Taxation

Capital assets are those properties that individuals own for personal use.It is said that a capital gain or loss has been got by viewing the difference that exists on final price of that capital and that of its base price. If a capital asset is sold at a price that is higher than its buying price. Some of the examples of capital assets include homes, businesses and other collectibles. Capital gains tax is that is levied on the income from capital gain (US Tax Reform Act of 1986). In America,…

Goal: to list the five reasons why an investor should not buy real estate with a self-directed IRA Total Word Count In This Document: 956 Title: ?5 Reasons an Investor Should Not Buy Real Estate With a Self-Directed IRA? What is a self-directed IRA? A self-directed investment retirement account (or IRA) is an individual retirement account that allows alternate investments for the owner?s retirement savings. These alternate investments can be anything from real estate to private mortgages,…

Topic #1: Introduction to Capital Gains Question #1: What are the potential positive tax implications for transactions that qualify for capital gains treatment? Answer: If a taxpayer's transactions are deemed to be capital in nature, then a tax benefit may be present. Specifically, capital gains that are long-term in nature are subject to the preferential capital gains tax rate. In order for transactions gain to be listed as long term, typically the seller had to hold the asset for more than…

The next president of the United States, Hillary Clinton, and Senator Marco Rubio have very different views on how to better the US economy. Some of the important aspects of the economy on which they disagree are minimum wage, trade, education. I’ve already made my bias clear; however, moving forward I will remain factual, fair and balanced like Fox News. Minimum Wage Hillary Clinton in the past has supported a federal minimum wage increase; however, she has never committed to an ideal amount,…

Over the period 1980 to the early 2000 Canadians have seen drastic change to numerous universal policies that many benefited from during the peak of the welfare state. With dramatic changes to programs such as Uneployment insurance and the eventual diminishing of other policies Canadians are left with a welfare state that drastically differs the one from the 1970's. Many of these changes to social policies were done by a means of stealth. That is to say that claims of overspending by the public…

The first question actually refers to morality since both are related. Immanuel Kant(1724/1804) was one of the most prolific philosophers of his time he evaluated the idea of goodwill and how one can attain it. “Goodwill” according to Kant is absolutely the only thing that we most posses to carry out a moral act. In his believes our actions are only well intended if there is goodwill in them. In other words, a good action cannot be executed without goodwill and it could be bad to others. I…

Are the Rich Necessary by Hunter Lewis explains some economic arguments and how they reflect personal values. I have picked two chapters from the book that explain why or why not, we need the rich. I will first describe some theory’s in chapter four that assert the reasons behind the rich not being prevalent to our society. In chapter four, Hunter Lewis begins by describing how a large scale human society has never achieved such a thing as not having rich people. Having said this, it is…

Since the beginning of time men have proven to abuse their power if they are able to obtain it. Our Founding Fathers were aware of this, and did what they could to create a government to avoid what seems to be the inevitable. This government was designed to be limited in their power, and balanced throughout three branches. It was designed to be smaller in size, and procedures were put in place to hinder its growth. This complex masterpiece of our Founding Fathers has become the inspiration of my…

If you've sold assets, made investments, have mutual funds, stocks, or received an inheritence, you'll need to figure out your tax basis when filing your income tax return. Tax basis is also commonly known as cost basis, depending on whom you're dealing with. They are often used interchangeably to mean the same thing. It can be complex because it matters how you came to own the shares or mutual funds. Your tax basis is determined by the amount you use from the investment that is for profit or…

ECONOMIC GROWTH AND TAX RELIEF RECONCILIATION ACT OF 2001 The Economic Growth and Tax Relief Reconciliation Act of 2001 was the first major tax cut legislation signed into law by President George W. Bush. The tax cuts were to be temporary, lasting 9 years before expiring in December 2010.11 The Tax Act of 2001 affects all taxpayers for the rest of the decade. However, since it contains a sunset provision, Congress must affirm the law or the changes will end after December 31, 2010. The major…