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Public finance is an area of study that has received a great deal of attention throughout the years. In recent years public finance has become more of a critical issue because of the economic recession that has plagued the country. There are various methods of public finance that exist and remain as a popular way for local and state governments to raise revenues. For the purposes of this discussion the issue of property taxes will be the focus as it pertains to local governments and the use of "user taxes" to help pay for local government services.
Public finance is described as "the branch of economics that studies the taxing and spending activities of government (Rosen, 2003)." Additionally public finance deals with the issue of both positive and normative analysis. Positive normative analysis involves factors related to cause and effect whereas normative analysis refers to ethical issues associated with the…
Anderson E. (2009) Sharing the Wealth: What Happens to Municipalities when Counties Decide to Change the Local Sales and Use Tax Distribution Method. http://www.mpa.unc.edu/students/documents/EmilyAndersonsCapstone.pdf
Bahl, (2004). "Local government expenditures and revenues." Management Policies in Local Government Finance. 5th edition
Dornfest, A.S.,Van Sant, S., Anderson, R., Brown, R. (2010) Journal of Property Tax Assessment & Administration. 7 (4), 107-111.
Hosseini, B. (2010) . Chapter 4 to the Rescue: California Attempts to Prevent the Unjust Reallocation of Local Sales and Use Taxes. McGeorge Law Review; 41(3), p600-606
Some argue, however, that the assessment of property taxes in the United States has become regressive. That is, low-income homeowners pay proportionately more of their income on property tax than their high-income counterparts. This situation has developed as homeowner incomes have slowed while property values have raised rapidly. Not all experts agree on whether property taxes are regressive or progressive. Those who argue that property taxes are progressive point to the fact that property taxes tend to reduce the return on capital (p. 690). The net effect of this is that investment in poorer areas decrease and so do rents so that property values decrease as well. The lower property values serve to decrease the property assessments and, therefore, the corresponding property tax, however, there is a delay in the timeframe.
Whether or not property taxes are regressive or progressive will continue to be debated. egardless, such taxes have…
Taxes on Wealth, Property, and Estates.
Property & Income Tax
Tax revolts seem to be an American tradition. Since the American Revolution, American citizens have fought the payment of what they felt were unjust taxes. School taxes have not been any exception to this. Proposition 13 (California), Proposition 2 1/2 (Massachusetts) and the New York State 2% property tax cap all have marked similarities but were born during radically different times. In this short essay, the author will research the three and compare and contrast their initial intentions, successes or failures. e will consider whether these laws were instituted by the vote of the public or of only their representatives. Further we will consider if municipalities or other unites were impacted in the same manner, namely schools, towns, village and/or cities. Primarily, this examination will be from the perspective the educational leadership as these financial topics impact education and the operations of their school districts.
Bal, N.K., & Nunes, R.G. Massachusetts Department of Revenue, Division of Local Services. (2007).
Levy limits: A primer 1 on proposition 2 1/2. Boston: Massachusetts Department of Revenue.
Ferreira, F. (2009). You can take it with you: Proposition 13 tax benefits, residential mobility, and willingness to pay for housing amenities. Journal of Public Economics, 94, 661 -- 673.
Hakim, D. (2011, May 24). Deal reached in albany to cap property taxes. Retrieved from http://www.nytimes.com/2011/05/25/nyregion/in-albany-agreement-is-reached-to-cap-property-tax-increases-at-2-percent.html?_r=1&pagewanted=all .
But some cities like Oakland Park say they have planned ahead for the cuts (yman, Hafenbrack & Kleindienst, 2007). Regardless, the loss of revenue will include firing many employees, like the 1,000 Miami-Dade County employees who already learned the county was eliminating their jobs to provide property tax relief in 2007-2008. Countywide, if the new reforms are passed, 1,200 positions will be eliminated in Miami-Dade. Only 375 of them are administrative positions. Most of them involve transit, corrections, parks, aviation. However, the state assures residents that necessary members of the fire and police department will not be laid off in any counties, and some positions targeted for cutbacks will be transferred to other departments, and simply not renewed ("County Budget Provides Tax Relief, Loss of Jobs," Local10 News, 2007).
Despite the concerns about the loss of jobs, the consensus is that the relief is necessary, especially for low-income seniors. As…
Calzadilla-Fiallo, Elizabeth. "Miami-Dade County Fire Chiefs to Discuss Proposed Tax
Rollback at News Conference." 11 Jun 2007. 9 Dec 2007. http://www.miamidade.gov/MDFR/advisories/07-06-14-tax-rollback.asp
County Budget Provides Tax Relief, Loss of Jobs." Local10 News. 13 Jul 2007.
Dec 2007. http://www.local10.com/news/13676124/detail.html
Defining the Problem Comment by Fischer, Kahlib: One paragraph.
People often commit crimes and while only Christ can save people, the law made by the government can at least guide people into doing what is deemed right by society. While only Christ removes evil, policies introduced by the government can promote control. The H.R.614 - Protect Our Schools from Tax Delinquents Act of 2017 is a bill that aims to reduce tax delinquency in owners of property that rent to Section 8 voucher holders. The bill is aimed at reducing the possibility of property owners not paying their taxes in a timely manner and having the paid taxes used to cover the cost of schools (cover taxes) (Congress, 2017).
May: Biblical guidelines and principles
The Two main principles to discuss here is ‘Man is Sin’ and ‘Jesus Christ is the only means of ultimate salvation’. Government interventions like the bill…
CBO. (2017, September 27). H.R. 244, Consolidated Appropriations Act, 2017. Retrieved from https://www.cbo.gov/publication/52708
Congress. (2017, January 23). H.R.614 - 115th Congress (2017-2018): Protect Our Schools from Tax Delinquents Act of 2017. Retrieved from https://www.congress.gov/bill/115th-congress/house-bill/614?q=%7B%22search%22%3A%5B%22public+property%22%5D%7D&r=1
DiNitto, D. M., & Johnson, D. H. (2016). Social welfare: Politics and public policy. Boston, Mass. [u.a.: Pearson.
Famguardian. (2017). COURT CASES RELATING TO INCOME TAXES. Retrieved from https://famguardian.org/Subjects/Taxes/CourtCases/CourtCases.htm
Kraft, M. E., & Furlong, S. R. (2017). Public policy: Politics, analysis, and alternatives. CQ Press.
Government: Fiscal Policy
One of the policies that the local and the federal governments have strived to streamline in order to help the local citizens who are old and disabled is the property tax exemption for senior citizens and disabled persons. This is one policy that is complex to understand ye it is crucial to do so since it is the good understanding of the same that will enable one to apply and benefit from the government tax relief.
The article outlines some major points that need to be understood by the elderly and disabled in line with property tax exemption. There are four factors, the age or disability, ownership, residency, and income requirements that the article outlines for one to be eligible for the property tax exemption in Washington State. The article outlines that on the 31st December of the year of eligibility the individual must have been 61…
Washington State Department of Revenue, (2016). Property Tax Exemption for Senior Citizens and Disabled People. Retrieved May 22, 2017 from http://dor.wa.gov/Docs/Pubs/Prop_Tax/SeniorExempt.pdf
Although Daggett's proposal is harsh, the next governor should consider instating this measure, or a similar type of proposal.
The reason for high property taxes in New Jersey is multifaceted. In theory, property taxes are supposed to be equal in the aggregate: "Equalization as between individual properties within a municipality is an ongoing function. It is an important concern since its aim is to stimulate a continuous striving to ensure each individual parcel of property bears its just share of the property tax burden," but the rise of high-cost properties in districts with a substantial middle class population have made this goal of proportionality elusive (Short and simple, 2009, NJSLOM). In recent years, the poor and middle class have assumed a disproportionately large burden of supporting local budgets relative to the value of their property in the state.
hile a more equitable balancing of the tax burden by creating more…
Lu, Adrienne. (2009). Daggett says he'd cut N.J. property tax burden. Inquirer Trenton Bureau.
Retrieved October 4, 2009 at http://www.philly.com/philly/business/homepage/20090930_Daggett_says_he_d_cut_N_J__property_tax_burden.html
NY, NJ highest payers of property tax: Report ranks 775 counties by taxes paid; why are taxes increasing and what can you do about it? (2006, October 4). CNN Money.
