Marlene B. Escamillan 4E1 The impact of sin tax on the consumer’s demand for cigarettes Introduction The raise in tax is one of the most valuable gauges to lessen the utilization of a good. Just the same as other taxes‚ a sin tax is charged to lift up proceeds for government expenditures. Different from other taxes‚ a sin tax is often imposed with an intention of reducing the public’s consumption of a good. On the other hand‚ when you articulate about taxing cigars and alcoholic beverages
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Pros and Cons of Sin Tax Sin tax is a tax that is applied to a product that has been deemed undesirable in the general society. An example is a tax that is applied to beer or cigarettes. These tax can be placed to raise money for a certain public amenity like a stadium‚ when raising other taxes‚ like income‚ would politically be a bad move. This kind of tax is appealing to voters who wish to get rid of the undesirable actions. What are some of the pros of imposing a sin tax? Well the first
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Week 1 : Week 1 - Quiz ------------------------------------------------- Top of Form Time Remaining: | | 1. Henry transfers property with an adjusted basis of $90‚000 and a FMV of $100‚000 to a newly-formed corporation in a Sec. 351 exchange. Henry receives stock with a FMV of $80‚000 and a short-term note with a $20‚000 FMV. Henry’s recognized gain is (Points : 2) | $0. $5‚000. $10‚000. $20‚000. c) Realized gain is recognized to the extent of boot
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The disability tax credit (DTC) is a non-refundable tax credit used to reduce the amount of tax otherwise payable on personal income tax returns. A person who has a “severe and prolonged impairment in physical or mental functions” may qualify for the Disability Tax Credit. Disability Tax Credit Certificate (Form T2201) must be completed by a qualified practitioner and submitted to Canada Revenue Agency (CRA) for approval in order to receive the benefit. Canada Revenue Agency defines a prolonged
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Tax Research Memo http://www2.gsu.edu/~accerl/home.html Your Firm October 19‚ 2011 Relevant Facts Joe‚ CPA reimburses a client for a $75‚000 tax liability that is traceable to Joe’s ineffective tax advice. For fear of increasing his malpractice premiums‚ Joe decides not to file a claim with his insurance company. Specific Issues How much‚ if any‚ of the $75‚000 paid to the client can Joe deduct using either causality loss or business expense? Conclusions Joe may not deduct
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1974‚ the tax year here at issue‚ RXL paid a dividend distribution to Xerox and paid the requisite ACT in the United Kingdom on the distribution. A portion of that ACT was set off in 1974 against RXL’s mainstream corporation tax in the United Kingdom. The foreign tax credit for that portion of the 1974 ACT is not in dispute. The portion of the ACT was not used to offset RXL’s mainstream tax was surrendered by RXL to its United Kingdom subsidiaries. The U.S IRS then withdrew the foreign tax credit for
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The tax freedom day is a catalyst In the United States of America‚ the Tax foundation released the Tax freedom day’s annual report. And for the year 2016‚ April 24th was the Tax freedom day. When the Nation acquires enough income to pay their state bills‚ local and federal bills‚ that day is called the Tax Freedom day. For the year 2016‚ the people of America has to pay $1.6 trillion dollars for the local and state bills and around $3.3 trillion dollars for their federal bills‚ thus the overall tax
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The Tax Research Process The overriding purpose of tax research is to find solutions to the tax problems of one’s clients or employer. The process is similar to that of traditional legal research. The researcher must find authority‚ evaluate the usefulness of that authority‚ and apply the results of the research to a specific situation. One can identify two essential tax research skills: * The first is using certain mechanical techniques to identify and locate the tax authorities that relate to
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Tax Return Position Paper ACC/455 Tax Law Tax laws come from several sources and each source has a particular amount of rein over the laws conducted. Sources‚ such as the IRC‚ have a defined amount of say in the laws and the consequences. The way a law is interpreted and applied is also a very large part of tax law. Tax research is how tax laws are defined and followed for individual facts (Anderson‚ Pope & Kramer 2010) Sources of Tax Law The primary and secondary sources of tax
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