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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.
Sky Company reports a pretax operating loss of $50,000 in Year 3 for both financial reporting and income tax purposes.
What type of penalty or incentive provision do you think would significantly improve compliance with the Internal Revenue Code? Do think such a provision could be passed?
What is a "wash sale"? What is the purpose of the wash sale tax rules? Nick does not use his car for business purposes. If he sells his car for less than he paid for it, does he get to deduct the loss for tax purposes?
What is the difference between the income and substitution effects? For which types of taxpayers is the income effect more likely descriptive? For which types of taxpayers is the substitution effect more likely descriptive?
Tax Liability Calculation (LO. 1, 2, 3, 4, 5, 6, 8)
Determine whether Bonnie and Jake should file jointly or separately for 2014 - Jake has large medical expenses, they seek your advice about filing separately to save taxes.
If PPP is expected to hold between the two countries, what spot exchange should one forecast five years into the future?
.Manufacturers Southern leased high tech electronic equipment from Edison Leasing on January 1, 2013.
ben grimm is a 40 partner in we four llc a super-heroing organization. he does most of the heavy lifting. reed has 40
Using the information from Alfred's year 1, year 2, and year 3 Schedule K-1, calculate his tax basis the end of year 2 and year 3.
Evan graduated from college, and took a job as a deliveryman in the city. Calculate Evan's AGI and taxable income if he files single with one personal exemption.
Using techniques similar to that under "An Actual Credit Decision", determine the "Annual Incremental Income after Taxes," from making the sale to Monique Fashion Stores.
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