The tax agency fund of Fulton County collected $6,000,000 for a school district, $3,000,000 for the county general fund, and $4,000,000 for a municipality.

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The tax agency fund of Fulton County collected $6,000,000 for a school district, $3,000,000 for the county general fund, and $4,000,000 for a municipality. County general fund employees handle the collections and a 3% percent collection fee is charged all units except the county. The total amount of revenue recognized by the county general fund would be:
A. $2,910,000
B. $3,000,000
C. $3,090,000
D. $3,300,000

If a taxpayer does not have sufficient funds to pay his or her tax liability by the due date, should the taxpayer wait until the funds are available before filing the tax return? Why or why not?

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If a taxpayer does not have sufficient funds to pay his or her tax liability by the due date, should the taxpayer wait until the funds are available before filing the tax return? Why or why not?

The Taxpayer Compliance Measurement Program has been controversial. What public service do you think it provides? Should it be discontinued or changed in any way? If yes, in what ways and why? If not, why not?

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The Taxpayer Compliance Measurement Program has been controversial. What public service do you think it provides? Should it be discontinued or changed in any way? If yes, in what ways and why? If not, why not?

what is the purpose of the “check-the-box” election?

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what is the purpose of the “check-the-box” election?

150 words.

Can you mix tax exempt investments with tax deferred investments or vehicles? Is it recommended?

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Can you mix tax exempt investments with tax deferred investments or vehicles? Is it recommended?

How progressive is the U.S. Federal tax system?

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The article, Piketty, T., & Saez, E. (2007). How progressive is the U.S. Federal tax system? A historical and international perspective. Journal of Economic Perspectives, 21(1), 3-24. discusses the U.S. Federal tax system. Using this article, the textbook Ch 1-4, and three additional scholarly references complete a three page paper discussing the U.S. Federal tax system and its positive/negative effect on organizations. You can include some discussion on individual taxation, but focus the paper on organizations.

See Attachment for text notes from Ch 1-4 and LINK:
http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.21.1.3

During the year, Wheel, a calendar year S corporation in Stillwater, Oklahoma, generates the following AMT items:

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During the year, Wheel, a calendar year S corporation in Stillwater, Oklahoma, generates the following AMT items: a positive adjustment of $66,000 for mining exploration cost, an excess depletion tax preference of $96,000, and a positive certified pollution control facility adjustment of $36,000. The firm’s positive ACE adjustment is $102,000. If Pam Epstein is a one-third Wheel shareholder, what effect do these items have on her individual tax return?

Money, Inc. a calendar year S corporation in Denton, Texas, has two unrelated shareholders, each owning 50% of the stock.

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Money, Inc. a calendar year S corporation in Denton, Texas, has two unrelated shareholders, each owning 50% of the stock. Both shareholders have a $400,000 stock basis as of January 1, 2011. At the beginning of 2011, Money has AAA of $300,000 and AEP of $600,000. During 2011, Money has operating income of $100,000. At the end of the year, Money distributes securities worth $1 million, with an adjusted basis of $800,000. Determine the tax effects of these transactions. Assume the same facts, except that the two shareholders consent to an AAA bypass election.

Why do you think that mortgage interest and real estate taxes for a personal residence are tax deductible, but rent payments are not and are rental payments for a business tax deductible?

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Why do you think that mortgage interest and real estate taxes for a personal residence are tax deductible, but rent payments are not and are rental payments for a business tax deductible?

If shareholders in an S corp. a calendar year taxpayer, owning 60 percent of the S corporation stock consent on March 1, 20X5 to revoke the S election and declare the revocation effective date to be October 1, 20X5, then the S election is terminated: a. October 1, 20X5; b. January 1, 20X5; c. January 1, 20X6; d. None of the above

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If shareholders in an S corp. a calendar year taxpayer, owning 60 percent of the S corporation stock consent on March 1, 20X5 to revoke the S election and declare the revocation effective date to be October 1, 20X5, then the S election is terminated: a. October 1, 20X5; b. January 1, 20X5; c. January 1, 20X6; d. None of the above

If X co., a calendar year taxpayer, qualifies as an S corp. and an S election is made and properly consented to by all shareholders on March 15, 20X0, then X co.’s S corp. tax year begins: a. January 1, 20X0; b. March 15, 20X0; c. January 1, 20X1; d. None of the above.

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If X co., a calendar year taxpayer, qualifies as an S corp. and an S election is made and properly consented to by all shareholders on March 15, 20X0, then X co.’s S corp. tax year begins: a. January 1, 20X0; b. March 15, 20X0; c. January 1, 20X1; d. None of the above.

Your managing director asks if you can participate in a seminar that the firm is doing on tax efficient financial planning. He would like you to send him, in memo form, the various types of vehicles that can be used by clients to reduce the various kinds if taxation.

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Your managing director asks if you can participate in a seminar that the firm is doing on tax efficient financial planning. He would like you to send him, in memo form, the various types of vehicles that can be used by clients to reduce the various kinds if taxation.

Prepare a memo to the managing director that explains the different vehicles available that can be used for each of the following:

•Minimize income tax
•Minimize capital gains tax
•Minimize estate tax

Marc and Michelle are married and earned salaries this year (2009) of $64,000 and $12,000, respectively.

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Marc and Michelle are married and earned salaries this year (2009) of
$64,000 and $12,000, respectively. In addition to their salaries, they received
interest of $350 from municipal bonds and $500 from corporate bonds. Marc
and Michelle also paid $2,500 of qualifying moving expenses, and Marc paid
alimony to a prior spouse in the amount of $1,500. Marc and Michelle have
a 10-year-old son, Matthew, who lived with them throughout the entire year.
Thus, Marc and Michelle are allowed to claim a $1,000 child tax credit for
Matthew. Marc and Michelle paid $6,000 of expenditures that qualify as
itemized deductions and they had a total of $5,500 in federal income taxes
withheld from their paychecks during the course of the year.

b. What is Marc and Michelle’s adjusted gross income?

