Low-Income Housing Tax Credit

and the poor has lead to a need for a progressive tax. A progressive tax, which is currently being used in the U.S., has been seen by many as the fairest way to tax people. Although every American is guaranteed equal rights, not every American is the same therefore they should not all be taxed the same way. There are seven income tax brackets in the U.S. today. The progressive tax is based on income, so the more money a person makes the higher tax bracket they will be in and the higher their…

The Australian Accounting Standard Board Drafted Accounting Standard AASB-112, Income taxes under section 334 of The Corporations Act 2001 on 15 July 2004. The main principle of tax effect accounting as per AASB-112 are as follows:- • Computation of any future recovery of the carrying amount of assets which an entity recognizes in its financial statements • Transactions and other important events of the current period that are present in the financial statements. The recognition of asset or…

The idea of a Universal Basic Income, however, had started long before, originating during the Renaissance Era, 1516, in Thomas More’s “Utopia” [7]. Throughout the centuries many famous intellectuals like Thomas Paine and John Stuart Mill examined and expanded upon the idea. Modern day, we see the idea of a Universal Basic Income being endorsed by men like Elon Musk, the CEO of Tesla and Space-X. The purpose of the Basic Income was to tackle poverty. Modern day, it is now becoming…

Income-tax notices and how to avoid them It is not uncommon to be served with income tax notices because many people may not be aware of what they are supposed to do. Most tax notices alert the recipients about the issue that needs to be addressed or corrected immediately. Whatever reason is behind your notice, never ignore the notice because the tax department can impose fines of up to Rs 10,000 if the concerned party fails to reply to the notice in assessee. The number of people being served…

The world would be unfair if corporations were treated as people. Corporations already have the 14th amendment which already gives them the rights to be a person. The rights that they already have are ok, but they shouldn’t be granted anymore rights. If corporations were treated as people, they would take advantage of many of the rights that people have. Corporations shouldn’t be treated as people because people may start claiming the rights that corporations have, corporations wouldn’t get…

Freedom is the basis of this country. It’s why people sacrifice and sacrificed their lives. Freedom, to me, means sacrifice and choice. Without freedom, our country wouldn’t be as superior and immense as it is today. Freedom means sacrifice. One prominent example of this is the military. The military helps to protect and secure the freedom of the citizens of the U.S. They are the underdogs of our country, giving their lives up for people who may not even notice or recognize their dedication to…

4.0 Tax Preference Theory Tax preference theory and bird in hand theory are two main different theories with exactly different view on shareholder preference. According to Ehrhardt and Brigham(2008) tax reference theory states that shareholders prefer retain earning rather than pay as dividends. It is because taxes on dividends must be paid immediately once you received the dividends and most of the countries dividends tax rate higher than capital gain tax. However, taxes of capital gain can be…

considered a like exchange. Purchasing another indoor soccer arena qualifies as a like replacement according to the criteria set in Section 1031. However, purchasing stock of SoccerMagic Inc. does not qualify for exception of tax deferment under 1031. However, according to tax ruling DeCleene v. Commissioner, purchasing all outstanding stock-100 percent stake- in a holding company for the property does give the owner control over the property, which would make the purchase qualify as a like…

etc) the tax payer needs a receipt. For any non-cash contribution over $500 the individual must also file a form 8283. Any type of service such as volunteering is not deductible however the gas getting to and from the location is deductible. For non-cash contributions of expensive items proper and detailed documentation is needed. The tax payer needs to be able to prove it. However regardless of how much is donated a taxpayer cannot take more than 50% of his or her adjusted gross income.…

A flat-tax system and the progressive tax system Abstract: flat-tax system has many supports all the time, they believe this system is easy to understand and is fairer to taxpayers. This paper starts with explaining the flat-tax system, then moves to the pros and cons within the flat-tax system. Then I use a model to explain the difference between flat tax and progressive tax, and concludes which tax system is better. 1. What is flat-tax system Due to federal income tax’s lack of efficiency,…