Tax law

the campaigns to pass the tax were used to a significant proportion in payment of media coverage and campaign consultants (State of California, 2014). The Berkeley vs Big Soda webpage reflects the efforts made through print and electronic types of media formats, through rallies and even venturing door to door that aimed to generate the awareness of the people in Berkeley to vote yes for the tax. A 50% vote was needed but over two thirds of the voters said yes to the tax (Berkeley vs. Big Soda,…

Many states are considering imposing regulations to collect internet sales tax within their respective states, except Alabama, who is currently collecting internet sales taxes. Businesses are arguing that if they don’t have a physical presence or store within the state, then it is unfair to collect internet sales tax. The U.S Supreme Court has decided that internet companies can sell goods without collecting a sales tax as long as they have no physical location in that state. New York, Rhode…

support the U.S. combat operations in Afghanistan and the recently signed strategic partnership, which basically consist in the continuity of the U.S. force presence. She also supports targeting suspected terrorists. Feinstein agrees with the income tax increase and that one legislative priority should be balancing the budget. She supports the regulation of the gas emissions and believes that the climate change is due to human activity. Feinstein also supports the immigrants, pro-choice…

nowhere near perfection. The degree in which tax laws should be enforced and analyzed is very complex. The main question to whether the proper tax enforcement allowed depends largely on the current tax structure. Even the role of complexity in the current tax system is a factor in influencing the size of the large tax gaps and substantial amount of tax avoidance (United States Congress House of Representatives, 2010). Tax complexity is also emphasized. Tax complexity allows other ways to hide…

Hardships on Flat Tax In 2010, the top 20% of the nation 's population owned 85.1% of the nation 's income and 80% of the nation’s population only owned 14.9% of the nation’s wealth. Five years later, the top 1% of the United States nation now owns more additional income than the bottom 90% of the nation 's population. Enacting a flat tax would make people pay the same percentage of their income. Even though a flat tax would enhance the economy 's long-term advancement, a flat tax should not be…

COST OF GOODS SOLD Cost of goods sold is a deduction on a taxpayer’s taxable income. For tax purposes, Piratephernalia Corporation must capitalize a portion of their overhead expenses into the annual inventory calculation. Additionally, cost of goods sold includes only the inventory sold throughout the fiscal year. Unsold purchased inventory will not be deducted from the taxable income. INTEREST INCOME Generally, state bond interest is exempt from taxation. Further, interest income from…

in high tax. To avoid this, Jason has asked Sandy, who presently owns 75% of Moonbeam Buggy Rides, to contribute $2,000 for 1% voting stock. If Sandy agrees, Sandy and Jason’s combined voting power will exceed 80% and allow them to qualify for a deferred gain under section 351. Research Issue Does section 351 gain deferral rules, allow this accommodation transfer between Jason and Sandy? Jason’s income will have a marginal tax rate that includes both federal (28%) and a state and local tax…

embezzle founds into other income and we could find way to deduct his interest expense • Do not report into taxable income and he might get into trouble Laws: 1. Rev. Rul. 82-74, 1982-1 CB 110 -- IRC Sec(s). 1001Revenue Rulings (1954 - Present) (RIA) Section 162(a)(2) disallows deductions under section 162(a) for payments that are illegal under any law of the United States or any state (if it is generally enforced) that subjects the payor to a criminal penalty. 2.…

The government of UK Imposed a tax on sugary drinks in order to Discourage the companies to reduce the amount of sugar they use in the drinks, reduce sugar consumption in the form of sugary drinks and subsidize sports in schools so that the people, especially children could be protected to get obese. The consumption of sugary drinks in the UK is a negative externality of consumption, which is defined as the consumption of any good which creates a cost for the third parties. In this case,…

$250,000 annually. Voters supported higher income and sales taxes in 2012 because governor Jerry Brown proposed that the proportion would be temporary. The budget today has excess so that tax increase would stop since California is financially stable and has enough to pay for most funds. Those that do not want the law to be pass are the ones who do not want to pay extra taxes…