Tax Deductions from AGI Assignment Help
1.a) What are the major tax deductions from AGI that are allowed in computing taxable income? What are the economic justifications and consequences of allowing such deductions?
b)The EGTRRA of 2001 sharply reduced MTRs for most taxpayers. Explain why this reduces the excess burden of tax preferences.
c)What is bracket creep? How can indexation of tax brackets, the standard deduction, and the personal exemption eliminate bracket creep?
d)Why does inflation distort interest payments and receipts, thereby resulting in tax inequities?
2.a) What is gross income? Why is gross income less than the Haig-Simons comprehensive definition of income? How does taxable income differ from gross income?
b)What are the major types of income excluded from gross income? Why are certain items excluded from AGI, even though they qualify as income under the Haig-Simons definition?
c)How does the treatment of capital gains under the federal income tax compare with the way in which capital gains would be treated under a comprehensive income tax?
d)What are tax preferences? What are major justifications for tax preferences? What are the economic consequences of tax preferences?
3.a)Explain how corporate income could be taxed under a comprehensive income tax without recourse to a corporate income tax. How can separate taxation of corporate income be justified? Given the favorable treatment of capital gains under the current rules of the personal income tax, what would be some of the consequences of eliminating separate taxation of corporate income?
b)In what sense does the corporate income tax subject corporate profits to double taxation?
c)Why do economists argue that the tax definition of corporate profits overstates the true profits of corporations? How can this misdefinition of profit affect the financial structure of the corporation?
4.a)Sally is in the business of purchasing accounts receivable. Last year, Sally purchased an account receivable with a face value of $80,000 for $60,000. During the current year, Sally settled the account, receiving $55,000. Determine the maximum amount of the bad debt deduction for Sally for the current year.
b)Bob owns a collection agency. He purchases uncollected accounts receivable from other businesses at 60% of their face value and then attempts to collect these accounts. During the current year, Bob collected $60,000 on an account with a face value of $80,000. Determine the amount of Bob’s bad debt deduction.
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c)During the past tax year, Jane identified $50,000 as a nonbusiness bad debt. In that tax year, Jane had $100,000 of taxable income, of which $2,000 consisted of short term capital gains. During the current tax year, Jane collected $10,000 of the amount she had previously identified as a bad debt. Discuss Jane’s tax treatment of the $10,000 received in the current tax year.
5.a) A person had $2,345 withheld for federal income taxes, and had a tax liability of $2,410. Would this be a refund or an additional amount due for what amount?
b)Based on the following information, what is the amount of taxable income?
One personal exemption,
6.a)Determining a Refund or Taxes Owed. Based on the following data, would Ann and Carl Wilton receive a refund or owe additional taxes?
Adjusted gross income-$46,686
Child care tax credit-$80
Federal income tax withheld-$4,784
Amount for personal exemptions-$7,300
Tax rate on taxable income-15 percent
b)Indexing Exemptions for Inflation. Each year, the Internal Revenue Service adjusts the value of an exemption based on inflation (and rounded to the nearest $50). In a recent year, if the exemption was worth $3,100 and inflation was 4.7 percent, what would be the amount of the exemption for the upcoming tax year?
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