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Read the CBO report "An Update to the Budget and Economic Outlook: 2012-2022" and answer the following questions. Be sure that you are able to differentiate the reports "Baseline Projections" from the "Budget Projections under Alternative Scenarios." Limit your responses to each question to one short paragraph.
1. Using the tax evaluation criteria for economic efficiency and equity discussed in class, evaluate the effect of the expiration of the tax rate deductions, expanded deductions and expansion of tax credits described in the report.
2. Describe and contrast the deficits projected under the baseline and alternative fiscal scenario (summarized in Table 1-6) and the implications of the projections based on the CBO report.
3. What is the Alternative Minimum Tax (AMT) and what is its purpose?
4. What does indexing the AMT for inflation do for the revenue raising capacity of the income tax?
Determine taxable income before considering expense.
Prepare a tax research memo to the file that addresses the issues you feel are most relevant to Mimi's various issures.
Explain what is meant by income by ordinary concepts
Identify the tax issues that are raised and the relevant sections of the legislation. Identify any cases and other sources of law or information that apply.
Calculate Carolines taxable income
Show the tax issues that are raised and the relevant sections of the legislation.
Brief statement in your own words of the facts of the cases.
Prepare the C Regular Corporation Tax Return for the Lawson And Norman Enterprise
Advise the participants in the ‘barter' system of the income tax implications, if any, of participating in the system.
Discuss- A tax on cigarettes is a good way of raising tax revenue for the government
Prepare the required journal entry to record the tax expense
Calculate Barb's taxable income? What nonrefundable credit is Barb eligible for based on the information you have?
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