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Discussion Post
Respond to the following using current literature:
Critics of the Federal Income Tax often complain about the complexity of the tax law .... In fact, former President Jimmy Carter called our tax law "a disgrace" and Albert Einstein threw up his hands in frustration and said that it was too complicated for him to understand. One common suggestion to improve our tax law seems to be that it would be much easier to raise revenue for the Federal government with a national sales tax or a flat income tax with no deductions (based simply on gross income). Refute these contentions and defend our tax system. Explain how the Income Tax is designed to achieve multiple goals, i.e., social - political - economic - stimulus - incentive - disincentive objectives ..... and that raising revenue for the government is not the only purpose of the income tax law.
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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