Chapter3SpilkerACCT620

Chapter3SpilkerACCT620 - Tax Avoidance versus Tax Evasion...

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Tax Avoidance versus Tax Evasion Chapter 3, pp. 3-18 to 3-19
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Components of Tax Practice Tax Compliance and Procedure preparing tax returns coordinating tax return audit Tax Research attempting to answer tax questions Tax Planning arranging ones affairs to optimize tax liabilities
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Tax Planning Consider social, economic, and business goals as well as tax motives Tax avoidance is the legal minimization of tax liabilities and one goal of tax planning Tax evasion is the illegal minimization of tax liabilities and can lead to fines and jail Abusive tax avoidance
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Abusive Tax Avoidance Abusive tax avoidance uses the tax code in an unintended manner Abusive tax schemes Transactions promoted for the promise of tax benefits with no meaningful change in the taxpayer's control over or benefit from the taxpayer's income or assets. These transactions typically have no economic purpose other than reducing taxes, or may involve the use of multiple layers of domestic and foreign pass-through entities including:
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This note was uploaded on 02/08/2012 for the course ECON 101 taught by Professor Byron during the Spring '11 term at Amity University.

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Chapter3SpilkerACCT620 - Tax Avoidance versus Tax Evasion...

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