What are the tests for significant participation?
No plagiarism. Must be at least 50 words.
Internal Revenue Code. Explain the Code’s definition of income and how it is generally applied to taxpayers. In particular, explain how the Code’s definition of income is different than other potential definitions of income, such as the economic concept of income, and use an example to illustrate the difference between the two systems. Explain how the Code approaches whether or not particular items should be included in income and how a taxpayer’s taxable income is generally determined under the Code.
various types of deductions that we examined was the distinction between for AGI and from AGI deductions. Explain how the names for these two types of deductions developed, as well as the fundamental differences between the two types of deductions and the general types of deductions that fall within each category. In particular, focus on the different tax consequences that each might have, any applicable limitations, and the significance of being classified as a from AGI deduction instead of for AGI.
identifying taxation issues and their consequences as Congress seeks to implement a comprehensive and coherent tax policy. Currently, the United States is in a bit of an economic slump. Corporate earnings reports are relatively weak; the stock market is about 25% off of its 5-year highs, and tax revenues are down. Largely as a result of the last issue, the government finds itself operating under an annual deficit, and the national debt hovers around $7,000,000,000. Interest rates, however, remain at historic lows. The president has suggested a multiple-pronged attack to revitalize the economy. First, he has proposed going to a flat tax rather than the current progressive tax system. (No recommendation regarding what that flat tax rate should be has been made, although the president has indicated that he would not be likely to accept any figure above 15%.) As part of this plan, however, the president has proposed eliminating many of the current individual income tax deductions, including (I) the home mortgage interest deduction and (II) the property tax deduction. He has also proposed eliminating the deduction for dependents. Furthermore, he has proposed eliminating the child care and earned income credits to help make up for any potential shortfalls in revenue.
The chairman has asked you for your analysis of these provisions. Please prepare a memorandum outlining your thoughts on each, including, but not necessarily limited to
(I) the effect of each recommendation on revenues and deficits, both in the short and long run;
(II) the effect of each recommendation on the economy;
(III) the relative effects of each recommendation on different socioeconomic groups of taxpayers;
(IV) the relative fairness of each recommended change; and
(V) your conclusion regarding whether any or all should be adopted.
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