25 May Question 1. Interms ofrevenue neutrality,comment onataxcutenactedbyCongressthat:
Question
1. Interms ofrevenue neutrality,comment onataxcutenactedbyCongressthat:
a. containsrevenue offsets.
b. includesasunsetprovision.
2. Thetax lawcontains varioustaxcredits, deductions,and exclusionsthatare designedto encouragetaxpayers toobtainadditional education.On whatgrounds canthese provisionsbejustified?
3. Thetaxlawcontainsvariousprovisionsthat encouragehomeownership.
a. Onwhat basiscanthis objectivebe justified?
b. Arethereanynegativeconsiderations? Explain.
.
4. Thetax lawallows anincome taxdeduction (oracredit)forforeignincometaxes.Explainwhy.
5. Thetax lawallows,under certainconditions,deferral ofgain recognitionfor involuntaryconversions.
a. Whatisthejustificationforthisreliefmeasure?
b. Whathappensif theproceeds arenot entirelyreinvested?
6. Howdothe netoperating lossprovisions inthe taxlaw mitigatethe effectof theannualaccounting concept?
7. Inconnection withfacilitating thefunction ofthe IRSin theadministration ofthe taxlaws,comment onthe utilityofthefollowing:
a. Anincreasein theamount ofthe standarddeduction.
b. Dollarandpercentagelimitations onthedeductionof personalcasualtylosses.
c. Availabilityof interestand penaltiesfor taxpayernoncompliance.
8. Congressreactsto judicialdecisions thatinterpret thetaxlaw indifferent ways.Whenit approvesof adecision,Congress mayacttoamendtheCodetoincorporatetheholding.Whenitdisapproves,CongressmayamendtheCodetonullify itseffect.Giveanexampleofeachoneofthesecongressionalreactions.
ANSWER: Congress approvedof thejudicial conclusionthat moststock dividendsshould benontaxable andamended theCodetothiseffect. However,itdisagreedastowhen leaseholdimprovementsshouldbetaxedto alessor.Consistentwiththewherewithaltopayconcept,theimprovementsaretobetaxedontheterminationofthelease.Thus,Congressoverturnedajudicial holdingthatwouldhavetaxedsuchimprovementsintheyeartheyaremadebythelessee.
Match thestatementsthatrelatetoeachother.Note:Somechoicesmaybeusedmorethanonceornotatall.
a. Deferral ofgains frominvoluntaryconversions
b. Carryback andcarryforwardofnetoperatinglosses
c. “Nochange”isonepossibleresult
d. State incometaxappliedtovisitingnonresident
e. IRS specialagent
f. Undoingthe“piggyback” result
g. Ideal budgetgoal asto newtax legislation
h. Everystatethathasageneralsalestaxhasone
i. Imposedby allstates andtheFederal government
j. Imposedbysomestatesbutnot theFederalgovernment
k. Imposed onlybythe Federalgovernment
l. Nocorrectmatchprovided
9. Jocktax
10. Decoupling
11. DIF
12. Taxfraudsuspected
13. Revenueneutrality
14. RAR
15. Wherewithalto payconcept
16. Mitigationof theannual accountingperiod concept
17. Taxontransfers atdeath (inheritancetype)
18. Excisetax ontobacco
19. Usetax
20. Incometax amnesty
21. Importtaxes (customsduties)
22. “Payasyougo”(paygo)
23. Exporttaxes
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.