Questions from Individual Taxation

Q: Bob’s Lottery, Inc., has decided to offer winners a choice

Bob’s Lottery, Inc., has decided to offer winners a choice of $100,000 in ten years or some amount currently. Assume that Bob’s Lottery, Inc., earns a 10 percent after-tax rate of return. What amount...

Q: Daniel is considering selling two stocks that have not fared well over

Daniel is considering selling two stocks that have not fared well over recent years. A friend recently informed Daniel that one of his stocks has a special designation, which allows him to treat a los...

Q: Consider the following tax rate structure. Is it horizontally equitable?

Consider the following tax rate structure. Is it horizontally equitable? Why or why not? Is it vertically equitable? Why or why not?

Q: Faith, a resident of Florida (11th Circuit) recently found

Faith, a resident of Florida (11th Circuit) recently found a circuit court case that is favorable to her research question. Which two circuits would she prefer to have issued the opinion?

Q: To help pay for the city’s new stadium, the city of

To help pay for the city’s new stadium, the city of Birmingham recently enacted a 1 percent surcharge on hotel rooms. Is this a tax? Why or why not?

Q: Jasper and Crewella Dahvill were married in year 0. They filed

Jasper and Crewella Dahvill were married in year 0. They filed joint tax returns in years 1 and 2. In year 3, their relationship was strained and Jasper insisted on filing a separate tax return. In ye...

Q: Jamareo has found a “favorable” authority directly on point for

Jamareo has found a “favorable” authority directly on point for his tax question. If the authority is an administrative authority, which specific type of authority would he prefer to answer his questi...

Q: Is a qualifying relative always a qualifying person for purposes of determining

Is a qualifying relative always a qualifying person for purposes of determining head of household filing status?

Q: Using the Internet, find a comparison of income tax rates across

Using the Internet, find a comparison of income tax rates across states. What state currently has the highest income tax rate? In considering individual tax burdens across states, what other taxes sho...

Q: Jerry has a certificate of deposit at the local bank. The

Jerry has a certificate of deposit at the local bank. The interest on this certificate was credited to his account on December 31 of last year but he didn’t withdraw the interest until January of this...