Deductions for interest on home mortgage and property taxes

Assignment Help Financial Accounting

Reference no: EM131251003

DISCUSS the probable justification for each of the following aspects of the tax law...I NEED at least one sentence explaining your answer!

a. A tax credit is allowed for amounts spent to furnish care for minor children while the parent works.

b. Deductions for interest on home mortgage and property taxes on one's personal residence.

c. The income splitting benefits of filing a joint return.

d. Gambling losses in excess of gambling gains.

e. Net operating losses of a current year can be carried back to profitable years.

f. A taxpayer who sells property on an installment basis can recognize gain on the sale over the period the payments are received.

g. The exclusion from Federal tax of certain interest income from state and local bonds.

h. Prepaid income is taxed to the recipient in the year it is received and not in the year it is earned.

Reference no: EM131251003

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