All need refernces
The first federal income tax was passed in 1861. When was the next one
passed and why was it necessary? Why was pay-as-you-go withholding needed in
Determine an Individualâs Taxes Discussion
Discuss whether or not the below listed actions are tax avoidance or tax
evasion. Then, discuss the ethical implications of employing each of these in a
1. Keeping a log of business expenses
2. Ignoring earnings from a lawn mowing business
3. Not reporting interest earned on a savings account
4. Keeping a log of contributions to a charity
5. Not reporting tips
6. Claiming your dependents as tax deductions
3. Gross Income Inclusions – Discussion
George, a wealthy investor, is uncertain whether he should invest in
taxable or tax-exempt bonds. What tax and nontax factors should be considered?
George needs assistance understanding the different application of
prepaid income under tax law and financial accounting. Explain this difference
4. Gross Income Exclusions – Discussion
Individuals who own homes may take a tax deduction for interest paid.
Many individuals believe that this tax law discriminates against individuals
who rent. Do you think this deduction is discriminatory? Explain and share your
Additionally, gifts and inheritances have been excluded from gross income
since 1913. Discuss the tax consequences of gifts made of property and any
income produced by the property. What, if any, are the exclusions and taxable income
according to Section 102.
5. Property Transactions, Capital Gains, and Losses – Discussion
Vincent pays $20,000 for equipment to use in his trade or business. He
pays sales tax of $800 as a result of the purchase. Must the $800 tax be capitalized
as part of the purchase price?
Vincentâs friend tells him that capital gains tax is discriminatory in
that it is imposed upon individuals who can afford to buy capital assets. Do
you agree or disagree? Why? Why not? Be sure to include definitions of capital
asset and capital gain in your response.
6. Deductions and Losses – Discussion
What is the distinction between deductions for AGI and deductions from
AGI and why should this be important for individuals?
As you review deductions from AGI and for AGI, how should bribes and
kickbacks be treated for tax purposes? Are they a deduction and are they
allowed? As you may recall, Al Caponeâs conviction caused mobsters and other
illegal gangsters to rethink their method of keeping detailed records. Why did
this rethink occur? How different was this situation of bribes and kickbacks to
how multimillion-dollar corporations do business now?
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