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.
How it Works
How It works ?
Step 1:- Click on Submit your Assignment here or shown in left side corner of every page and fill the quotation form with all the details. In the comment section, please mention Case Id mentioned in end of every Q&A Page. You can also send us your details through our email id email@example.com with Case Id in the email body. Case Id is essential to locate your questions so please mentioned that in your email or submit your quotes form comment section.
Step 2:- While filling submit your quotes form please fill all details like deadline date, expected budget, topic , your comments in addition to Case Id . The date is asked to provide deadline.
Step 3:- Once we received your assignments through submit your quotes form or email, we will review the Questions and notify our price through our email id. Kindly ensure that our email id firstname.lastname@example.org and email@example.com must not go into your spam folders. We request you to provide your expected budget as it will help us in negotiating with our experts.
Step 4:- Once you agreed with our price, kindly pay by clicking on Pay Now and please ensure that while entering your credit card details for making payment, it must be done correctly and address should be your credit card billing address. You can also request for invoice to our live chat representatives.
Step 5:- Once we received the payment we will notify through our email and will deliver the Q&A solution through mail as per agreed upon deadline.
Step 6:-You can also call us in our phone no. as given in the top of the home page or chat with our customer service representatives by clicking on chat now given in the bottom right corner.
We use best scientific approach to solve case study as recommended and designed by best professors and experts in the World. The approach followed by our experts are given below:
The first step in solving any case study analysis is to define its problem carefully. In order to do this step, our experts read the case two three times so as to define problem carefully and accurately. This step acts as a base and help in building the structure in next steps.
The second step is to define structure to solve the case. Different cases has different requirements and so as the structure. Our experts understand this and follow student;s university guidelines to come out with best structure so that student will receive best mark for the same.
Research and Analysis
This is the most important step which actually defines the strength of any case analysis. In order to provide best case analysis, our experts not only refer case materials but also outside materials if required to come out with best analysis for the case.
Conclusion & Recommendations
A weak conclusion or recommendations spoil the entire case analysis. Our expert know this and always provide good chunks of volume for this part so that instructors will see the effort put by students in arriving at solution so as to provide best mark.
- Physics Assignment Help
- Chemistry Assignment Help
- Engineering Assignment Help
- Psychology Assignment Help
- Online exam Help
- Marketing Assignment Help
- Arts Assignment Help
- Sociology Assignment Help
- Project Management Assignment
- Case Study Help
- Nursing Assignment Help
- Research Assignment Help
- Operations Management Assignment help
- Accounting Assignment Help
- Biology Assignment Help
- Mathematics Assignment Help
- English Assignment Help
- Business Plan Help
- Essay Writing Help
- Human Resource Assignment Help
- Accounting Homework Help
- Computer Science Assignment Help
- Finance Assignment Help
- Economics Assignment Help
- Statistics Homework Help
- Management Assignment Help
- Strategy Management Assignment Help
- Auditing Assignment Help
- Information Management Assignment Help
- Online Assignment Writing help
- Humanities Assignment help
- Taxation Homework Help
- Corporate Finance Assignment Help
- Financial Management Assignment Help
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?
Product Code :Acc-sol-20
To get answer for this question, kindly click here (Note: Don’t forget to write the product code in comment section)
You can also email us at firstname.lastname@example.org but please mentioned product code in the mail body while sending emails.You can browse more questions to get answer in our Q&A sections here.