Annie James died early in 2009. All her property passed subject to her will, which provides that her surviving husband, Dave James, is to receive all the property outright. Her will further states that any property Dave disclaims will pass instead to their children in equal shares.

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Annie James died early in 2009. All her property passed subject to her will, which provides that her surviving husband, Dave James, is to receive all the property outright. Her will further states that any property Dave disclaims will pass instead to their children in equal shares. Annie’s gross estate is about $5 million, and her Sec. 2053 deductions are very small. Dave, who is in poor health, already owns about $3 million of property. What tax issues should Dave James consider with respect to the property bequested to him by his wife?

A company is currently paying an employee $0.25 per kilometer to drive a personal car for company business.

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A company is currently paying an employee $0.25 per kilometer to drive a personal car for company business.

The company is considering supplying the employee with a car, which would involve the following:
purchase of the car for $15,000 with an estimated 3-year life, a net salvage value of $5000, taxes and insurance costing $500 per year, and operating and maintenance expenses of $0.10 per kilometer.

If the interest rate is 10% and the employee’s travels are anticipated to be 12,000 kilometers annually, what is the equivalent cost per kilometer (without considering any income tax)?

A corporation’s alternative minimum taxable income would have to be greater than $40,000 before it would be subject to the alternative minimum tax. Answer True False .

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A corporation’s alternative minimum taxable income would have to be greater than $40,000 before it would be subject to the alternative minimum tax.
Answer True False .

Josephine is considering taking a 6-month rotation in Paris for her job. Which type of authority may be especially helpful in determining the tax consequences of Josephine’s job in Paris?

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Josephine is considering taking a 6-month rotation in Paris for her job. Which type of authority may be especially helpful in determining the tax consequences of Josephine’s job in Paris?
A. Tax treaty
B. Determination letter
C. Private letter ruling
D. Regulation

Although the primary purpose of a tax system is to raise revenue, Congress uses the federal tax system for other purposes as well. Describe the other ways in which Congress uses the federal tax system. Be specific.

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Although the primary purpose of a tax system is to raise revenue, Congress uses the federal tax system for other purposes as well. Describe the other ways in which Congress uses the federal tax system. Be specific.

What benefits do you see for the U.S. economy in tax-sparing credits? Should it be expanded or reduced? Why or why not?

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What benefits do you see for the U.S. economy in tax-sparing credits? Should it be expanded or reduced? Why or why not?

Why does Congress permit certain corporations to avoid double taxation? What are the criteria involved?

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Why does Congress permit certain corporations to avoid double taxation? What are the criteria involved?

There are three categories of income tax filers in the USA: those who never evade taxes in a year, those who sometimes do it in a year, and those who always do it in a year. An examination of audited tax returns from one year to the next shows that of those who did not evade tax last years, 95% continue in the same category this year, 4% move to the “sometimes” category, and the others move to the “always” 3/4 category

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There are three categories of income tax filers in the USA: those who never evade taxes in a year, those who sometimes do it in a year, and those who always do it in a year. An examination of audited tax returns from one year to the next shows that of those who did not evade tax last years, 95% continue in the same category this year, 4% move to the “sometimes” category, and the others move to the “always”
3/4
category. For those who sometimes evade taxes, 6% move to “never”, 90% stay in the same category, and 4% move to “always”. As for the “always” evaders, the respective percentages Are 0% (“never”), 10% (“sometimes”), and 90% (“always”).
a) Define the stage, the states, and the matrix of transition probabilities of the
Markov chain.
b) In the long run, what would be the percentages of the “never”, “always” and
“sometimes” categories?
c) Statistics show that a taxpayer in the “sometimes” category evades taxes on
about $5000 per tax return and that one in the “always” category does it for about $12000. Assuming an average income tax rate of 12% and a filers population of 70 million, determine the annual reduction in collected taxes due to evasion.

When conducting business in the corporate form what tax factors should be considered when making the decision to operate as a C Corporation or an S Corporation?

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When conducting business in the corporate form what tax factors should be considered when making the decision to operate as a C Corporation or an S Corporation?

How donations of inventory are treated? What are the rules?

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How donations of inventory are treated? What are the rules?

What is the Dividend Received Deduction? Why do we have it?

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What is the Dividend Received Deduction? Why do we have it?

Why is not taxable income used to determine if a distribution is a dividend?

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Why is not taxable income used to determine if a distribution is a dividend?

What are tax loopholes?

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What are tax loopholes? How do loopholes arise? Do you think it is ethical to take advantage of tax loopholes?

Some say the ability to avoid self employment (SE) taxes (FICA, et al) is a benefit of S corporations. Do you agree? Why or why not?

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Some say the ability to avoid self employment (SE) taxes (FICA, et al) is a benefit of S corporations. Do you agree? Why or why not?

Why do you think that mortgage interest and real estate taxes for a personal residence are tax deductible, but rent payments are not and are rental payments for a business tax deductible?

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Why do you think that mortgage interest and real estate taxes for a personal residence are tax deductible, but rent payments are not and are rental payments for a business tax deductible?

If any IRS auditor is assigned a tax return for audit that has a Schedule C for a tavern, where could the agent locate information to provide assistance in the audit?

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If any IRS auditor is assigned a tax return for audit that has a Schedule C for a tavern, where could the agent locate information to provide assistance in the audit?