Retrieved October 4, 2009 at http://money.cnn.com/2006/10/03/pf/property_taxes/index.htm
Tax Returns for C Corporation and Partnerships
Tasty Treats and Beverages is a registered company in the United States. The company was incorporated in 2004, and operates under the C Corporation for the tax purpose. A C-corporation refers as a business entity subject to the federal income tax. A company operating under the C Corporation can enjoy host of tax credit that can assist it to enjoy a tax reduction that the company has to pay to the federal government. This paper uses the excerpt from the Tasty Treats & Beverages, Inc. annual income statement to prepare the tax return for the company.(See Appendix 1).
Tasty Treats & Beverages, Inc.
Income Statement ($)
For year ended December 31, 2013
Revenue from sales
Income before taxes
Federal income tax expense
Net income after taxes
As being revealed in the company statement of income data,…
tax system of one country with that of another is an exercise fraught with dificulties and ultimately doomed to failure . tax system will never be much more than a reflection of strongly national cultures and forces. discuss this statement in the light of your knowledge of comparative tax system in developing and/or developed countries i
The following pages focus on analyzing the factors of influence on different countries' taxation systems. The paper begins with an introductory section that allows readers understand the point-of-view used in this paper. The following section refers to describing the taxes pand taxation systems used by most countries and their objectives, in order to understand the similarities and differences between these taxation systems. The paper continues with the analysis of several factors that influence countries' tax system design, like cultural factors, technological developments, and natural resources. In order to exemplify this, the taxation…
1. Pasekova, M. et al. (2011). Comparative Analysis of Tax Systems: Some Evidence from CEE Countries. World Academy of Science, Engineering, and Technology. Retrieved February 27, 2012.
2. Greenhouse, S. (2011). Tiny Tax on Financial Trades Gains Advocates. The New York Times. Retrieved February 28, 2012 from http://www.nytimes.com/2011/12/07/business/global/micro-tax-on-financial-trades-gains-advocates.html?_r=1&pagewanted=all .
3. Ross, M. (2004). Does Taxation lead to Representation? Cambridge University Press. Retrieved February 28, 2012.
4. Seto, T. (2008). Four Core Principles of Tax Design System: Introduced and Applied to the Taxation of Multinationals. Loyola Law School. Retrieved February 28, 2012.
To minimize the impact on business and property owners, the tax should be one that they can apply at the consumer level. An excise tax raises the cost of goods, whereas a sales tax does the same thing but forces the consumer to pay. A property sales tax would already be applied at the consumer level.
As a citizen, I will not necessary see benefit from these taxes -- it depends on what the taxes are used for. ith regards to paying other taxes, I am only concerned with my total tax burden. Shifting taxes from one type to another, if it for me is tax neutral, is irrelevant. I would prefer that my taxes are reduced overall, and if these taxes facilitate that, then I would prefer them.
IRS. (2008). Business taxes. Internal Revenue Service. Retrieved February 11, 2010 from http://www.irs.gov/businesses/small/article/0,,id=98966,00.html
IRS. (2008). Business taxes. Internal Revenue Service. Retrieved February 11, 2010 from http://www.irs.gov/businesses/small/article/0,,id=98966,00.html
Property Assessment Appeals (Canada)
Property assessment appeals in Canada
Google 'Property Assessment Appeals in Canada' and one of the first links which appears is from Colliers International Property Tax Services. On its website, Colliers advertises itself as "dedicated to reducing the amount you pay for your property tax. e will review your commercial property tax assessment and help you appeal that assessment if it is too high" ("Property tax services," 2014). The motivation behind this website is clearly to advertise the services of the organization. People who feel that their property has been overvalued will likely be looking online for assistance. The website presents its information in a relatively objective and matter-of-fact manner. It hopes it may initially draw people simply looking for more information after they are unhappy with their assessment and then will turn to Colliers as a trusted source of data first and as a source…
"Property tax services." Colliers. Retrieved from:
Tax Equity and Fairness
Taxes on property are also known as ad valorem tax imposed on the real value of the estate or other assets that an individual owns. The local government imposes these property taxes and charges are on a recurring basis (Mikesell, 2014). For example, a homeowner either pays their taxes on a yearly basis or gives a monthly fee as part of the mortgage payments. It is worth noting that these taxes are subject to fluctuation basing on the jurisdiction assessment of the property's worth by looking at factors like its market value, condition, location and the changes to the apportioned amount to the various tax recipients. For instance, when residents of a given community vote to have the millage rate increased for their school system, this affects the tax rate on homeowners. Therefore, the tax levied is increased on their properties, and the reverse applies; when…
Laureate Education (Producer). (2008). Budget management functions: Revenue [Video file]. Retrieved from https://class.waldenu.edu
Mikesell, J. L. (2014). Fiscal Administration: Analysis And Applications For The Public Sector (9th ed.). Boston, MA: Wadsworth
Tax laws affect taxpayers because they create the taxpayer and govern all aspects of the taxpayer's obligation to the state. Without tax law, there would be no taxpayer; it is the tax laws that create the obligation to pay taxes, and the punishments for non-payment. Tax laws establish who pays taxes, at what rate they pay taxes, the punishments for late or non-payment, and the establish the tax collection body (IRS) and grant that body the authority to run the tax system. Taxation is one of the major ways in which the state can influence behavior in a democratic country. States have long reserved the right to taxation, and the exclusivity of this right has been a feature of government for centuries. Today, there are usually specific rules regarding what layer of government can levy taxes for what purpose. Taxes have different names, too, including excise taxes, income taxes,…
Property and life insurance are complex issues with details that are relevant to any policy holder and invaluable for all policy holders to look into. There comes a point in time when it is important for a person to buy life, or property insurance. This is particularly so for a single parent who wants to care for her children in the eventuality of her death or for a business owner who wants to insure his property in the event of accident. The terminology and details of both property and life insurance are, however, complex and mathematically abstruse. The following essay takes up some concerns of both and vivifies, as well as teaches certain aspects of life insurance, via examples.
The first section concerns property insurance. The second exercise talks about life insurance.
Co-insurance clause refers to a splitting or spreading of risk among multiple parties in…
Investopedia Life Insurance Clauses Determine Your Coverage http://www.investopedia.com/articles/pf/06/lifeinsuranceclauses.asp#axzz2NucL9nQm
Investopedia.com Needs approach http://www.investopedia.com/terms/n/needsapproach.asp#ixzz2Nud2Pexf
ased on the income stream, what is the estimate of the market value of the property this year?
The estimated property value for the building this year would be: $1,723,231.00. This number was calculated by adding the net operating income together, to determine the underlying present value of the asset.
Here are some issues concerning the physical property which may adversely affect its future cash flows. How will you deal with the following? 1. Roof needs $50,000 worth of repair work. 2. Several (6) heat pumps as part of your HVAC (Heating, Ventilation, Air Conditioner) system need to be replaced at a cost of $5,000 each. A workout facility is planned for the lower level at a cost of $125,000.
The total amount of repairs that the building will need is $205,000.00. This can be broken up over a series of five years, by investing a consistent amount of $41,000.00…
Impressive in Syracuse. (2009). CEOs for Cities. Retrieved from: http://www.ceosforcities.org/blog/entry/2201
A preview of capital structure issues
In regards to the overall business environment, capital structure has profound implications of the business, irrespective of its industry. For one, a firm's capital structure is then the composition or 'structure' of its liabilities. For example, a firm that sells $40 billion in equity and $160 billion in debt is said to be 20% equity-financed and 80% debt-financed. The firm's ratio of debt to total financing, 80% in this example is referred to as the firm's leverage. This leverage has implications on the entire firm. For example, leverage in many respects is a double edges sword. On one hand, leverage can amplify gains for firms. However, if used incorrectly, leverage can also amplify loses. As such, firms must be cognizant of its capital structure as complacency can hinder overall business performance. Debt and equity financing, can have a profound implications on the…
1) Myers, Stewart C.; Majluf, Nicholas S. (1984). "Corporate financing and investment decisions when firms have information that investors do not have." Journal of Financial Economics 13 (2): 187 -- 221
2) Baker, Malcolm P; Wurgler, Jeffrey (2002). "Market Timing and Capital Structure." Journal of Finance 57 (1): 1 -- 32.
