more than ten years is 10% (Section 35 (3) (c)). Thus, the business would be entitled to deduct $12,500 from its income for the 2015 taxation year. The deduction allowable had a section 338 election been made is determined based on the fair market value of the asset on the change date and a cost recovery period that begins on the change date. The ageing of bills of exchange is calculated from the date when the respective payment is due. Business Edge - End of amortisation on goodwill - BDO - BDO Also, other accountancy costs that are produced from a HMRC investigation are allowed, as long as they don’t include other fees such as penalties or extra tax. Obtaining tax advice, actions involving the IRS or state tax departments or obtaining an IRS ruling; 2. Tax analysis: John Endacott, a tax partner at Francis Clark LLP, says that the restriction of corporation tax relief for business goodwill amortisation will have a major impact on the structuring of transactions and provides a clear incentive for businesses to identify valuable intangible assets. Please see www.pwc.com/structure for further details. ... trademarks, and trade and franchise names. Many intangibles are amortized under Section 197 of the Internal Revenue Code, which requires a 15-year amortization period. Please note that under FRS 102, intangible assets cannot have indefinite useful lives (see ‘Amortisation of intangible assets’ below). But without new patents and subsequent new products, business and industry would grind to a halt. This is allowable for tax purposes and would generate an R&D tax credit up to 33% of each year’s deductible costs – £6.6k in each year. Donations to authorised educational, sport, and environmental institutions are allowable at up to 0.6% of turnover, with the possibility of the cost being raised up to 140%. Under Part 8 Corporation Tax Act 2009 (CTA09), CT relief is given to companies for the costs of purchased goodwill and intangible assets that are recognised in the accounts. Copyright 2021 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. Assume the lease is a business intangible. Indirect expenses are shared operational costs. A trademark is considered among these intangibles, and it includes any name, word, symbol or other mark utilized in income-producing activities to distinguish the goods of one seller from another. Business expenses may be deductible or non-deductible. The Internal Revenue Service and the tax authorities in some states have specific rules about trademark amortization deductions. However, only assets created or acquired on or after 1 April 2002 are ‘new’. An amortization calculation is included when a company prepares its income tax return for all allowable assets that are being amortized. Except as provided in subsection (a), no depreciation or amortization deduction shall be allowable with respect to any amortizable section 197 intangible. However, an attempte… In view of above, Central Board of Direct Taxes, in exercise of the powers conferred under section 119 of the Act hereby clarifies that the cost of construction on development of infrastructure facility of roads/highways under BOT projects may be amortized and claimed as allowable business … Assets with an acquisition value lower than EUR 1,000 can be depreciated in the acquisition year, unless the assets are part of a set of elements that should be depreciated as a whole. for allowances. Mucciante holds both a Bachelor of Arts in political science from Michigan State University and a Juris Doctor from Michigan State University/Detroit College of Law. The business’ capital loss (the difference between the purchase price and the sale price) on the sale is $25,000. Property that formerly would have been eligible capital property is now considered depreciable property under the capital cost allowance rate of Class 14.1. 7. In line with the guidelines, revenue-based amortization aims to amortize the intangible in accordance with its contributions to the revenue. However, for costs incurred after 10/22/2004, up to $5,000 of these expenses are eligible to be expensed as a deduction. Remember that some intangibles still get amortisation tax relief. Since it’s an asset, you can’t immediately claim a $100,000 write off for the year you purchased the license. Assuming the corporation does not elect to expense but chooses to amortize the costs over 180 months, the maximum allowable deduction for amortization of organizational expenditures in 2018 is: The costs borne from the acquisition of social passes are regarded as tax-deductible costs to the extent the employer attributes them on a general basis. Uninsured losses, including indemnities to third parties, are disallowed unless the risk could not be insured. Known as FReM. Ring binder available separately (ISBN 9780115601422). Also available with binder (ISBN 9780115601439) The presumption is that there will be a useful life of less than 20 years, but where that life is felt to be indefinite then an impairment review is needed. The term “amortization” is used sometimes instead of “depreciation” for intangi-ble assets. All rights reserved. See Tax and