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1. Mortgage interest on your personal residence is tax deductible but rental payments are not. Is this fair to renters? Should rental payments be tax deductible? Or should mortgage interest be non-deductible? Does the tax deduction for mortgage interest favor the banking industry too much?
2. 1. Holly works as a flight attendant on Hilarity Airlines, owned by Conglomerate, Inc., which also owns Hooyacht Hotels. Conglomerate allows all of its employees, as well as their spouses and children, to fly for free (Hilarity Airlines) or stay for free (Hooyacht Hotels) on their vacations on a space-available basis. Holly and her husband Hal use this perk to fly at no cost to Hawaii (FMV $600 each for a total FMV of $1,200), where they stayed for free in a room at the Hooyacht Hotel in Honolulu for 5 nights (FMV $2,000 for all 5 nights). On the flight to Hawaii, they ate free meals and drank beverages. At the Hooyacht Hotel, the maid serviced their room each day, cleaning their room while there were on the beach. Which fringe benefit exclusion might apply to the facts? What are the separate and independent requirements that must be satisfied for the exclusion provision to apply? After isolating possible statutory issues, see Treas. Reg. §§ 1.132-2(a)(5)(ii) and -4(a)(1)(i) for help in resolving them.
Explain the reasoning why the tax laws require the cost of certain assets to be capitalized and recovered over time rather than immediately expensed.
Discuss whether a capital gains tax, in your opinion, would result in a more equitable tax system in New Zealand and Discuss whether your client is a tax resident in New Zealand?
Can you report on Schedule A Vivian's medical expenses paid by the Johnsons - Are expenses to prepare you for a new trade or business deductible?
Calculate Sigma’s and Brian’s 2013 taxable income and total tax liability, as well as their combined tax liability. Also, calculate the corporation’s current E&P after dividend distribution.
Discuss whether ABC Co is a resident of Australia and the income tax consequences of the above for the year ended 30 June 2015. Support your answer with reference to case law and legislation. Ignore CGT and FBT implications.
Use an available tax research service to answer Katie's question. Write a letter to Katie communicating the results of your research.
Estate Tax Computation. T died on January 4, 2015. He owned the following property on his date of death: Compute T's estate tax before any credits other than the Federal estate tax credit.
Advise ABC of its FBT consequences arising out of the above information, including calculation of any FBT liability, for the year ending 31 March 2014. Assume that ABC would be entitled to input tax credits in relation to any GST-inclusive acquisitio..
Describe the role of, and the interaction of the ASIC, the AASB and the ASX in the regulation of financial reporting in Australia. Include in your answer an outline the regulatory document each of these bodies produce.
From the perspective of both the taxpayer and IRS, what are the advantages and disadvantages of the statute of limitations?
Jorges marginal tax bracket is 25 percent. Advise Jorge of the tax ramification if he stays in Saudi Arabia only six months and if he stays there an additional six months.
you are a cpa in new jersey and a client of yours asked for a meeting to discuss tax issues and to have you prepare
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