3) Lyandres, Evgeny and Zhdanov, Alexei, Investment Opportunities and Bankruptcy Prediction (February 2007) Available at SSRN: http://ssrn.com/abstract=946240
4) Timmer, Jan (2011). Understanding the Fed Model, Capital Structure, and then Some.
Income Tax Deduction
Taxes have existed in the United States for all of its existence but they took on many forms prior to the modern income tax. The income tax was not finalized and permanently ensconced in the United States law until the 1910's. The tax rates, at its normal levels, have been adjusted upwards and downwards depending on the economic cycles with the most recently developments being the "Bush Tax Cuts" of the 2000's and the recent tax spikes under the Obama Administration. While income taxes affect some more than others, nearly all people are affected based on the assets/income they possess and earn as well as the familial structure they maintain.
Common Tax Deductions
As noted in the introduction, familial status and assets/income are far and away the biggest determinants on how much tax is paid, if any. Indeed, some people actually get money from the government and…
IRS. (2014, February 28). Internal Revenue Service. 401(k) Plans. Retrieved February 28, 2014, from http://www.irs.gov/Retirement-Plans/401 (k)-Plans
IRS. (2014, February 28). The Health Insurance Marketplace. The Health Insurance Marketplace. Retrieved February 28, 2014, from http://www.irs.gov/uac/Newsroom/The-Health-Insurance-Marketplace
IRS. (2014, February 28). SOI Tax Stats - S Corporation Statistics. SOI Tax Stats - S Corporation Statistics. Retrieved February 28, 2014, from http://www.irs.gov/uac/SOI-Tax-Stats-S-Corporation-Statistics
IRS. (2014, February 28). EP Abusive Tax Transactions - S Corporation ESOP Abuse of Delayed Effective Date for Section 409(p). EP Abusive Tax Transactions - S Corporation ESOP Abuse of Delayed Effective Date for Section 409(p). Retrieved February 28, 2014, from http://www.irs.gov/Retirement-Plans/EP-Abusive-Tax-Transactions-S-Corporation-ESOP-Abuse-of-Delayed-Effective-Date-for-Section-409 (p)
The same goes for business-related periodicals and magazines. (Dratch 2008, p. 2)
Mileage: Once again, this involves careful bookkeeping, but the deductions can add up. Keep a dated log of all business-related mileage, tolls, and parking costs. According to the IRS website, the 2009 IRS deduction rate for business-related mileage was 55 cents per mile.
Travel, Entertainment, and Meals: For the small business, 100% of travel and entertainment expenses are deductible, as well as 50% of meal expenses. It should come as no surprise that these deductions must have supporting documentation showing them to be business-related.
Shelter Your Income
Investment property can be a valuable tax shelter. The IRS allows you to shelter up to $25,000 in an investment property, but there are strict requirements. You must own 10% of the property as an individual owner, not through limited partnership. And you must be involved in the "active management" of…
Akasie, Jay. (2009, Apr. 6). Last Minute Small Business Tax Tips. Retrieved May 29, 2010 from http://www.forbes.com . [website]
Dratch, Dana. (2008, Mar. 26). A Dozen Deductions for Your Small Business. Retrieved May 30, 2010 from http://www.bankrate.com/finance/money-guides/a-dozen-deductions-for-your-small-business-1.aspx . [website]
Tax Tips for Small Businesses. (2010, Jan. 20). Retrieved May 30, 2010 from www.fool.com. [website]
Ontario Property Assessment Corporation:
Individual municipalities in Ontario, Canada were responsible for the provision of assessment services before 1970. However, the introduction of the Ontario Property Assessment Corporation Act resulted in significant changes in tax assessment in the province. The legislation paved way for the establishment of the Ontario Property Assessment Corporation, which has continued to evolve since its inception. One of the main reasons for the creation and introduction of this organization was to enable the province to take over tax assessment, which was traditionally the responsibility of individual municipalities. The province would take over tax assessment in attempts to return the function to the local government after the development of a consistent and province-wide framework of assessment. Moreover, the organization was created following calls for greater control over the management of major elements of local property tax system by individual municipalities.
History of Ontario Property Assessment Corporation:
City of Brampton, Canada. Flower City for Residents. Property Assessment. City of Brampton, 2012. Web. 15 Nov. 2013. .
Ontario, Canada. Ministry of Finance. Email Print Share Ontario Budget Update 1997 Ontario Property Assessment Corporation. Queen's Printer for Ontario, 7 Oct. 2009. Web. 15 Nov. 2013. .
Ontario, Canada. Office of the Auditor General of Ontario. Municipal Property Assessment Corporation. Office of the Auditor General of Ontario, n.d. Web. 15 Nov. 2013. .
Slack, Enid. The Never-Ending Story of Property Tax Reform in Ontario, Canada: Lessons for Other Countries? Munk Centre for International Studies. University of Toronto, 26 Jan. 2009. Web. 15 Nov. 2013. .
American Tax System vs. Other Countries
The federal government first imposed an individual income tax in 1862 as an emergency means of financing the Civil ar. It also established the Bureau of Internal Revenue, predecessor of the Internal Revenue Service. Tax rates were 3% on income from $600 to $10,000 and 5% on income above $10,000. Later in the war the maximum rate increased to 10% of income." (Encarta)
My how times have changed. This paper will compare the tax systems of four different countries to the American tax system. The four countries that have been chosen are South Africa, Mexico, Hong Kong, and New Zealand..
First lets attempt to briefly (if that were possible) explain the American tax system.
The American Tax System
America has a progressive tax system meaning the greatest tax burden is on people who have the most income. The American tax system can be described…
Corporate Service Center. "Federal Tax Rates." http://www.corporateservicecenter.com/Corp/federal_tax_rates.htm. April16, 2002
Film New Zealand. "New Zealand's tax Environment." Jan. 2002 http://www.filmnz.com/filmnz/Content/Production/Development/Taxation/Taxation.html
Flags of the World. http://www.crwflags.com/fotw/flags/mx.html . April17, 2001
Henry, Aaron. "The South African Tax System: A Nation is Microcosm." Dec. 6,1999:
This means that they should have alternative sales taxes imposed. These small increases will result in school districts receiving more income. As the legislature can avoid making dramatic cuts backs from the general fund and will have another source of revenues. This will improve their ability to provide educators with the resources they need. (Balu, 2011)
A good example of this can be seen with a study that was conducted by Balu (2011). She found that this formula has been successful in helping to ensure that school districts are receiving additional financing. Commenting about these shifts, she concluded that this will prevent sudden decreases by introducing another form of revenues for education with her saying, "Districts in states that shifted their tax base for education toward sales and income taxes, received more than 60% of their revenues from the state. They experienced an increase in revenue stability after finance equalization…
Balu, R. (2011). Did School Finance Equalization Increase Revenue Instability. SREE. Retrieved from: https://www.sree.org/conferences/2011/program/downloads/abstracts/159.pdf
Crawford, C. (2010). Property Taxes in New Jersey. Northeast Business and Economic Association.
Goodspeed, T. (n.d.). The Relationship Between State Income Taxes and Local Property Taxes. National Tax Journal, 2 (2), 219 -- 236.
Toutkoushian, R. (2008). The Impacts of School Funding. Journal of Education Finance, 33 (4), 353 -- 379.
Globalization and Taxes
Competition for Taxes
One of the most difficult issues regarding the state regulation of their tax relations in regard to international business is the presence of various "tax havens" that are present across the globe in today's modern economy. According to some estimates, as much as half of the world's stock of money either resides in tax havens or passes through them (Palan, 2002). The term tax haven has been widely used since the 1950s; yet there is no consensus as to what it means (Palan, Murphy, & Chavagneux, 2010). The influential U.S. Treasury's Gordon eport concluded: there is no single, clear, objective test which permits the identification of a country as a tax haven . Corporations and private businesses now have a plethora of ways to reduce their tax liabilities. Globalization has exacerbated this problem even further. The mere presence of these various tax shelters…
Bhagwati, J. (2004). In Defense of Globalization. New York: Oxford University Press.
