346Rsh01bAns - Research Exercise#1b Working With the Tax...

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Research Exercise #1b: Working With the Tax Law 1. What is the title of Internal Revenue Code §1? Tax Imposed. 2. What is the tax base per IRC §1? (In other words, per §1, what constitutes the "item" to be subjected to the tax rate schedule?) Taxable income (of individuals) Filing status is important, but not for this question. 3. What is the amount of income that is subject to the highest marginal tax rate under IRC §1? $250,000 ($125,000; $7,500) 4. What is the highest marginal tax rate under IRR §1.1-2 for tax years ending before 1/1/1971? 87% 5. What is the tax base per IRC §11? (In other words, per §11, what constitutes the "items" to be included in the tax base?)
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Unformatted text preview: Taxable income (of corpora±ons) 6. What is the highest marginal tax rate under IRC §11? 39% (=34% + 5%) (Accept 35%) 7. According to IRR §1.11-1(b), what does the tax imposed by section 11 consist of? A normal tax and a surtax. 8. What is the title of Internal Revenue Code §641? Imposi±on of Tax 9. What is the highest marginal tax rate under IRC §641? 39.6%- same as individuals 10. According to IRR §1.641(a)-2, how is the gross income of an estate or trust determined (be brief)? In the same manner as an individual’s. Or the gross income of an estate or trust consists of all items of gross income received during the taxable year...
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  • Spring '13
  • WILSON
  • Accounting, Revenue, Taxation in the United States, 5%, 35%, $250,000, $7,500, 34%

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