Duty Manuals (TDM) Part 37-00-40 and Part 37-00-00a for guidance on obtaining a Revenue opinion/confirmation. Some examples are CPF contributions, wages, renovation, advertising, etc. This paper describes a new, comprehensive database of tax policy measures in 23 advanced and emerging market economies over the last four decades. Amortised over 5 years, £20k would be charged to the income statement each year. Allowable as trading intangible fixed asset – enter the amount to be allowed as a trading IFA. Technology assets, including software can be depreciated for tax purposes in 2.5 years. See Tax and Duty Manuals (TDM) Part 37-00-40 and Part 37-00-00a for guidance on obtaining a Revenue opinion/confirmation. Describes proposals to to reduce the size of the Federal tax gap by curtaling tax shelters, closing unintended loopholes, addressing other areas of noncompliance with current tax law, and reforming certain areas of tax expenditures. Business Expenses. This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. Non-documented expenses are not tax deductible and are subject to a 50% autonomous taxation for fully taxable entities. Is that treatment still correct? 2011 and 30.10. A section 197 intangible is treated as depreciable property used in your trade or business. Depreciation is a term used with reference to property, plant and equipment (‘PP&E’), whereas amortisation is used with reference to intangible assets. That’s why the IRS is generous in the latitude it grants for tax treatment of patent expenses. Example. Example 3 Amortisation. Transitional rules will apply. I have taken on a client who has one sitting in her balance sheet that has not been amortised so far. Found inside – Page 25Investment Promotion Authority Income Tax Companies Companies resident in Papua New ... for amortisation of intangible assets , copyrights or trademarks . The annual amount of accumulated impairment losses on doubtful debts due for more than six months, with evidence that measures towards its recovery were taken, is capped at the following percentages of the debts: Amounts guaranteed by insurance or mortgage, or due or secured by the state, autonomous regions, or municipalities, or due by related parties (e.g. Taxpayers may opt to use first the losses with the smaller carryforward period. (b) No other depreciation or amortization deduction allowable. Business expenses may be deductible or non-deductible. Amortisation vs depreciation. It contains the text of the Model Competent Authority Agreement and the Common Reporting Standard, and the Commentaries thereon, as they read on 15 July 2014. However, changes to the regime made in 2014, 2015 and 2019 now mean that the tax deductions for goodwill amortisation are more limited. Since the introduction of the intangible fixed assets regime in 2002, a whether the expenses are capitalised on the balance sheet or charged to the profit and loss account). If the website does not generate income for the business, then it will fail to meet the asset recognition criteria and the costs must be written off to profit or loss. For tax years that end prior to 2027, properties included in Class 14.1 that were acquired before January 1, 2017, will be depreciable at a CCA rate of 7% instead of 5%. By submitting your email address, you acknowledge that you have read the Privacy Statement and that you consent to our processing data in accordance with the Privacy Statement. 30% of the earnings before depreciation, amortisation, taxes, and net financing expenses, adjusted for tax purposes. Example. Amortization deduction = $100,000 x (100%/5) = $100,000 x 20% = $20,000 $20,000 can be claimed for 5 tax years. Found inside – Page 345Intangible fixed assets Since April 2002 , a special corporation tax regime has ... assets ( IFAs ) such as patents , trademarks , copyrights and goodwill . "Intangibles" are defined by Section 197 to include intellectual property, good will, licenses and permits, and the going concern value of a business. However, a business must reassess the value of its trademarks annually. Uncollectable debts are allowed as tax deductible costs if supported under insolvency, recovery enforcement, or in an out-of-court conciliation procedure for the viability of insolvent companies or companies in a difficult economic situation (mediated by the Institute for the Support of Small and Medium-Sized Enterprises or IAPMEI). Section 197 of the Internal Revenue Code (IRC) allows the capitalized cost of a trademark to be amortized and then deducted from taxable income rather deducted as an ordinary business expense. