WFT2008_Individual_ch01_SM - CHAPTER 1 AN INTRODUCTION TO...

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CHAPTER 1 AN INTRODUCTION TO TAXATION AND UNDERSTANDING THE FEDERAL TAX LAW SOLUTIONS TO PROBLEM MATERIALS Question/ Problem Topic Status: Present Edition Q/P in Prior Edition 1 Effect of state and local taxes on decision making Unchanged 1 2 History of Federal income tax Unchanged 2 3 Constitutionality of Federal income tax for corporations Unchanged 3 4 Income tax as a ‘‘mass tax’’ Unchanged 4 5 Pay-as-you-go system Unchanged 5 6 Criteria for ‘‘good’’ tax system New 7 Proportional versus progressive tax New 8 Conversion of commercial realty to tax-exempt status and effect on ad valorem property tax Unchanged 8 9 Conversion of tax-exempt realty to commercial status and effect on ad valorem property tax Unchanged 9 10 Loss of old age exemption on residential realty for ad valorem tax purposes Unchanged 10 11 Ad valorem tax on realty: effect of tax holiday Unchanged 11 12 Ad valorem tax: effect of capital improvements and conversion to rental New 13 Ad valorem tax: assessment in terms of revenue production Unchanged 13 14 Excise taxes: hotel occupancy and car rental Unchanged 14 15 Avoiding sales tax through use of out-of-state relative Unchanged 15 16 State and local sales tax holidays Unchanged 16 17 Avoiding local sales taxes Unchanged 17 18 Avoiding sales tax through Internet purchase Unchanged 18 19 Sales tax: selective application as to items covered Unchanged 19 1-1
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Question/ Problem Topic Status: Present Edition Q/P in Prior Edition 20 Federal estate tax: original objective Unchanged 20 21 Federal transfer taxes: choice of gift or death transfers New 22 Federal gift tax: availability of the marital deduction for transfers between spouses New 23 Federal transfer taxes: justification for and application of unified credit Unchanged 23 24 Federal gift tax: annual exclusion New 25 Justification for the Tax Relief Reconciliation Act of 2001 purported treatment of estate and gift taxes Unchanged 25 26 Lifetime giving: justification for Unchanged 26 27 Income tax formula: individuals and corporations compared Unchanged 27 28 Application of jock tax Unchanged 28 29 Piggyback approach of state income taxes Unchanged 29 30 State income tax return disclosure of Internet purchases; client refusal to answer tax return question and ethical implications Unchanged 30 31 State income tax: characteristics Unchanged 31 32 FICA and FUTA contrasted Unchanged 32 33 FICA: application to family New 34 FUTA: effect of state merit rating Unchanged 34 35 Flat tax: justification for and obstacles to Unchanged 35 36 VAT: characteristics and usage Unchanged 36 37 National sales tax and VAT: regressive aspects New 38 Tax problems of cash basis taxpayers with high employment turnover Unchanged 38 39 Assessing risk of audit by the IRS Modified 39 40 IRS audit: characteristics of Unchanged 40 41 Statute of limitations: IRS assessments Unchanged 41 42 Interest on tax refunds Unchanged 42 43 Statute of limitations and substantial omissions; ethical considerations of tax
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This note was uploaded on 05/01/2008 for the course ACCT 324 taught by Professor None during the Spring '08 term at DeVry Cincinnati.

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WFT2008_Individual_ch01_SM - CHAPTER 1 AN INTRODUCTION TO...

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