WFT-Ch01-Sol

WFT-Ch01-Sol - CHAPTER 1 AN INTRODUCTION TO TAXATION AND...

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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 New 3 Constitutionality of Federal income tax for corporations New 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 commer- cial status and effect on ad valorem property tax New 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 Unchanged 12 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 estate and gift taxes: effect of marital deduction New 22 Cumulative nature of the Federal gift tax New 23 Federal transfer taxes: justification for and application of unified credit Unchanged 23 24 Federal gift tax: application of election to split gifts and annual exclusion Modified 24 25 Justification for the Tax Relief Reconciliation Act of 2001 purported treatment of estate and gift taxes Unchanged 25 26 Lifetime giving: justification for New 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: maximum amount of tax New 34 FUTA: effect of state merit rating New 35 Flat tax: justification for and obstacles to Unchanged 36 36 VAT: characteristics and usage New 37 National sales tax: mechanics of operation and evaluation of compliance Unchanged 37 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 Modified 40 41 Statute of limitations: IRS assessments Modified 41 42 Interest on tax refunds Unchanged 42 43 Statute of limitations and substantial omissions; ethical considerations of tax return preparer
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WFT-Ch01-Sol - CHAPTER 1 AN INTRODUCTION TO TAXATION AND...

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