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Assignment
Answer the following question
Question 1: Why are the itemized deductions what they are? Why allow home mortgage interest, but not credit card interest? Why allow medical expense deductions, not school expense deductions? Why allow state and local income and property taxes, but not state and local sales taxes? Why, oh why, oh why? What are your thoughts? Any itemized deductions you think should not be included, or that are not deductible but be? Why? Can you make sense out of the present scheme and the six major groups (medical, local taxes, some interest, casualty, contributions, miscellaneous)?
Question 2: The adjusted gross income number (AGI) is an important one. It is said it is always better for a deduction to be "for" AGI, i.e., deductible in arriving at AGI. These are also called "above the line" deductions. Why is it better? Can you name any specific benefits to being deductible above the AGI line? Discuss one or two "above the line" expenses or adjustments to income from the front page of the 1040. Why policy reason do you think made these above the line deductions instead of as itemized deductions?
At which site should Subway open the new restaurant - If the weights for Space and Traffic density are reversed, how would this affect the decisions?
ACCT 323 7380 INCOME TAX I (Summer 2015) WEEK 4 HOMEWORK 1) In the current tax year, Gunther earned $125,000 from his job as a civil engineer. In addition, he received $30,000 of income from Activity A, and lost $40,000, and 20,000 from Activities B ..
Tom had chosen to go to the exhibition because her family is in Indonesia and he took the opportunity to visit them while she was there. The conference ran for three days and she stayed on for an additional five days at her parents' home.
Corporation Z distributes in kind its long held Apple stock with an adjusted basis of $480 and a fair market value of $200 to shareholder C. Corporation Z also distributes Apple stock with an adjusted basis of $120 at a fair market value of $200 t..
Specify the cost and ACB of the consideration received by Sidney, specify the PUC of the shares received by Sidney and indicate the cost of the property acquired by the new corporation.
What is Christina's deductible loss on the sale of 50 shares? What is her basis in the 50 new shares? Assume the same facts, except that Christina
Noah and Joan Arc's Tax Return. For the current year, Joan's W-2 from the city fire department is located below. Noah made estimated federal income tax payments of $12,000 and estimated state income tax payments of $1,020 during the current year
question rondo and his business related larry are considering forming a business entity called rampl but they are
Compute Peter and Amys income tax liability for the current year using Form 1040, Schedules A and B, and Form 8283, if necessary.
Determine Sam's taxable income for 2014.
question bottle-up inc. was organized on 8th january 2001 and made its s election on 24th january 2000. the required
What depreciation methods are available for tangible personal property? Explain the characteristics of a business likely to adopt each method.
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