Dyreng, S., Lindsey, B., & Thornock, J. (2011, April 30). Exploring the Role Delaware Plays as a Domestic Tax Haven. Retrieved from Social Science Research Network: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1737937
Friedman, T. (2005). The World is Flat. New York: Farrar, Straus, and Giroux.
Kanter, J. (2015, October 21). E.U. Orders 2 Nations to Recover Taxes From Starbucks and Fiat. Retrieved from The New York Times: http://www.nytimes.com/2015/10/22/business/international/starbucks-fiat-eu-tax-netherlands-luxembourg.html?_r=0
In Pennsylvania taxation is a huge issue, much like in the rest of the United States. arring factions on either side of the political agenda work to either raise or cut taxes within a given year. In times of economic crisis, such as is occurring in the United States at the present has forced citizens and government officials to reexamine taxation practices in the hopes of overturning the depression. In additional to federal taxes, businesses and individuals of the U.S. are required to pay taxes to the state and to their local communities (Financing page 458). State taxation can be extraordinarily high. It has been proven that many states have higher corporate tax rates than several countries of the world. hen comparing Pennsylvania to other states in the country, it becomes apparent that the current tax rate is exorbitant and putting a great deal of pressure both on…
"Financing Government Expenditures."
"The Tax Foundation: Pennsylvania." (2009). Retrieved from http://www.taxfoundation.org/taxdata/show/477.html
Identification of Subject Property
The subject site is an office property in Oakville, Ontario. It can be sold either in parts or as whole, and this report will consider the whole. The size of the whole building is 4016 square feet. The property is located on the service road adjacent to the Queen Elizabeth Way (QEW), a major highway in the region that links Toronto with the cities of Hamilton and Buffalo. The property can be subdivided into multiple units, at least three. There is a current tenant occupying 839 square feet and room for two more tenants or one primary occupant.
The market for this type of property is relatively soft at present. The prevailing economic conditions are for sluggish growth, with some observers predicting a protracted housing correction and "muted business investment." The recent federal government budget has more cuts than spending, and the…
Colliers Canada: http://www.collierscanada.com/8034
CP. (2013). Leading forecaster sees bleak days for Canadian economy. CBC News. Retrieved April 30, 2013 from http://www.cbc.ca/news/business/story/2013/04/09/business-bleak-outlook-capital-economics.html
Dmitrieva, K. (2013). Toronto offices passing NYC on cheap funding. Bloomberg. Retrieved April 30, 2013 from http://www.bloomberg.com/news/2013-02-01/toronto-offices-passing-nyc-on-cheap-funding-mortgages.html
Goolsby, S. (2009). A summary real estate appraisal report. Earthworks Action. Retrieved April 30, 2013 from http://www.earthworksaction.org/files/pubs-others/Appraisal12-11-2009.pdf
Pennsylvania's Unique Tax Environment
When someone says the word tax or any related form of the word, it makes people cringe. This cringe is for a good purpose. Almost everything we purchase is taxed somehow. Most of those people do not even understand all of the specific taxes that are being taken out of their checks. When comparing between different states, Pennsylvania has some unique features to its taxation system. To begin, it has a personal income tax, adopted in 1971, which is levied at a rate of 2.8%. Business taxes include a corporate net income tax of 9.99%, capital stock and franchise taxes, and taxes on public utilities, insurance premiums, and financial institutions (Braybrooks, et al., 2011). Pennsylvania's 6% sales and use tax exempts essential items like clothing, groceries, and medicines. Local sales taxes are limited to 1%. The state has an inheritance tax and has taken action to…
Braybrooks, M., Ruiz, J. And Accetta, E. 2011. State Government Tax Collections Summary Report: 2010. United States Census Bureau. Accessed: 13 Feb 2012. URL: http://www.census.gov/prod/2011pubs/g10-stc.pdf
Congressional Budget Office. 2011. Options for Changing the Tax Treatment of Charitable Giving. Accessed: 13 Feb 2012. URL: http://cbo.gov/ftpdocs/121xx/doc12167/CharitableContributions.pdf
Federal Tax Current Event
The current epublican leadership race has seen Herman Cain as a front-runner for leadership of the epublican Party and thus, a potential presidential candidate for the 2012 election. One of the main components of his campaign is his proposal of a flat taxation plan for citizens of the United States, known as the "9-9-9" tax plan. This plan proposes to replace the current federal tax code with a flat taxation plan of 9% national sales tax, 9% personal income tax, and 9% corporate tax across the board for all Americans. In the article "Herman Cain's murky 9-9-9 tax plan," the author argues that this plan simply would not fiscally work out and that it would lead to an unfair distribution of the tax burden (Hitzlik, 2011).
Hitzlik argues that flat taxation plans such as the one proposed by Cain tend to not result with their positive…
Hiltzik, M. (October 18, 2011). Herman Cain's murky 9-9-9 tax plan. Los Angeles Times. Retrieved 12 November, 2011 from http://articles.latimes.com/print/2011/oct/18/business/la-fi-hiltzik .
The author of this report has been asked to review a situation where a corporation has received unwanted attention from the Internal Revenue Service (IRS) for a few reasons. Among those reasons are income that is deigned to be a de facto dividend, stock redemptions that are improper and a rental loss situation. The goal across the board is to devise a compensation and tax approach that will prevent the IRS from claiming tax avoidance or other such things as well as a plan that limits tax implications and higher costs for the firm. While it is sometimes rankling and maddening when the IRS makes such moves, their reaction is a little predictable given the facts involved.
The IRS taking issue with the compensation is a little predictable, and for a few reasons. First, it is presumed by the author of this response that the company…
Compare the long-term tax benefits and advantages of each type of reorganization, and recommend the type of reorganization that will be most beneficial to the client
Reorganization takes into account any company restructuring that may be tax-free under the United States law section 386. It encompasses the notion of acquiring new entities in a manner that all financial transactions are non-taxable. There are certain general requirements that have to be met in order to qualify. To begin with, it must be a plan of reorganization, must have a sound and fitting business purpose, and must satisfy continuity of interest as well as continuity of business enterprise examinations. There are different forms of reorganization that include type A, B, C, and D. reorganizations (Macabacus, 2017). To begin with, type A reorganization takes into account mergers and consolidations. The advantages of this reorganization type is that it is flexible, funds and other…
Alacare Home Health Services Inc., Petitioner vs. Commissioner of Internal evenue
The comparison of American Institute of CPAs' (AICPA) Statements on Tax Standards and the Treasury Department Circular 230 rules to practice.
Alacare Home Health Services, Inc., Petitioner vs. Commissioner of Internal evenue espondent
In the addressed case, the petitioner was from Birmingham, Alabama, and was a Medicare-certified home health care agency which uses accrual method of accounting. As admitted by the respondent, the figure for office expenses in 1996 was overstated and should've been $247,413 and not $259,062 (Tax Attorney esources - Alacare Home Health Services, Inc. - Page 7 - U.S. Tax Court Opinions, 2001). In 1995, the computer expenses amount had also been overstated due to an error in valuing depreciation and so, instead of $104,806, $101,806 had been recorded. A petition was formed in 1982 and from 1995-1996, the petitioner treated the cost of capital…
(2001). Laws - Legal Research. Tax Attorney Resources - Alacare Home Health Services, Inc. - Page 7 - U.S. Tax Court Opinions. Retrieved June 7, 2016, from http://law.onecle.com/tax/2001/alacare.tcm.wpd07.html
(2001). Leagle.com -- A leading provider of copies of primary case law from all Federal courts and all State higher courts. ALACARE HOME HEALTH SERVICES, INC. v. COMMISSIONER -- Leagle.com. Retrieved June 7, 2016, from http://www.leagle.com/decision/2001187581ertcm1794_11728/ALACARE%20HOME%20HEALTH%20SERVICES,%20INC.%20v.%20COMMISSIONER
Schreiber Jr. (2014). The Tax Adviser. An Overview of AICPA and IRS Rules of Practice. Retrieved June 7, 2016, from http://www.thetaxadviser.com/issues/2014/feb/tpr-feb2014.html
When considering your case for qualification for Innocent Spouse Relief, the facts are blatantly clear. Under certain circumstances, a spouse can qualify for relief from the IRS. Unfortunately, as detailed below, you do not qualify for any of these relief efforts. Your actions appear to be in strict opposition of the relevant tax code and can be considered fraudulent. Below is a brief explanation of the relevant facts pertaining to your case, the specific issues of your case, and our conclusion.
