Low-Income Housing Tax Credit

demand. I have a few specific lyrics that I relate to more than others. The first sets comes at the end of the song. “For they passed a noble law and the trees are all kept equal by hatchet, axe, and saw” –Rush. When I hear these lyrics I think of the tax incidence and the elasticity of an item. The second sets of lyrics are from throughout the song. “For the…

ollective bargaining gives unions a monopoly on the government's workforce: 0:21 the government must employ workers on the terms the union negotiates, and may not hire 0:25 competing workers, 0:27 so nothing can get done without an agreement with government unions. 0:31 Essentially union leaders, not elected representatives have the final say. 0:36 This un-democratic arrangement is new: 0:39 even diehard advocates of private labor unions like President Franklin Roosevelt and former 0:44 AFL-CIO…

while taking money from the people. The reason why citizens want to increase taxes is because they want to get rid of the nation's financial debt. Raising taxes on the rich has been a topic of debate for quite awhile now. People feel like they should tax the rich more than the middle class and the poor because they have more money to give. There are two groups of people on this debate. The first group are for this idea of increased taxing of the rich they mostly include the middle and lower…

1. Will Mame recognize a gain on her individual tax return for a portion of the insurance proceeds given that the fair market value of the property lost in the fire exceeds her adjusted basis in the property? Section 1033(a)(2)(a) states that property that is destroyed and involuntarily converted into money would recognize a gain equal to the amount of proceeds realized minus the taxpayer’s adjusted basis in the property. However, the taxpayer can make an election to defer either some or all of…

and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration” (U.S. Constitution…

For this tax research assignment the “12-month rule” in the accrual basis of accounting is applicable to this problem. The “12-month rule” states that taxpayers are not required to capitalize an expense if it is paid or incurred to create a right or benefit that does not extend beyond the earlier of 12 months after the first date of the right or benefit or the end of the tax year following the tax year in which the expense was paid or incurred. Basically if you have paid or incurred an expense…

accessible college is for future college students who cannot afford it. Clinton’s position on college access for people whose families have lower incomes is very popular with many college students. According to CNN money, “Her proposal includes tuition-free enrollment in public, in-state colleges and universities for families of four making up to $85,000. The income benchmark would increase over four years to $125,000 -- covering about 80% of U.S. families” (Merica and Bradner). If Clinton…

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 him/her during the income year under consideration.  According to 102-20, the capital gain tax is attracted only…

TASK1 1. Constituion of Australia 2. It controls the government of Australia 3. Legislative,executive and judicial power 4. Legislative power writes the law 5. Judicial power and executive checks these new laws. 0 6. Common wealth of federal state Local shire,city,rural city 7. Common wealth government can make financial grants to a state or a territory and specify how the money is spent. 8. State government makes laws that affect most areas of our lives,such as health,education and transport 9.…

IRS Pronouncements 1. Rev. Rul. 68-363, 1968-2 CB 336 -- IRC Sec. 1031 - Based upon the ruling, it appears as though the main question was whether or not the location of the property transferred affects the applicability of Section 1031, which addresses the nonrecognition of a gain. For the particular taxpayer discussed in this ruling, he had exchanged a ranch in the United States for a Ranch in a foreign country and received $250,000 in cash. The taxpayer originally realized a gain of $300,000…