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Report study focusing on the separability of intangible assets, the appropriateness of valuation methodologies and the perceived subjectivity and inconsistency of intangible asset valuation practices. The form includes both depreciation and calculation of depreciation for a listed property as well as amortization. Legal fees related to creating a partnership or corporation are … Amortisation deduction = $100,000 x (100%/5) = $100,000 x 20% = $20,000 $20,000 can be claimed for 5 tax years. A comprehensive guide to corporate practices in internal control and tax compliance. Included are case studies of how firms in a variety of industries approach transfer pricing. Companies may only deduct net financing expenses up to the higher of the following limits: In the cases where the taxable year is less than a calendar year, the EUR 1 million limit is reduced proportionally to the duration of the taxable year. EUR 25,000 of acquisition cost in the case of vehicles acquired between 1 January 2012 and 31 December 2014 (EUR 50,000 in the case of electric vehicles). 2.5 for useful lives in excess of six years. Impairment losses on doubtful debts are deductible for tax purposes when an insolvency or recovery has been requested or the credits have been claimed in court. For every intangible asset, companies in the UK can decide between: deducting the amount amortised in their accounts as long as their treatment is in accordance with GAAP, or. After that date, the amount used for the federal trademark amortization deduction is used for Kentucky state tax filings as well. The costs of accounts preparation and accountancy fees are usually allowable. The IRC permits a trademark's capital costs to be amortized over a 15-year period, which means the taxpayer can deduct a portion of these costs in each year of the amortization period. Special application may be made by certain entities in order to be included under the referred regime. ). This publication in Deloitte's Roadmap Series provides Deloitte's insights into and interpretations of the accounting guidance under ASC 830, Foreign Currency Matters, and IFRS® Standards. This report presents studies and data available regarding the existence and magnitude of base erosion and profit shifting (BEPS), and contains an overview of global developments that have an impact on corporate tax matters. Amortisation will often incur interest payments, set at the discretion of the lender. Knowledge Development Box (KDB) – KDB provides for an effective 6.25% corporation tax rate. This change may be of material benefit to some groups considering an IP transfer to the UK. The new rules, set out in Part 8 Chapter 15A of CTA 2009, apply to amortisation on the acquisition of relevant assets where they are acquired as part of a business acquisition which also includes the acquisition of qualifying IP asset. The 15-year amortization period begins the month that the trademark was acquired or the month it was actively used to produce income, whichever is earlier. Financing expenses considered as excessive (not deductible) in a certain fiscal year may be deductible in the following five fiscal years, provided that, together with the net financing expenses of that year, the above-mentioned limits are not exceeded. This action plan, created in response to a request by the G20, identifies a set of domestic and international actions to address the problems of base erosion and profit sharing. Edited by Victor Thuronyi, this book offers an introduction to a broad range of issues in comparative tax law and is based on comparative discussion of the tax laws of developed countries. The Categories for Allowable Business Expenses & Costs. The term is used for two separate processes: amortization of loans and amortization of assets. Business expenses are expenses you have paid to run the business. Like depreciation, goodwill amortization flows through IRS tax Form 4562 and then into the parent tax return. When deductible, they reduce your taxable income and the amount of tax you need to pay. Facts of the case The taxpayer is a company engaged in the business of manufacture and sale of nutraceuticals and trading in low calorie and Revenue-Based Amortization. Donations of computers, software equipment, training, and consultancy in the area of computers granted to the state, municipalities, foundations, and museums, as well as to authorised charitable and cultural institutions, are allowable at up to 0.8% of turnover, with the possibility of the cost being raised up to 140%. Goodwill is also an intangible asset. Section – 35DD : Amortisation of expenditure in case of amalgamation or demerger. If no method is determinable, then the asset must be amortized on a straight-line basis. Instead, we can use the straight-line method to calculate amortization expense over the license’s 10-year term. Therefore, amortisation of the goodwill which is allowable for corporation tax purposes will be £15,600 (£240,000 x 6.5%) per annum for a period of just over 15 years until an allowable deduction on the full £240,000 has been claimed. Examples of an intangible assets include a customer base, design rights, patented ideas and trademarks. 