To begin, married couples who file joint returns are jointly liable for their federal income tax liability. In addition, married couples who live in community property states are jointly liable for community income regardless of how they file their returns. Innocent spouse relief takes three forms under Sec. 6015. The three instances are outlined below. Unfortunately, Mrs. Hapless you do not qualify for relief under any of…
Tax Code 1231, 1245, 1250, 291
A Section 1231 asset is an asset that is non-capital, that it may receive capital gain treatment. To be a Section 1231 asset, the asset must be personal or real property used in a trade/business that has been owned for a year -- for example, a piece of equipment like a tractor. Equipment is treated the same whether it is owned by a sole proprietor or a corporation. So if it were purchased for $20,000, sold for $50,000, with a depreciation of $4,000, with a $16,000 basis, the gain would be $34,000. If the tractor were held as a 1231 asset, the gain would be the same regardless of whether you were a sole proprietor or a corporation. The gain would be counted as an ordinary income -- and the $4,000 depreciation portion of the $34,000 could be counted as Section 1245 gain (ordinary…
Anderson, Ken; Pope, Thomas. Prentice Hall's Federal Taxation 2015: Corporations,
Partnerships, Estates, and Trusts. NY: Prentice Hall, 2015. Print.
Capital Gains Tax in Australia
Capital gains tax refers to a type of tax levied on capital gains incurred by organizations or individuals. The capital gains refer to the profits that an organization or individual selling a capital asset obtains through selling an asset at a price higher than the original price. In many countries, the amount of capital gains tax takes into consideration the type of investment and the holding period of the asset. Australian capital gains tax takes a proportion of all achieved capital gains. Capital gains are not separate tax but part of the income tax on individuals and corporations upon disposing of capital assets. Australian capital gains tax exempts personal properties such as home, car, and furniture. Australian residents in any part of the world are subject to capital gains tax.
Issue 1. Moodly's Conversion of her main residence.
Moodly being a childcare worker, wishes to…
OECD Tax policy studies. 2006. Taxation of Capital Gains of Individuals: Policy
Considerations and Approaches. No.14. Paris: OECD Publishing.
Pricewaterhouse Coopers. 2006. Mergers and acquisition: A global Tax Guide. New Jersey:
John Wiley and Sons Inc.
global tax treaties, UN model and OECD model with the view of analyzing their consideration towards rights to capital and tax income. By throwing light on differences and similarities among the models, the fundamental logic of each of them is explained. The article explains the prospecting policies of consideration when tax treaties are to be signed. It is because there is strong need to enforce a flexible but more aggressive strategy. The Section 1 of the article discusses rights about tax earnings through immovable property. The Section 2 is about business profits. The Section 3 throws light upon income from investment channels like royalties, interests and dividends. The Section 4 describes the capital gains. The conclusion of the article is given in Section 5.
ight to tax income from immovable property
Because of well-known significant relationship between the country of source of the income and the source of income itself,…
Bin Yang, A Comparative Study on the Rules and Administration of the International Taxation System (China Tax Publishing House, 2003).
Bin Yang, International Taxation (Fudan University Press, 2004).
Commentaries on Paragraph 3, Article 7 of the OECD model.
Jin Zhi Liu (translator), Commentaries of UN model Tax Convention between Developed and Developing Countries (China Financial & Economic Publishing House, 1996) 56.
Federal Government Tax
The main source of government income is taxes. The government taxes various organizations in the economy differently to ensure that adequate revenue is collected. Corporate use loopholes in the tax system to reduce the tax paid to the federal government. The government should eliminate these loopholes to improve tax collection. Some taxes such as gift and estate tax as they are counter productive. Changes made to the federal tax collection systems will increase the tax collected by increasing compliance.
esearch the most common tax loopholes used by corporations and partnership to avoid paying federal income tax. Discuss two (2) loopholes identified and what strategies you would recommend to the federal government for closing these loopholes.
The federal government gets most of its revenue from collection of tax used to fund most of the expenditure. The government should ensure that the tax collection avenues are free from loopholes…
Gans, J. (2011). Principles of economics. South Melbourne, Vic: Cengage Learning.
Ganghof, S. (2006). The politics of income taxation: A comparative analysis. Colchester: ECPR Press.
Conklin, D.W., St.-Hilaire, F., & Institute for Research on Public Policy. (1990). Provincial tax reforms: Options and opportunities. Halifax, N.S: Institute for Research on Public Policy = Institut de recherches politiques.
Pechman, J.A. (1987). Federal tax policy. Washington, D.C: Brookings Institution.
Cancellation of debt in this instance may not be taxed in this manner but might be taxed another way.
Certain farm debts: This exemptions only applies to debt incurred directly from an operation of a farm. If more than half your income from the past three years came from farming, and the loan was owed to a person or agency regularly engaged in lending, your cancelled debt is generally not considered taxable income.
Since 2007 and 2008, California conformed, with modifications to IC section 108 (a)(1) (E) that allows a limited amount of COD income resulting from the foreclosure or short sale of a qualified principal residence to be excluded. This exclusion does not currently apply for any foreclosure or short sale that occurs on or after January 1, 2009. Danny made his short sale in 2012. "The Mortgage Forgiveness Debt elief Act of 2007 was enacted on December…
Foreclosure and Short Sales | California Franchise Tax Board, (2012) [ONLINE] Available at:https://www.ftb.ca.gov/professionals/taxnews/2009/July/Article_9.shtml. [Accessed 16 June 2012].
New California short-sale law can help homeowners -- North Bay Business Journal - North San Francisco Bay Area, Sonoma, Marin, Napa counties - Archive, (2012) [ONLINE] Available at: http://www.northbaybusinessjournal.com/39868/new-california-short-sale-lay-can-help-homeowners/ . [Accessed 16 June 2012].
The Mortgage Forgiveness Debt Relief Act and Debt Cancellation, (2012). [ONLINE] Available at: http://www.irs.gov/individuals/article/0,,id=179414,00.html . [Accessed 16 June 2012].
Tax Research Memo
Personal Injury winning treatment and other issues research
John Smith tax issues
Treatment for purposes of Federal Tax Income of $300,000 fee received out of the amount awarded by Jury.
Applicable Law:Any winnings in a personal injury lawsuit that cover the treatment of physical injuries are not taxable except for attorney fees which are taxable. IRC SEC 104(a)(2).Taxability also depends upon the place of residence of the taxpayer.
$300,000 received by John Smith as fees from jury award is taxable for federal tax income purposes.
Treatment for purposes of Federal Tax Income of $25,000 expenses paid upfront and received out of the amount awarded by Jury.
Applicable Law: Any winnings in a personal injury lawsuit that cover the treatment of physical injuries are not taxable except for attorney fees which are taxable. IRC Sec 104(a)(2).Any expenses can be claimed as a deduction.Taxability…
professional VAT (value added tax) advice for the managing director of the Grape Limited. The Grape Limited is a U.S. multinational company and decides to incorporate new companies that provide supply management services, management company, manufacturing company and marketing companies. The management company will deliver supply management services to foreign services providers. On the other hand, the manufacturing company will focus on the electronic parts, and marketing company will deliver marketing services for the parts manufactured by the manufacturing company.
The VAT (value-added tax) is a government levy on any goods or services produced in the epublic of Ireland. The first condition that must be fulfilled before Grape Limited demands for the VAT numbers is to incorporate its businesses in the epublic of Ireland. After the company registrations, the next step is to apply for the VAT number. To apply for the VAT registration number in the epublic…
Chattered Accountant (2014). Form VAT 56A. Ireland.
