Scenario 2 Essay

719 words - 3 pages

"Gross Income Inclusions and Exclusions Scenario" Please respond to the following:

It is possible that taxpayers unfamiliar with the tax code may not be aware of the deductions and credits available, and therefore, rely on tax experts to identify what information or documents they need to collect to reduce their tax liability. From the scenario, discuss other major tax considerations that could impact the exclusion of the home office expenses and alimony payments in order to determine what data to collect from Mr. Charles to prepare an accurate tax return. Determine what other key deductions and credits, based on the circumstances, Mr. Charles should consider. Provide a rationale for your ...view middle of the document...

Corporate bonds are simply bonds issued by corporations to fund their operations. A company that wants to raise cash can either sell a share of itself by issuing stock, or it can take on debt by issuing bonds. A CD bears a maturity date, a specified fixed interest rate and can be issued in any denomination. Money market accounts are savings account that offers the competitive rate of interest (real rate) in exchange for larger-than-normal deposits.

"Tax Calculation and Consequences" Please respond to the following:
• From the e-Activity, review the list under the Hot Topics section on the homepage, and discuss at least two (2) topics that will have the most impact on the income tax calculation. Debate whether these changes would increase the tax refund or create audit flags for the IRS to investigate. Explain your rationale.

• Analyze the differences between the tax consequences of canceled debt and short-sale transaction to the taxpayer. Examine the stipulations of each, and determine which would have the least impact on taxable income. Explain your rationale.

Cancellation of Debt Income According to the Internal Revenue Code, the discharge...

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