1) what is a tax? How does a tax differ from your fine? 21) briefly explain Adam Smith’s four canons of taxation. 43) Conrad, who has $220,000 of taxable income, plans to marry Anita, A college student with no taxable income. If they marry on December 21, 2019, they will file jointly and have $220,000 of taxable income for the year. If they wait until January 2020 to Mary, Conrad will have to file as a single person and report the $220,000 i’ll taxable income on his individual return. a. Will it be to their advantage to marry before the end of 2019 or should they wait until 2020? b. how much in tax will they save or have to pay extra if they marry in 2019? c. how would your answers change if Conrad and Anita and each expects $110,000 of taxable income in 2019? 49) June and John decide to form a business. They each plan to contribute $20,000 in exchange for a 50% interest in the business. They will then take out a bank loan for $30,000 to cover the balance of the working capital needs. They expect the business to make a profit of $64,000 in the first year and it will not make any cash distributions that year. Excluding the business income, June, files as head of household, has $110,000 of other ordinary taxable income. John is married and filed a joint return; he and his wife have $110,000 of other ordinary taxable income. They want to know how much tax the business will pay and how much additional tax they will personally pay in 2019 if they form the business as a partnership, capital S corporation, or capital C corporation. Consider only income taxes. Assumed you and John qualify for the 20% qualified business income (QBI) deduction. 53) Carl is a 30% partner in the CCF Partnership. At the beginning of the year, his basis in partnership is $4000. The partnership reports $7000 of ordinary income and distributes $3000 to the partners. What is Carl’s basis at the end of the year? 54) John and Martha are planning to be married. Both are professionals each with taxable income of $360,000 annually. They are deciding on a wedding date. They have two dates to choose from: December 14, 2019, or January 11, 2020. If they marry on December 14, 2019, they will have to choose between married filing separately and married filing jointly. Is there any advantage to either method of filing? If they postpone their wedding until the January date and file as single persons, will they reduce their tax bill for 2019? 65) Briefly describe the statistical information available when you go to the IRS website and click on About IRS, and then click on Tax Statistics.
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