Capital gains tax

There are numerous people running for President of the United States in 2016 from both the Republican and Democrat political parties. The ten major candidates running for President from both parties include Jeb Bush, Ben Carson, Ted Cruz, Carly Fiorina, John Kasich, Rand Paul, Marco Rubio, Donald Trump, Hillary Clinton, and Bernie Sanders. This paper will look at Donald Trump’s proposed fiscal policy and how his policy will affect the United States economy by looking at the supply side…

addressed in the Gulfstream Case, however it also looks at the tax implications of an exchange in which liabilities are also being exchanged. The courts ruled that the transfer, in general, could qualify for Section 1031 deferment. This was based on the conclusion that the definition of a partnership included joint ventures (which was involved in the exchange), however because unequal amounts of liabilities were exchanged, so of the gain was required to be realized in the year of the exchange.…

Since the Ferguson family still had control of the stock, they were responsible to pay tax on the gain. There was an attempt to manipulate the date to evade the taxes. By law taxpayers have the right to avoid taxes by taking the least costly path, but it…

shrink more and more, while a tiny portion of the populace is gaining funds and influence in leaps and bounds. Is it fair that less than 1% of the total population controls so much of the wealth and are given special considerations when it comes to tax laws? This can be debated back and forth until our faces turn blue. The real question is why are they given these favorable circumstances? Why should they be seen as better than the rest of us? Paul Krugman suggests, “…aside from shouts of ‘class…

Tax reform involves changing the manner in which taxes are collected by the government to improve the economic and social benefits of the system and the tax administration process. There are different ways in which tax reform can be achieved, for instance, having a more simplified tax system that is more accountable, making the tax system less progressive or more progressive, and by reducing the level of taxation on all individuals (OECD 1). Most governments have reformed their tax systems,…

Business entities are chosen based on three criteria: liability, taxation, and recordkeeping. The first criterion (liability) focuses on how much debt an owner is personally liable for as well as how the debt ratio affects an owner’s ability to acquire capital. In his current election as a sole proprietorship, Mr. Jones is personally liable for all debts incurred while in operation. If Mr. Jones is unable to repay business debts; his personal assets can be seized to pay back everything owed.…

decision-making process. Time is of the essence to bring America back to their feet. By elevating the tax bracket to the top 1 percent, it will enable budget deficits that have already seen overwhelming cuts, to possess a more secure infrastructure (119). Meaning, concerns of healthcare and education would not be a battle to live and learn but a level playing field across the board. Any capital gains of the super- rich should be considered taxed at a…

Year-End Tax-Loss Planning As we near the end of 2016, individuals with taxable investment accounts should be evaluating their tax situation and considering favorable tax-saving strategies before the year is over. Year-end tax planning can be a valuable and money-saving opportunity that should not be overlooked. Therefore, if you are holding investments in stocks, mutual funds, and bonds that are worth substantially less than their original purchase price, you should consider selling the…

Whether the gain generated from the sale of painting to be chargeable as capital gain in the hand of assessee? Law:  Section 6 of the Income Tax Law defines the assessable income. According to it, assessable income of the taxpayer for the relevant income year means the aggregate of ordinary income and taxable statutory income.  S104 of the Income Tax Act provides that the assessee must include in his/her assessable income the net amount generated by way of sale of capital asset held by…

different industries they have all taken advantage of the tax breaks that come with a corporate inversion. Tax inversions are a relatively new idea in the history of taxes. The first company to succeed in the modern form of inversions was an oil service and construction company located in Houston, Texas called McDermott. In 1984, McDermott did not buy a foreign subsidiary or merge with a foreign company to move “offshore”, but just moved its tax home to Panama. It would be another 10 years…