Discuss whether the most effective way to have income and wealth equality is to tax income more progressively. Income is a stable flow of money‚ often a salary‚ which someone works for but this can also be made through interest on savings. This flow of money is often very unequal from person to person due to wage differentials‚ this then creates inequality. Wealth on the other hand is a stock of assets which have a market value‚ which may change over time e.g. houses or cars. These are often inherited
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GENERAL ACCOUNTING SECTION 1530 comprehensive income PURPOSE AND SCOPE .01 This Section establishes standards for reporting and display of comprehensive income. It does not address issues of recognition or measurement for comprehensive income and its components. .02 This Section does not apply to not-for-profit organizations (see FINANCIAL STATEMENT PRESENTATION BY NOT-FOR-PROFIT ORGANIZATIONS‚ Section 4400). DEFINITIONS .03 The following terms are used in this Section with the meanings
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Introduction The income smoothing literature has been the centre of attention in the accounting world for the past few decades. When companies experience economic turbulence due to a poor performance year‚ they turn to the accounting management department to resolve the bottom line. A strategy that managers can approach is changing the true information content of the company. As a result this has led managers to resort to smoothing their income. Many questions have been raised whether or not it
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Summarize the sources and objectives of modern income tax statutes. The primary source of US tax law is Congress. Power to initiate tax legislation is vested in the House of Representatives but all tax bills must pass both houses and be signed into law by the President. Many times the details of the legislation are not dictated by Congress‚ but left to the Treasury Department which adopts regulations (that have the force of law) to spell out the details as well as interpret the statutes and provide
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Tax Research Project #4-63 Facts: • Ann is a graduate economics student at State University. • State University awarded her a $1‚000 scholarship. • She works as a half-time teaching assistant in the Economics Dept. at State University and is paid $7‚000 per year and her tuition is waived; tuition is $8‚000 without waiver. • Her salary is equal to that paid to other part-time instructors. • Ann paid $500 for her books and supplies and she incurred living expenses of $7‚400. Issues: How
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“Income Tax Structure in Bangladesh and Taxation of a Non-Corporate Individual taxpayer” LETTER OF TRANSMITTAL Date: Prof. Y School of Business‚ Z University. Subject: Assignment on “Taxation on a Non-Corporate Individual taxpayer‚ Asst. Year 2014-2015. Dear Sir‚ It is my pleasure to submit the report of my assignment on “Taxation on a Non-Corporate Individual taxpayer‚ Asst. Year 2014-2015”. As an instructor and advisor to the report‚ you provided valuable insights to improve the
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Income statement The income statement or the profit and loss account as it is also called measures reports how much profit (wealth) has the business generated over a period of time. To measure profit the total generated revenue over a period must be identified. Revenue is a measure of inflow of economic benefits arising from the operations of the business. These benefits will either result in an increase of assets such as cash or amounts owed to the business by the customers or a decrease
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and the corporation did not pay any dividends. How much income must Barry report from these businesses? | | | Student Answer: | | $0 income from the partnership and $0 income from the corporation | | | | $0 income from the partnership and $90‚000 income from the corporation | | | | $90‚000 income from the partnership and $0 income from the corporation | | | | $90‚000 income from the partnership and $90‚000 income from the corporation | | | | None of the above |
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Definition of Tax ; The word ‘tax’ has been derived from the French word ‘taxe’ and the Latin word ‘taxare’ which means ‘to charge’. Tax is a contribution exacted by the state. It is a non-penal but compulsory and unrequited transfer of resources from the private to the public sector‚ levied on the basis of predetermined criteria. According to P. E. Taylor‚ “ Taxes are compulsory payment to government without expectation of direct return in benefit to the taxpayer. According to
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ON THE IMPLEMENTATION OF A NUMBER OF ARTICLES OF LAW ON ENTERPRISE INCOME TAX NO.14/2008/QH12 AND GUIDELINES ON IMPLEMENTATION OF DECREE NO.124/2008/ND-CP DATED DECEMBER 11‚ 2008‚ DECREE NO.122/2011/ND-CP DATED DECEMBER 27‚ 2011 OF THE GOVERNMENT DETAILING THE IMPLEMENTATION OF A NUMBER OF ARTICLES OF LAW ON ENTERPRISE INCOME TAX Pursuant to the Law on Enterprise Income Tax No. 14/2008/QH12 dated June 03‚ 2008; Pursuant to the Tax Administration Law No. 78/2006/QH11 dated November 29‚ 2006; Pursuant
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