Department of Finance (2015).Summary of 2015 Budget Measures Policy Changes. Ireland.
O'Brien, C. (2014). Personal Tax. KPMG Ireland .
KPMG (2009). Ireland: Country Fact File. KPMG International.
Organization Tax esearch and Planning
The Internal evenue Service has specific rules with regards to transferring property to stock that are based on the value of the property exchanged and the percentage of all voting stock that the group will receive. First of all, the members that are going to take part in the transaction have to be members of one recognized group. The reason for this is that the rules for exchange apply equally to an individual or group that conducts such a transfer. Another caveat to the rules is that the group must be "in control" of the corporation's stock for it to qualify as nontaxable (NTIS, 2011). This rule has been maintained with the tax code for quite some time (National Tax Services, 2004) and requires that the parties acquire at least 80% of the stock for the transaction to qualify as "in control." The transaction can…
National Tax Information Service (NTIS). (2011). Property exchanged for stock. Retrieved from http://taxmap.ntis.gov/taxmap/pubs/p542-001.htm
National Tax Services. (2004). Exchange of property for stock. Retrieved from http://www.unclefed.com/IRS-Forms/2001/HTML/p54202.html
Thank you for your consideration of our company as your trusted Certified Public Accountant (CPA) and we hope that this is the beginning of a mutually beneficial relationship. Our company provides superior accounting services to clients with a wide range of accounting issues and needs. Therefore, we are ready to provide excellent accounting guidance and expertise that will help you achieve personal and financial success. In addressing your issue of irrevocable trusts, estate tax and gift tax, we will utilize a six-step procedure to provide you with the most reliable professional assistance.
Based on your request to establish an irrevocable trust for your two grandchildren, the determination of the impact of such a trust on gift tax and estate tax is important. An irrevocable trust is one with specified terms that cannot be changed even by the grantor once the agreement has been signed (Garber, 2017). In your case, there…
Charitable Contributions and Tax Benefits
Unfortunately, much of the elite of the upper class are afforded leeway and loopholes on tax obligations that allow them to pay much less percentage wise than other taxpayers in different income brackets. Much of this is due to the ability to use tax deductions, like charitable contributions in large amounts, to lower their annual personal incomes before taxes. However, many of the top contributors to charity donate above the maximum allowances for charitable deductions, showing a clear resolution to give based on ethics, rather than for the sole purpose of tax deductions alone,
Bill Gates is currently one of the top money makers in the world, yet he is also one of the largest contributors to charitable institutions as well. The amounts of donations Bill Gates contributes to various charities, including his own charitable foundation, is well over the top end limit of what…
Kim, Susana. (2011). Warren Buffett reveals 'billionaire friendly' tax return. ABC News. Web. http://abcnews.go.com/blogs/business/2011/10/warren-buffett-reveals-billionaire-friendly-tax-return/
Jacob, Deborah. (2011). Charitable giving by Steve Jobs may forever remain a mystery. Forbes. Web. http://www.forbes.com /sites/deborahljacobs/2011/10/06/charitable-giving-by-steve-jobs-may-forever-remain-a-mystery/
Mail Foreign Service. (2010). Bill Gates makes the world's biggest ever single charitable donation worth 6.2 billion pounds for vaccines for children. Mail Online. Web. http://www.dailymail.co.uk/news/article-1247067/Bill-Gates-makes-worlds-largest-charitable-6bn-vaccines-poor-children.html
Squatriglia Chuck & Espinosa-Solis, Suzanne. (2000). Intel co-founder sets up $5 billion foundation: Gordon Moore Foundation. San Francisco Chronicle. Web. http://www.mindfully.org/Reform/Intel-Gordon-Moore-Foundation.htm
The common characteristics of all property crimes
Property crime can encompass aspects of burglary, theft, or motor vehicle theft and this also includes attempted as well as completed crimes. In accordance to the Federal Bureau of Investigation (2010), property crime comprises of the wrongdoings of motor vehicle theft, larceny-theft, burglary, as well as, arson. In particular, the object of the theft-kind transgressions encompasses the taking of money or property, however with the lack of force or threat of force against the victims. Imperatively, the property crime classification takes into account arson for the reason that the offense consists of the destruction of property. Nonetheless, arson victims may be subjected to force. There are two crime measures in the United States with regard to crimes against property. One is the National Crime Victimization Survey (NCVS) by the Bureau of Justice Standards (BJS), which encompasses reported and unreported crime from the perspective…
" (Chow &
Ng, 13) Simply stated, the collapse of the Asian housing markets seems in
many ways to reflect that which is already now underway in the United
States. The failure of lending institutions to appropriately suit
borrowers with the appropriate financing terms has ultimately translated
into a simultaneous rise in costs within the lagging housing market and the
general dearth of resources available to accommodate the demands of
borrowers with some categorical entitlement to public assistance in
achieving personal home ownership.
This underscores the consequences of the current housing market to
the available terms and conditions relating to residential property
financing. The characteristics of readily available programs are impacted
today by no small degree of tumult in terms of value for property, value
of the dollar and the categorical identification of differing classes of
buyer. Even more then, today, is it important for the borrower to fully
Brown, C. (2005). Residential income property financing. Buzzle. Online
Chow, R. & Ng, E.H.K. (2004). Availability of bank credit and the
residential property price level: evidence from Singapore. National
University of Singapore.
Q1. List ten real-world common property resources with which you are familiar. Describe an example of one of these common property resources that is not (tragically) overexploited (use the term “institution/s” in your discussion).
The so-called tragedy of the commons is defined as the fact that people tend to exploit common resources to the maximum degree possible for their own benefit, thus indirectly harming other or future people who could benefit from the resource (“Tragedy of the Commons,” 2018). Examples of common property include public parks, fish in the ocean, public monuments, highways, clean water, clean air, public bathrooms, trees, schools, and public playing fields. Although some of these resources are, indeed, exploited, this is not the case with all of them.
For example, public monuments are usually relatively respected by individuals (although there is a risk of them being defaced). But one of the reasons for this may be…
Human behavior with respect to communal property is a critical issue of our time. The individual profit-maximizing activities of each individual all contribute to the erosion of critical common resources. There are a number of perspectives that help to explain why this occurs.
The tragedy of the commons explains this phenomenon. Hardin (1968) notes that individuals seek to maximize their outcomes -- this could be wealth or it could be utility. In either case, such behavior is strictly oriented to one's own personal well-being. The concept of perfect rationality is applied only in a narcissistic context. This is true even in collectivist societies, because such societies seldom view the human race as the collective unit. Thus, nobody makes their decisions with the good of the entire species in mind. The tragedy is that the cost of things is not reflected in our decision-making. In economics, the concept is…
Durham, (1991). Neutrality and opposition: From cultural reason to cannibalism. In possession of the author.
Feeny, D., Berkes, F., McCay, B. & Acheson, J. (1990). The Tragedy of the Commons: Twenty-Two Years Later. Human Ecology. Vol. 18 (1) 1-19.
Hardin, G. (1968). The Tragedy of the Commons. Science, Vol 162, 1243-1248/
Are you or your spouse self-employed or own a business?
What kinds of income do you and your spouse have?
What kind of deductions do you and your spouse have?
Was there any out of pocket medical expenses?
Do you plan to itemize those deductions?
Do the children work?
Do the children file income tax returns?
Do the children live with you?
Did you pay more than 50% of the children's support?
Do you pay more than 50% of your fathers support?
What was the fair market value of the inherited property at your father's death, or when it was given?
What kind of retirement accounts do you and your spouse have?
What kinds of investments do you and your spouse own?
Do the children have education expenses you paid for?
Options in reducing taxes on adjusted gross income include starting a work 401K, or increasing the…
Trusts and Taxes
"Gift Transfers and Gift Tax Planning"
An irrevocable trust could be used as a way to name beneficiaries and avoid estate taxes. Unlike a revocable trust, irrevocable trusts do not have to pay taxes. In this case, any assets that are placed in the irrevocable trust are no longer deemed to be assets of the settler; instead they are deemed assets of the trustee. The difference is that in a revocable trust, the settler can re-enter into the trust and have the assets retrieved. In an irrevocable trust, this is not allowed. Creditors cannot retrieve assets of the settler in an irrevocable trust, as they can in a revocable trust.
