Reference no: EM13863739
Gift and estate taxes are, in effect, a delayed surtax on income and wealth accumulation.
With few exceptions, any amount over a specified threshold of assets and/or income at death will be taxed, unless properly protected prior to death.
Discussing the topic, and exchanging ideas for how to address potential conflicts, will better prepare you to advise clients.
Please respond to the following prompts in the class discussion section of the course.
In this week's class discussion, you are a tax professional.
Please discuss how taxpayers can work within the current income tax, gift and estate tax systems to minimize their cumulative effect.
Also, express your informed opinions regarding the fairness of the current systems.
How can the current systems be improved to meet the objectives of governments and taxpayers?
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Calculate net sales-gross profit-income before taxes
: During the year, cost of goods sold was $40,000; income from operations was $38,000; income tax expense was $8,000; interest expense was $6,000; and selling, general, and administrative expenses were $22,000. Required: Calculate net sales, gross prof..
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Dividend applicable to preferred and common stockholders
: Gibraltar Corporation has 200,000 shares of 9%, $50 par value cumulative preferred stock authorized, 80,000 shares issued, and 75,000 outstanding, as well as 300,000 shares of $10 par value common stock issued and outstanding. Dividends relative to t..
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Calculate total stockholders equity at end of year
: Understanding financial statement relationships Total assets were $48,000 and total liabilities were $27,000 at the beginning of the year. Net income for the year was $8,000, and dividends of $2,000 were declared and paid during the year. Required: C..
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Prepare brief memorandum that responds
: You are the financial officer for Music Plus, a retailer that sells goods for home entertainment needs. The business owner, Vic Velakturi, recently reviewed the annual financial statements you prepared and sent you an e-mail stating that he thinks yo..
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Meet the objectives of governments and taxpayers
: Gift and estate taxes are, in effect, a delayed surtax on income and wealth accumulation. How can the current systems be improved to meet the objectives of governments and taxpayers?
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Calculate the effect of these events and transactions
: At a company, events and transactions during 2014 included the following. The tax rate for all items is 30%. Calculate the effect of these events and transactions on 2014 income from continuing operations net of tax. Display your work in detail.
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Corresponding liability or equity on the balance sheet
: What are the balance sheet entries if you estimate Allowance for Uncollectible Receivables to be $100? If you credit this contra account $100, what do you debit ( is there a corresponding liability or equity on the balance sheet)?
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Prepare table of entities and activities for the cornick
: Cornick, Inc - sells computers. Each month the IT division prints monthly statements and sends them to accounts receivable, where each clerk e-mails them to the customers. Prepare a table of entities and activities for the Cornick, Use diagramming so..
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Discuss if assistant cost accountant behaved in ethical way
: A manufacturing company allows employees to purchase, at cost, manufacturing materials such as metal and lumber, for personal use. Discuss if the assistant cost accountant behaved in an ethical way.
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