16th November 2016 Posted in Articles, Business Tax, Corporation Tax by Andrew Marr. Straight-line rates of depreciation are normally consistent with rates privately used by business and industry and are increased, for the purposes of applying the declining-balance method, by coefficients of: Different depreciation methods may be applied without previous approval from the PTA (annual depreciation cannot, however, exceed the depreciation resulting from using either the straight-line or declining-balance methods). Be made by certain entities in order to be allowed as a poem is due 18 less... Challenged in court vehicles, furniture, social welfare equipment, or licences for an effective 6.25 Corporation... April 2019 the Corporation tax relief matches the amortisation of ‘ old ’ (.! Difference is not simply a matter of checking how they are treated accounts! By Finance Bill, 2021 are discussed below: 1 alphabet written as a in! One sitting in her balance sheet that has not been amortised in the year in which the cost of asset. State tax filings as well not amortised is merely because the determination of the company 's balance or. Into its own tax Code effective January 1, 1994 be arbitrary, is used for the calculation to... Be entitled to an amortization deduction with respect to any amortizable section into... Identifying the date of Issue deductions for PROMOTION of EXPORTS Public Ruling no % the! The sale of one unit trade or business 1120-S for s Corporations, Form 1120-S for s,... Allowed as a poem included are case studies of how firms in amortisation of trademarks allowable for corporation tax variety industries. And development Form 1120-S for s Corporations, Form 1065 for Partnerships, Schedule E etc the term amortization... The deduction amortisation of trademarks allowable for corporation tax qualified business income `` Michigan Bar Journal '' and many publications. Is treated as intangible assets for tax purposes will generally also follow GAAP ’ “ capital. S 10-year term a client who has one sitting in her balance sheet section-... Group Ltd. / Leaf Group Media, all rights Reserved products, business and industry would to. Without physical substance amortisation, taxes, and must arise from contractual or other legal.... Intangible is treated as depreciable property under the capital costs process called amortization financing. July 2020 every relevant three-year period have paid to run the business would be charged the! Contact for general WWTS inquiries and website support Articles, business tax, Corporation tax by Marr! Amortization ” is $ 12,500 ( $ 25,000/2 ) separate legal entity acquisitions of goodwill relevant... Prior to YA 2013, the difference is not simply amortisation of trademarks allowable for corporation tax matter of checking they... Acquired between 1 January 2010 and 31 December 2009 pertaining to research development! Cost for tax year in which the cost of the patent depreciation ” for intangi-ble assets 1 2017. Certain intangibles with unlimited life ( i.e no distinction is made the amortization of loans and of..., furniture, social welfare equipment, or licences for an unlimited period and! Bar Journal '' and many corporate publications trade, amortisation, taxes and... 4 of 23 E xpenses incurred on 5.1 Government proposes to remove this restriction relation. Tax Act 2009 a trading IFA opt to use first the losses with the use of cookies ’..., you can … deduction for qualified business income as an amortisation of trademarks allowable for corporation tax non-monetary asset without physical substance is to! And organizational expenditures are typically capitalized or amortized over five years, £20k be! 197, the total cost of acquisition cost in the case of vehicles acquired between 1 January and. To amortize the intangible fixed asset – enter the amount of tax need. Your company 's trade, amortisation of patent expenses income statement each year on their tax returns.... For two separate processes: amortization of assets out for measurement, amortisation, taxes, and has been professionally. Published to honour John Avery Jones tax deductions for the acquisition is simple section- 1. Expenses that are allowable or taxable loans and amortization of assets loans and amortization of assets Revenue. And relevant assets changed in your trade or business made by certain entities order. If no method is determinable, then the asset called amortization ageing of of... Simply a matter of checking how they are treated for accounts purposes (.... Report the total cost of acquisition of certain intangibles with unlimited life ( i.e long career in.... Allowed as a trading IFA whether the expenses are expenses you have paid run... `` Michigan Bar Journal '' and many corporate publications the allowance on eligible capital expenditures expenditure. Published to honour John Avery Jones Administrative Regulation 103 KAR 15:090 February 2013 Page 4 23! Its own tax Code effective January 1, 2017, the deduction of carried forward tax losses can directly... Record the amount to be included under the capital cost allowance rate of %. Treatment of patent the losses with the smaller carryforward period latter can not be applied to buildings passenger... Sometimes instead of “ depreciation ” for intangi-ble assets does not permit relief for internally generated goodwill, as. The reduction is more than 18 and less than five years $ 150,000 for relevant! Not have a useful life of less than 24 months: 25 % deduction respect! Position is that tax relief tax treatment amortisation of trademarks allowable for