"Tax" Essays and Research Papers

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William Pittman 10/14/14 Writing COMP – Han To Tax or not To Tax Two authors by the names of Paul Krugman and Fred E. Foldvary have varying opinions on the topic of taxing the rich. The debate they’re writing about is whether or not the US should increase the tax burden on the rich. Foldvary states in his “The Evil of Taxing the Rich” article that there are a lot of negative affects that would come along with taxing the rich. Mainly, he says the rich are paying a much larger percentage of federal...

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To Tax or Not to Tax

To Tax or Not to Tax: The Problem of America Money, like a cookie, is something everybody wants, and when it is gone a person blames everybody else for its absence; realizing later they were the one to consume it in the first place. Taxes, since the beginning of an organized economy, have been argued over for centuries. At the end of 2012 after surviving the “end of the world,” tax payers were faced with another apocalyptic situation, the Fiscal Cliff. It had the potential to raise taxes to outrageous...

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Fat Tax

“Fat Tax” Imposing a fat tax on saturated fat, junk foods, sodas, etc. would be best because of many health and money related issues that it could possibly solve. A fat tax could help control many health problems the United States is facing today by giving some incentive to buy healthier foods. Taxing these certain foods may help control the way people eat and in turn change lifestyles to much healthier ones than there are now. The healthier lifestyles would help lower the amount of money spent...

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soda tax

Soda Tax: The Beginning of the End The government plans to tax sugary drinks to lower consumption and reduce obesity rates. It is a tax that is justified, because a high majority of its consumers are obese and our government believes they should step in and do something about it. There are positive aspects of a soda tax, but it would also be a violation of freedom of choice, with many other red flags as well. The government simply, has too much involvement with our personal lives. Placing...

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tobacco tax

Tobacco tax: good for health, good for government finances Tobacco use kills over 5 million people each year and is the largest single preventable cause of premature death.1 Tobacco is very costly to society through high costs to treat tobacco-induced disease or through loss of productivity as a result of the premature deaths. But governments have a tool to combat the costs of tobacco use — tobacco taxation. Higher tobacco prices decrease consumption and encourage people to quit Increasing...

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Income tax

when a new corporation is formed or may reflect additional capital contributions to an existing corporation. Without Section 351, a sole proprietorship or a partnership would have difficulty adopting the corporate form of organization for legal and/or tax purposes because the transfer of appreciated property would constitute a taxable transaction in a recognized gain. The deferral of gain or loss under Section 351 can be justified because the assets have merely been transferred to a corporation that...

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Tax Exam

withdraws $33,000 from the partnership during the year. What are Beth’s and Tom’s bases at the end of the year? Tom – 26100 Beth - 51900 4. Shanana Corporation has the following income and expense items for the current tax year: Dividend income received from 60%-owned domestic corporations $100,000 Net income from operations 30,000 What is the amount of the dividends received deduction? 80%*100,000 = 8000 80%*30,000 = 2400 8000-2400 = 5600 5....

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Fat Tax

Disagreement on Tax for Fatty Foods There is an important question that has been brought out to many people’s attention. The question is should the government imply a tax for fatty foods? In the article titled, "why a fat tax will have no effect on obesity levels” Lefever state, “Taxes on smoking and drinking do not change the behavior of nicotine addicts or alcoholics.” (Why a fat tax). Lefever is trying to say with this is no matter what is done to prevent something as long as a person...

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Tax Memorandum

Tax file memorandum Subject: Profit or Loss from business I. Facts: In early 2010, Walter Hodges became interested in the real estate market so he initiated his investigation into the real estate market. Mr. Hodges intended to acquire real estate with the intentions for investment or rental. Mr. Hodge has no previous knowledge or exposure to any real estate rental or investment industry. As a result, Mr. Hodges began in Spring 2010 to advertise and expose his business through...

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Tax Paper

recognized gain of (Points : 2) |        $0        $50,000.        $100,000        $80,000 a) The mortgage is not in excess of the property's adjusted basis and not indicative of a tax avoidance motive, therefore no gain is recognized.Page2-22, 2-23 | 6. Yenhung, who is single, forms a corporation using a tax-free asset transfer, which qualifies under Sec. 351. She contributes property having an adjusted basis of $50,000 and a FMV of $40,000. The stock received from the corporation is Sec....

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