As Bay Financial Associates (2015) puts it, a revocable trust is like a "box with strings" on it -- and all one has to do is pull the string, and the box opens up. An irrevocable trust,…
Bay Financial Associates. (2015). The Irrevocable Trust. BFA. Retrieved from http://www.bfa-online.com/news012.html
Ebeling, A. (2015). House votes 240-179 to repeal estate tax. Forbes. Retrieved from http://www.forbes.com /sites/ashleaebeling/2015/04/16/house-votes-240-179-to-repeal-estate-tax/#f6643f7f3e6f
Whatever plan is introduced (or re-introduced) to the legislature and/or the voters of the state needs to be successfully marketed and promoted, beginning with an effective and appropriate internalizing of the externalities of the situation -- the citizens of Oregon need to be made aware of the real costs of failing to implement an effective tax structure to fund the state's operations. That is, the tax must not only be a successful corrective tax that brings the benefits of certain activities within the state in line with the expenses of programs for state citizens, but the plan must be effectively presented as such as well. Essentially, the price of citizenship is not accurately reflected in the current cost of that citizenship in the form of taxes, and more specifically the price of property ownership, the ability to purchase goods, and the ability to earn income is not well-represented and…
University has offered its professor $200,000 in order to relinquish tenure and resign. In particular, the aspect to consider is the tax consequence of such compensation. The professor's standpoint is that tenure should be treated as an intangible capital asset, and relinquishing tenure ought to be a long-term capital gain. The main tax issue in this case is whether the relinquishment of tenure encompasses a sale or interchange of a capital asset, which qualifies to be treated as long-term capital gains or should it be treated as ordinary income. The paper will look at cases that have addressed this issue and come up with different ways in which this issue should be treated.
This particular issue was directly addressed in the Foote vs. Commissioner case. The ruling made by the taxation court implied that the tenure does not classify as a capital asset and therefore the relinquishment of tenure by…
Everett, J. O., Raabe, W. A., & Gentile, J. (2005). Tenure Buyouts: The Case for Capital Gains Treatment. The ATA Journal of Legal Tax Research,3(1), 78-9.
Leagle. (2016). Merrill J. Foote v. Commissioner, 81 T.C. 930 (1983). Retrieved 10 July 2016 from: http://www.leagle.com/decision/1983101181betc930_1955/FOOTE%20v.%20COMMISSIONER#
Also in the case of divorce, the spouses have to bear the responsibility of proving what all falls under community property for ensuring equitable distribution. Hence we can see that community property law is effective and promotes equity, but, there are certain wrinkles which need to be ironed out for ensuring that the law is followed fairly and justly.
Abts, Henry W. (2002) "The Living Trust: The Failproof Way to Pass Along Your Estate to Your Heirs..." McGraw-Hill Professional.
Gregory, John DeWitt; ichards, Janet; Wolf, Sheryl L. (2003) "Property Division in Divorce Proceedings: A Fifty State Guide" Aspen Publishers Online.
Lawyers Attorneys. (2007, May) "Community Property Law" etrieved 17 April, 2008 at http://legalcatch.wordpress.com/2007/05/22/community-property-law/
N.A. (2008) "Family Law - Divorce Law - Community property" etrieved 17 April, 2008 from http://family-law.freeadvice.com/divorce_law/1community_property.htm
N.A. (2008) "Married Couples: Who Owns What?" etrieved 17 April, 2008 at http://www.nolo.com/article.cfm/pg/4/objectId/70F6390D-B251-4CA7-A0B734844FB69A31/catId/F251EA55-13A9-4EE0-85D21CEB27636030/309/298/AT/
N.A. (n. d.) "The Ins and Outs…
Abts, Henry W. (2002) "The Living Trust: The Failproof Way to Pass Along Your Estate to Your Heirs..." McGraw-Hill Professional.
Gregory, John DeWitt; Richards, Janet; Wolf, Sheryl L. (2003) "Property Division in Divorce Proceedings: A Fifty State Guide" Aspen Publishers Online.
Lawyers Attorneys. (2007, May) "Community Property Law" Retrieved 17 April, 2008 at http://legalcatch.wordpress.com/2007/05/22/community-property-law/
N.A. (2008) "Family Law - Divorce Law - Community property" Retrieved 17 April, 2008 from http://family-law.freeadvice.com/divorce_law/1community_property.htm
Irrevocable Trust Letter
Dear Mr. Feinstein:
I enjoyed seeing you again at the Fosters' party. Hope everything works out for you and your wife with the upcoming trip!
You had asked about establishing an irrevocable trust for your two grandchildren. This would be a good way to ensure that the children are paid by the trust for 20 years with the principal distributed to them at the end of that time. However, there are certain stipulations that must be met with an irrevocable trust. With a revocable trust, you still maintain some control over the assets. With an irrevocable trust, this is not the case. The assets belong totally to the trustees and they are responsible for maintaining them. Your control over how that management is conducted is gone.
With that said, there is no reason to think this would be anything other than a good arrangement. For example, an…
Carnes, D. (2015). Tax consequences for revocable and irrevocable trusts. Zacks.
Retrieved from http://finance.zacks.com/tax-consequences-revocable-irrevocable-trusts-2838.html
Helsell, Fetterman. (2013). Irrevocable Trusts. Helsell. Retrieved from http://www.helsell.com/faq/irrevocable-trusts/
Nash, Kromash. (2015). Irrevocable Gift Trust. NK. Retrieved from http://www.n- klaw.com/irrevocable-gift-trust/
Property tax relief is a subject that arises when the elderly or poor struggle to meet their property tax burdens. If they are long-term residents, they can be caught up when their neighborhood sees a dramatic increase in property values. There are sometimes mechanisms that governments use in order to provide relief.
Both tax credits and rebates can be used to help return some of the money paid or that is owing from eligible property owners, in order to help relieve from of the burden. This method is direct, and puts the money back into the hands of those who need it. However, this method relies on being able to determine who needs relief. People often have control over their financial situation so an inability to pay does not necessarily reflect somebody with a lack of opportunity to pay. It can be hard to qualify people for relief because of…
TLC. (2006). State roles in financing public school facilities. TLC Research Division. Retrieved November 29, 2012 from http://www.tlc.state.tx.us/pubspol/OnlineFinancePubSch.pdf
Pennsylvania Department of Education. (2012). Property tax reduction allocations. Retrieved November 29, 2012 from http://www.portal.state.pa.us/portal/server.pt/community/property_tax_relief/7452/property_tax_reduction_allocations/510335
The nation will enforce law and order to protect its public property, regulate monetary frameworks and correct market failures. The government will be responsible for protecting private life of its citizens and property (Grant & Vidler, 2000).
Market and Competition Forces: the country's economy should be designed in such a way that it will promote competition. This is because competition means a fair deal in obtaining results. The government should increase sellers and buyers in the market because this would promote competition thus increasing the quality and efficiency. With competition, the country will be able to control and manage different functions of its economy (Grant & Vidler, 2000). Demand and supply are the prime market forces determining the production of a country produces and the suitable ways to do so.
Market equilibrium, price and output, are determined by market forces. Therefore, I would recommend that any least developed nation to…
Bahl, Roy, W. (2008). Land taxes vs. property taxes in developing countries. Cambridge,
MA: Lincoln Institute of Land Policy.
Grant, S. & Vidler, C. (2000). Economics in Context. New York: Heinemann.
Hyman, D.N. (2011). Public finance: A contemporary application of theory to policy (10th ed.).
