are subject to technical corrections or other revisions which you won't have without taking notes in class. Contents Taxable Entities, Sources of Tax Law and Tax Administration 5 Case: Firefighting Aircraft 6 Discussion questions 7 Review questions 8 The Individual Income Tax Model 10 Case: George and Sheena Jungle’s 1040 Tax Return 10 Discussion Questions 10 Review questions 11 Gross Income 13 Case: Commissioner v. Glenshaw Glass Co.\William Goldman Theatres Inc. (U.S. 1955)
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whether a sole proprietorship, partnership, Limited Liability Company or an S corporation is most suitable for the consultant business, the founder must first comprehend the advantages and disadvantages, while being aware of the legal, liability, and tax implications, of each.
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SITUATION: The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $49,800. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus
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RESEARCH PAPER ACCOUNTING 483 - FEDERAL TAX Section 01 1st Research Paper Fall 2011 Due Wednesday, October 26, 2011 Speedy Karr is the used car sales manager of Fast Talking Ed's Car Sales, a local new and used car dealership in Moscow, Idaho. Speedy Karr’s income is about $80,000 a year from his salary and bonus (his bonus is a percentage of the net income of the dealership). In addition to his income from Fast Talking Ed's, Speedy also has income from rentals of about $15,000 a year. Speedy's
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Carlos Tovar Federal Taxation March 6, 2011 Article Brief: “Innocent Spouse Relief: Alternatives After the Lantz Case” Article Brief: “Innocent Spouse Relief: Alternatives After the Lantz Case” The dilemmas described in the Lantz case reflect the high level of ambiguity that a filing spouse experiences when challenging IRC 6015 provisions for an Innocent Spouse Claim. Specifically, the stipulated filing timeframe in sub-section (F) of IRC 6015 – Equitable Relief. In general, there’s
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October 2, 2014 Tax File Memorandum To: Brett Ouray Facts Kathy and Brett Ouray were married in 1996. In 2014, they consider themselves completely estranged. Due to financial reasons they have decided to not get a divorce or live separately. They also do not have any legal documentation of separation and neither of them has lived outside the home for a significant amount of time. They currently reside together with their three children. They have decided that Brett has contributed more to
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Fundamentals of Macroeconomics As one begins to understand how the economic world around him is affected by basic events, one must gain a basic knowledge of the basic design of the economy for maximum effectiveness. To facilitate this learning process, this paper will describe some basic terms that are in most discussions surrounding economics. Once there is an understanding of the terms, the description will change to several scenarios, and how the result of a seemingly innocuous event has a
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landslide victory over Jimmy Carter. From stagflation to recession, the whole country had the worst economic period trailing the Great Depression. On his first term, President Reagan’s main objective was to address different economic problems through tax cut, decreased nondefense spending, increased defense spending and balanced budget. His policies brought success in stimulating the economy. He was able to improve the lives of the people and certain concerns during those times such as recession, unemployment
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is down purchasing a home is not a good decision financially. In a situation with a slumping economy a long term consequence will cause financial distress down the road. Therefore, purchasing a home will clearly have an impact on the economy. The Federal Reserve decides the rise and fall of interest rates. If interest rates decrease, more money is poured into the economy. The demand for the housing market will then increase. If interest rates increase the demand for houses will fall. When house prices
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Bateman (2013) describes technology as “the systematic application of scientific knowledge to a new product, process, or service and innovation as a change in method or technology” (p. 602). In this paper I will elaborate on two agencies. As a Federal employee, I see technology and innovation impact organizations in both a positive and negative manners. First, let’s look at the Food and Drug Administration (FDA) and the healthcare industry. Over the years there has been ground breaking innovation
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