Chapter C:1 Tax Research Learning Objectives After studying this chapter, the student should be able to: 1. Distinguish between closed fact and open fact tax situations. 2. Describe the steps in the tax research process. 3. Explain how the facts influence tax consequences. 4. Identify the sources of tax law and assess the authoritative value of each. 5. Consult tax services to research an issue. 6. Apply the basics of Internet-based
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“Sin Tax” and Healthcare March 2, 2015 “Sin Tax” and Healthcare Due to rising costs in healthcare, the U.S. Government is faced with the task of finding new ways to generate much needed revenue to cover healthcare expenses. One way of generating this revenue is by increasing taxes on items and activities that are considered to be “unhealthy,” like alcohol, tobacco, and legalized marijuana, in the form of “sin taxes.” Generating revenue through this form is considered to be a “win-win”
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U.S. Federal Income Tax Information relating to Sara Lee Corporation’s Distribution of DE US Inc/DEMB 1753 common stock on June 28, 2012 Updated 7/25 After the close of business on June 28, 2012, Sara Lee Corporation spun-off its international coffee and tea business through a stock dividend to Sara Lee shareholders. Several separate transactions occurred in connection with the spin-off: First, Sara Lee distributed all of the common stock of DE US, Inc., the U.S. subsidiary that held Sara Lee’s
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Gee Case Memo 3: The Greek default is not a current issue, as it has been in the making Summary: In the wake of events that followed the Global Financial Crisis, the EU was facing its toughest time since its inception, and a major catalyst to these problems was Greece. There were major speculations about a possible default on behalf of Greece, which would create a domino effect and take down a number EU members along with it and the EU could in no way let that happen. But Greece’s problems were
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Wilman Martinez Income Tax 1 Dr. Nazik Roufaiel Module 1 Assignment Part 1 March 21, 2014 35. Serena operates a lawn maintenance service in Southern California. As most of her employees are itinerant, they are paid on a day-to-day basis. Because of cash-flow problems, Serena requires her customers to pay cash for the service she provides. a. What are some of the tax problems Serena might have? Serena might have problem keeping track of sales taxes
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Memo |To: |Juan Carlos Ginarte | |From: |Takisha Gause | |Date: |6/7/2010 | |Subject: |Measuring Economic Health
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Memo |To: |Mr. & Mrs. John Smith | |From: |----------, CPA | |CC: |---------------------- | |Date: |May , 2013 | |Re: |YOU DECIDE, WEEK 4 | John Smith Tax Concern 1(a): The issue is the $300,000 in income for John’s fees. How to treat
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assure the constitutionality of the income tax. p. I:32. I:3-2 In economics, income is defined as the amount that an individual could consume during a period and remain as well off at the end of the period as he or she was at the beginning of the period. In accounting, income is measured by a transactions approach. Accountants measure income when it is realized in a completed transaction. pp. I:32 and I:33. I:3-3 It is much easier to administer the tax law based on the accounting concept of
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toner and paper. Collectively, the presentations are a “Tax Update”. Each year, professional accounting associations offer tax updates for their members. The update is usually prepared and presented by a fellow member of the association. When the year being summarized contains major tax legislation, the annual tax update is primarily a review of the new law. When a year passes without major legislation, tax updates draw material from other tax news (i.e. new regulations, rulings and/or cases). We will
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Tax Research Exercise 1 1) 147(c)(2)(C)(iii)Insolvent farmer.—For purposes of clause (i), farmland which was previously owned by the individual and was disposed of while such individual was insolvent shall be disregarded if section 108 applied to indebtedness with respect to such farmland. 2) Federal Tax Regulations, Regulation, §1.351-1., Internal Revenue Service, Transfer to corporation controlled by transferor Click to open document in a browser | Reg. § 1.351-1 does not reflect
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