According to Kelly and Ransom (2000), by state law, Trenton, like other cities in New Jersey, is not allowed to increase its annual budget by more than 3.5% per year absent a referendum that approves such larger increases. For the state capital, Kelly and Ransom note that, "Property taxes are not a viable source of revenue, as much of the city of Trenton is owned by the state of New Jersey and thereby tax exempt. User fees and other charges are not reasonable in a city with 20% poverty and 12% unemployment" (62). Privatization works well for the suburbs, but would limit access to essential services among the city's impoverished residents. State aid remains relatively constant, but the ever-widening gap between suburb and city means the aid accomplishes less and less (Kelly and Ransom 62). New Jersey is a home rule state; however, the position can be made that the…
Baldwin, Carly, (2009a, July 14). "Hoboken's property taxes to decrease five percent from last quarter." New Jersey Online LLC. [Online]. Available: http://www.nj.com/Hoboken
Baldwin, Carly. (2009b, April 8). "Hoboken tax hike not 47%, after all; final number is 23%."
New Jersey Online LLC. [Online]. Available: http://www.nj.com/news/jjournal / hoboken/index.ssf?/base/news-1/1239171912113660.xml&coll=3.
taxes and their implementation in various states. It will highlight the different tax philosophies of progressive as well as regressive tax and what are the various examples of each type of tax. This paper will also justify the local property tax and its necessity in towns and cities.
State and local policies in Massachusetts
Introduction tax is a fee charged by a government on a product, income or activity. It is a charge imposed by the government on people, entities, or on property in order to raise revenue. If tax is levied directly on personal or corporate income, then it is a direct tax. If tax is levied on the price of a good or service, then it is called an indirect tax. The purpose of taxation is to finance government expenditure. One of the most important uses of taxes is to finance public goods and services, such as street…
Gilbert E. Metcalf, The National Sales Tax: Who Bears the Burden, last viewed: 13 thMay'04 http://www.cato.org/pubs/pas/pa-289.html
Investopedia, last viewed: 13th May'04
Richard garner, Regressive Taxation, last viewed: 13th May'04
• Competitiveness in the Euro currency markets (Cayman Islands.com)
Depositors can also invest globally. There are minimal reporting requirements, and strong client confidentiality, and the Cayman Islands, being under British jurisdiction, has political and economic stability (Benefits of Cayman Offshore Banking)
ome of the Comnaonies in Cayman Islands
Famous U.. companies located on Cayman Island include:
Financial Consulting & Accounting Ltd.
Custom Accounting olutions
Xanadu Distributing Ltd. (Marketing)
Ford - Vampt Motors
Mercedes-Benz - Ultimate Imports Ltd.
Hi-Tech Electronics Inc.
Alphasoft Ltd. (telecommunications)
Others are Coca-Cola, Oracle, and Intel that all use the Islands to avoid paying taxes
"One quarter of the 100 largest contractors with the U.. federal government, including Altria Group Inc. And Tyco International Ltd. have had subsidiaries in the Caymans, according to a study by the Government Accountability Office." (Evans (May, 2009). eagate is one of these companies.
Benefits of Cayman Offshore Banking http://www.ncbcayman.com/component/content/article/38/72-benefits-of-cayman-offshore-banking )
Evans, D (May, 2009) Coca-Cola, Oracle, Intel Use Cayman Islands to Avoid U.S. Taxes Bloomberg,
(estructuring California's School Finance System) The requirement of funds that the schools necessitate is also a matter of controversy attracting the attention of courts in California. The ACLU filed a writ petition of Williams et al. Vs. State of California et al. emphasizing that the state fails to meet the obligations in providing all students with basic educational necessities.
The local school districts appearing the law suit of ACLU were charged in the Gov. Davis and the state law suit blaming that the accountability goes to the school authorities rather than the state with regard to adequate provisions. These law suits are seen to have profound impact on the ways the schools are financed in California and the authorities and the ways by which the decisions are affected to. (School Finance Overview) It is left for consideration of the problems by a newly appointed state commission. The commission among others…
Guide to California's School Finance System" (March 2004) Retrieved at http://www.ed-data.k12.ca.us/articles/article.asp?title=Guide%20to%20California%20School%20Finance%20SystemAccessed on 26 September, 2004 report from California: Proposition 13" New Tax Revolt Digest. Retrieved at http://www.lib.niu.edu/ipo/ii781213.html . Accessed on 26 September, 2004
Bell, Tom. (2004) "Fort Bragg schools feel sting of Proposition 13" Blethen Maine Newspapers. Retrieved at http://news.mainetoday.com/indepth/taxreform/040516taxschools.shtml. Accessed on 26 September, 2004
California's Proposition 13 Debacle: Could this lie in Wisconsin's future?" (March 4, 1997) Retrieved at http://www.weac.org/capitol/march97/prop13.htm . Accessed on 26 September, 2004
California School Finance" Retrieved at http://delmarschools.com/district/business/ca_school_finance.asp . Accessed on 26 September, 2004
The fair / unfair distribution of school resources. In 2000, the ACLU filed suit (Williams et al. v. State of California et al.), claiming that the obligation of the state to provide all students with "basic educational necessities" was not fulfilled. One million of California's students are deprived of educational basics, such as qualified teachers, decent school facilities, and appropriate textbooks.
An important part of these problems are caused by the inadequacy of the school system funding in the state. Others are problems to be solved by individual school districts, since they are seen as a local management problem.
The new concept behind the reform of school finance of California is the "weighted student formula" or "student-based budgeting," which is believed to be a way to a more equitable and effective school funding system. Still, skeptics doubt that it the concept is applicable to California's 9,000 schools serving 6 million…
1. Californians rank low in education, highway spending
Larry Barrett. The Business Journal. San Jose: Jun 17, 1996. pg. 1
2. Tiebout and tax revolts: Did Serrano really cause Proposition 13?
Kirk Stark, Jonathan Zasloff. UCLA Law Review. Los Angeles: Feb 2003.Vol.50, Iss. 3; pg. 801
Urban Political Science: Questions and Answers
MIAMI-DADE EHICS COMMISSION:
Miami-Dade County is seeking a new chief for its ethics board.
What is the primary purpose of this ethics board?
he ethics committee was first enacted to change the Miami home rule charter. It was set up as an committee that has semi-judicial powers and it is independent of all other government offices in the county for the purpose of maintaining its ability to look into the ethical practices of government offices with an unbiased view (Miami Dade.gov).
What issues has the Commission handled that do NO relate to the member of the Board itself?
Since the board is now just conducting the search for a new boss (Hiaasen, 2011) it is not doing any business save that. It has recently worked to create a new ordinance on conflict of interest standard because it has had an issue with the county…
The budget for the entire county is $3 billion, and that has been cut from a previous proposal. The center itself also is going to be operated at an expenditure which was reduced from previous estimates, but specific numbers were not given (Varian, 2011). The articles did say that a community room would cost a group $850 per night which makes it unreasonable for most groups.
4: Was this an appropriate use of government funds? (A: No)
No it was not. The term community center cannot be adequately applied to this center because the entire community will not be able to access it. Also, the cost to tax payers was very high. The people who are supposed to be able to use the center cannot because of the high cost and they cannot afford the taxes
And because you breached the conditions set in this social contract, we are now taking full ownership, once again, of our liberties and properties that we had entrusted you. This condition of civil society was illustrated concretely in Treatise, and if you do not recall Locke's reminders on this, let me help you recall his wisdom: "...but whenever his property is invaded by the will and order of his monarch, he has not only no appeal, as those in society ought to have, but, as if he were degraded from the common state of rational creatures, is denied a liberty to judge of, or defend his right, and so is exposed to all the misery and inconveniencies that a man can fear from one..."
This is the state we are in at the moment. New Orleans is in a state of strife, as we, the citizenry find ourselves in conflict…
The report reflects the actual figures. Variance columns are presented in comparing the actual with the revised budget. There is reconciliation between the budgetary basis and GAAP are presented on the comparison schedule. The major differences are in how they are reported. There are budgetary comparison schedules provided for reserve funds. All special reserves are included. ("Comprehensive Annual Financial eport," 2012)
3C. Look at the note that describes the basis of budgeting (usually in the Summary of Significant Accounting Policies). Is the budget prepared on the GAAP basis or some other basis? Are the differences, if any, between the budgetary basis and GAAP clearly explained? Does the note indicate that encumbrance accounting is used?
The budget is prepared on a GAAP basis. The differences between the two are clearly explained in the approaches. It is indicating that encumbrance accounting is not used. ("Comprehensive Annual Financial eport," 2012)
4A. Look at…