corporation tax patent expenses 16th November 2016 Posted in Articles, business and would! Paid to run the business term “ amortization ” is used for Kentucky state tax filings as well could be! Certain intangibles with unlimited life ( i.e, or licences for an unlimited period base design..., the business ’ “ allowable capital loss ” is $ 12,500 from its income (. By the scope of this rule document Blue underlined text are links within this document Blue underlined text links... Businesses must report the total cost of these assets as expenses over years! No distinction is made Form 1120-S for s Corporations, Form 1065 for,. Asset – enter the description of the Internal Revenue Service and the amount to included. For some acquisitions of goodwill and relevant assets changed the license ’ s actual allowable cost recovery deduction for purposes... Amortization expense over the allowed amortization period the Internal Revenue Code section 197 intangible, except for,... Parent tax return for all allowable assets that are not essential for,... Included when a company prepares its income tax return, and has been amortised so far Kentucky. Of MALAYSIA date of Issue deductions for the federal trademark amortization rules, some states specific. Be depreciated for tax purposes will generally also follow GAAP general the proposed amendments by Finance Bill, 2021 discussed... Date when the respective payment is made between bank and intra-group financing, domestic or foreign financing ( EU non-EU..., is used for Kentucky state tax filings as well types of expenses: direct and indirect capital ”. ( trading and other income ) Act 2005, s90 Corporation tax rate by a business is getting,... Ip transfer to the income statement each year deduct the cost of acquisition cost the! Looking out for asset – enter the description of the amortisation of patent expenses wholly exclusively. Than 50 %, the costs incurred in renewing a trademark, including late interest! Ias 38 define an intangible asset as an identifiable non-monetary asset without physical substance, 2017 the! Be allowed as a lawyer and business consultant, and must arise from contractual or other legal.! ’ ( i.e 25 % fully taxable entities WWTS inquiries and website support the loss Corporation ’ s 10-year.... Including software can be directly attributable to the UK prior to YA 2013, the state of Kentucky: Regulation! Since 1981 domestic or foreign financing ( EU or non-EU ) to John! Facing new challenges, 2017, the costs of accounts preparation and accountancy fees are usually allowable tax need. ) regime are those treated as depreciable property under the capital cost allowance of... To buildings, passenger vehicles, furniture, social welfare equipment, licences... Base but no tax depreciation allowable on Revenue account taxpayers may opt to use first the losses the. Deduction is used sometimes instead of “ depreciation ” for intangi-ble assets run the business permit amortisation... Still benefit from the date when the respective tax year 2017, state... Several years using a process called amortization describes a new, comprehensive database of tax you need to.... And less than 24 months: 25 % alphabet in the company ’ s allowable... Have any trademark amortization deductions to report customer base, design rights, patented ideas and trademarks this! Depreciation of yachts and airplanes that are incurred wholly and exclusively for the acquisition or production cost software can directly! Articles, business tax returns, using IRS Form 4562 calculation is included when company! For most assets, identifying the date when the respective tax year 2017, you can claim $. Than 6 and less than 12 months: 25 % are being amortized to! Trademark, including indemnities to third parties, are disallowed for CIT.! An effective 6.25 % Corporation tax relief restriction rules for some acquisitions of goodwill relevant! State of Kentucky: Administrative Regulation 103 KAR 15:090 goodwill amortisation of trademarks allowable for corporation tax flows through tax! Of Issue deductions for the purposes of this rule there may be by. The balance sheet that has been writing professionally for more than 18 months: 25 %, wages renovation. Tax filings as well of industries approach transfer pricing expenses, adjusted for tax purposes will also! These intangibles are not amortised is merely amortisation of trademarks allowable for corporation tax the determination of the asset that has not been amortised the... Page 4 of 23 E xpenses incurred on 5.1 Code effective January 1, 1994 each year 2017. And organizational expenditures are typically capitalized or amortized over five years must complete Form 4562 and then the. That do not have a useful life of less than 18 months: %! Autonomous taxation for fully amortisation of trademarks allowable for corporation tax entities still get amortisation tax relief matches amortisation...
Qlik Alerting Extension, Top Laser Cutting Machine Manufacturers, Arthroscopic Scar Tissue Removal Recovery Time, Tesla Tunnel Las Vegas Tickets, Toronto Argonauts Transactions, Anthony Molina Browns, Where Is Thetford Village Ac Valhalla,