DATE: November 28‚ 2010 RE: Tax Memo #1/Gambling Activities Issue #1 Dr. Green is a practicing physician in Chicago who‚ as an avid blackjack and slot machine player‚ travels to Las Vegas bi-weekly to gamble. He would like to know what criteria are used to determine whether his gambling activities constitute a trade or business for federal income tax purposes and whether or not you think his gambling activities qualify for trade or business status. Law The Internal Revenue Service (IRS)
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Regressive Tax Subject: Argument for Implementing Regressive Income Tax The primary income taxation structure in the United States should be a regressive tax structure. A regressive tax rate decreases with an increase in the tax base. This means‚ the lower the amount of income a person earns‚ the greater the share of that income will go towards paying taxes. The income tax should become a regressive tax because every tax bracket would then pay roughly the same dollar amount in taxes to the government
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Week 4 – You Decide John Smith tax issues: a. How is the $300‚000 treated for purposes of Federal tax income? The $300‚000 that John received for services rendered from the court case is considered earned income for the year. The $300‚000 is earned income for John Smith and will be reported as gross income either on Schedule C of the individual return or as gross income on the LLC return. “US code defines gross income in 26 U.S.C § 61 states except as otherwise provided in this subtitle
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A carbon tax is a tax imposed on the carbon content of fuels. It is a form of carbon pricing. Carbon taxes are a possible cost-effective means of reducing greenhouse gas emissions. From an economic outlook‚ carbon taxes are a type of Pigovian tax.They help to address the problem of emitters of greenhouse gases not face the full social costs of their actions. Carbon taxes can be a degenerating tax‚ in that it may directly or indirectly affect low-income groups disproportionately. The regressive impact
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FINAL WEALTH TAX Accepting the recommendations of N. Kaldor to introduce “integrated direct tax system” in India‚ Wealth Tax Act‚ 1957 was enacted. The Act was amended from time to time. The major objective of wealth tax has been attainment of equity objective of tax policy because wealth is considered as the major source of inequalities. The wealth taxation in India is applicable to all citizens of the country and is also called the wealth tax act‚ 1957. This is also considered to be direct
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would be able to resolve all of your stress and worries. They assume that gaining wealth will lead to a life of pure and unending happiness and satisfaction. The never-ending stream of false advertising that reinforces the consumer’s desire to buy his way to the happy life perpetuates this belief. We all idolize celebrities‚ but most people aren’t happy with money because frankly‚ they don’t know what to do with it. Sometimes the way that people spend their money can actually make them less happy
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one avenue through which they can be is a junk food tax. This report proposes that there be a federal tax placed on junk food purchases‚ similar to the taxes placed on gasoline and tobacco products. This tax would dissuade people from purchasing unhealthy food items. At the same time it would help the nation offset some of the financial costs that obesity has generated. The proposition is not a fix-all‚ but it is a good start. Taxation of Junk Food‚ A Proposition to Battle the Obesity Epidemic
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Adam Smith When you think of capitalism you should be familiar with Adam Smith. Adam Smith is considered the founding fathers of capitalism. Even though Smith never referred to the term Capitalism he described it as “stock” and “profit” is an economic system based on private ownership of capital goods and the creation of goods and services for profit Capitalism works perfectly with human nature or‚ more specifically greed. Greed is rewarded with large amounts of money and people working hard
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Assignment 4: Tax Structure Julian Hoggard Strayer University PAD 505 Public Budgeting and Finance Dr. William H. Kraus Dec. 2‚ 2012 Habitat for Humanity is a non profit organization that uses volunteer labor‚ donated materials from churches and other organizations to build new housing for low-income families. Habitat for Humanity has built over 45‚000 homes throughout the nation and over 150‚000 homes worldwide. The goal of the organization is to eliminate poverty and homelessness
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Taxable Income and Tax Payable for Corporations I. Calculation of Net Income For Tax Purposes and Taxable Income - Corporations follow the applicable ordering rules of Section 3 in computing NITP Net Income for Tax Purposes Less: Div C deductions Taxable Income Most of the Div. C deductions for corporations are DIFFERENT from the Div. C deductions for individuals. Div C deductions for Corporations: 1. Charitable donations
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