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TEST BANK For McGraw-Hill's Essentials of Federal Taxation 2024 Edition, 15th Edition By Brian Spilker, Benjamin Ayers, Verified Chapters 1 - 17, Complete $15.99
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TEST BANK For McGraw-Hill's Essentials of Federal Taxation 2024 Edition, 15th Edition By Brian Spilker, Benjamin Ayers, Verified Chapters 1 - 17, Complete

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TEST BANK For McGraw-Hill's Essentials of Federal Taxation 2024 Edition, 15th Edition By Brian Spilker, Benjamin Ayers, Verified Chapters 1 - 17, Complete TEST BANK For McGraw-Hill's Essentials of Federal Taxation 2024 Edition, 15th Edition By Brian Spilker, Benjamin Ayers, Verified Chapters 1 - 17...

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  • McGraw-Hill's Essentials of Federal Taxation
  • McGraw-Hill's Essentials of Federal Taxation
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Solution Manual
McGraw-Hill's Taxation of Individuals 2024 Edition,
15th Edition by Spilker, Ayers, All Chapters 1 - 14

,TABLE OF CONTENTS
Y Y Y



PartYI:YIntroductionYtoYTaxation

ChapterY1:YAnYIntroductionYtoYTax

ChapterY2:YTaxYCompliance,YtheYIRS,YandYTaxYAuthorities

ChapterY3:YTaxYPlanningYStrategiesYandYRelatedYLimitations



PartYII:YBasicYIndividualYTaxation

ChapterY4:YIndividualYIncomeYTaxYOverview,YDependents,YandYFilingYStatus

ChapterY5:YGrossYIncomeYandYExclusions

ChapterY6:YIndividualYDeductions

ChapterY7:YInvestments

ChapterY8:YIndividualYIncomeYTaxYComputationYandYTaxYCredits



PartYIII:YBusiness-RelatedYTransactions

ChapterY9:YBusinessYIncome,YDeductions,YandYAccountingYMethods

ChapterY10:YPropertyYAcquisitionYandYCostYRecovery

ChapterY11:YPropertyYDispositions



PartYIV:YSpecializedYTopics

ChapterY12:YCompensation

ChapterY13:YRetirementYSavingsYandYDeferredYCompensation

ChapterY14:YTaxYConsequencesYofYHomeYOwnership

,ChapterY1
AnYIntroductionYtoYTax


DiscussionYQuestions

(1) [LOY1]YJessica’sYfriendYZacharyYonceYstatedYthatYheYcouldn’tYunderstandYwhy
someoneYwouldYtakeYaYtaxYcourse.YWhyYisYthisYaYratherYnaïveYview?

TaxesYareYaYpartYofYeverydayYlifeYandYhaveYaYfinancialYeffectYonYmanyYofYtheYmajor
Y personalYdecisionsYthatYindividualsYfaceY(e.g.,YinvestmentYdecisions,YevaluatingY alte

rnativeYjobYoffers,YsavingYforYeducationYexpenses,YgiftYorYestateYplanning,Yetc.).

(2) [LOY1]YWhatYareYsomeYaspectsYofYbusinessYthatYrequireYknowledgeYofYtaxation?
Y WhatYareYsomeYaspectsYofYpersonalYfinanceYthatYrequireYknowledgeYofYtaxation

?

TaxesYplayYanYimportantYroleYinYfundamentalYbusinessYdecisionsYsuchYasYtheY follow
ing:
 WhatYorganizationalYformYshouldYaYbusinessYuse?
 WhereYshouldYtheYbusinessYlocate?
 HowYshouldYbusinessYacquisitionsYbeYstructured?
 HowYshouldYtheYbusinessYcompensateYemployees?
 WhatYisYtheYappropriateYmixYofYdebtYandYequityYforYtheYbusiness?
 ShouldYtheYbusinessYrentYorYownYitsYequipmentYandYproperty?
 HowYshouldYtheYbusinessYdistributeYprofitsYtoYitsYowners?
OneYmustYconsiderYallYtransactionYcostsY(includingYtaxes)YtoYevaluateYtheYmeritsYofY
aYtransaction.

CommonYpersonalYfinancialYdecisionsYthatYtaxesYinfluenceYinclude:YchoosingY invest
ments,YretirementYplanning,YchoosingYtoYrentYorYbuyYaYhome,YevaluatingY alternative
YjobYoffers,YsavingYforYeducationYexpenses,YandYdoingYgiftYorYestateY planning.




(3) [LOY1]YDescribeYsomeYwaysYinYwhichYtaxesYaffectYtheYpoliticalYprocessYinYthe
Y UnitedYStates.



U.S.YpresidentialYcandidatesYoftenYdistinguishYthemselvesYfromYtheirYopponents

, basedYuponYtheirYtaxYrhetoric.YLikewise,YtheYmajorYpoliticalYpartiesYgenerallyYhaveY v
eryYdiverseYviewsYofYtheYappropriateYwayYtoYtaxYtheYpublic.YDeterminingYwhoYisY tax
ed,YwhatYisYtaxed,YandYhowYmuchYisYtaxedYareYdifficultYquestions.YVotersYmustY hav
eYaYbasicYunderstandingYofYtaxesYtoYevaluateYtheYmeritsYofYalternativeYtaxY proposals
YofferedYbyYopposingYpoliticalYcandidatesYandYtheirYpoliticalYparties.



(4) [LOY2]YCourtneyYrecentlyYreceivedYaYspeedingYticketYonYherYwayYtoYtheYuniversity.
Y HerYfineYwasY$200.YIsYthisYconsideredYaYtax?YWhyYorYwhyYnot?



TheY$200YspeedingYticketYisYnotYconsideredYaYtax.YInstead,YitYisYconsideredYaYfine
Y orYpenalty.YTaxesYdifferYfromYfinesYandYpenaltiesYbecauseYtaxesYareYnotYintende

dY toYpunishYorYpreventYillegalYbehavior.

(5) [LOY2]YMarlonYandYLatoyaYrecentlyYstartedYbuildingYaYhouse.YTheyYhadYtoYpay
$300YtoYtheYcountyYgovernmentYforYaYbuildingYpermit.YIsYtheY$300YpaymentYaYtax?Y
WhyYorYwhyYnot?

TheYbuildingYpermitYisYnotYconsideredYaYtaxYbecauseY$300YpaymentYisYdirectlyY linke
dYtoYaYbenefitYthatYtheyYreceivedY(i.e.,YtheYabilityYtoYbuildYaYhouse).

(6) [LOY2]YToYhelpYpayYforYtheYcity’sYnewYstadium,YtheYcityYofYBirminghamYrecently
Y enactedYaY1YpercentYsurchargeYonYhotelYrooms.YIsYthisYaYtax?YWhyYorYwhyYnot?



TheY1YpercentYsurchargeYisYaYtax.YTheY1YpercentYsurchargeYisYanYearmarkedYtaxY–
Y i.e.,YcollectedYforYaYspecificYpurpose.YTheYsurchargeYisYconsideredYaYtaxYbecauseY th

eYtaxYpaymentsYmadeYbyYtaxpayersYdoYnotYdirectlyYrelateYtoYtheYspecificYbenefitY rec
eivedYbyYtheYtaxpayers.

(7) [LOY2]YAsYnotedYinYExampleY1-
2,Ytolls,YparkingYmeterYfees,YandYannualYlicensingY feesYareYnotYconsideredYtaxes.Y
CanYyouYidentifyYotherYfeesYthatYareYsimilar?

ThereYareYseveralYpossibleYanswersYtoYthisYquestion.YSomeYcommonYexamplesY incl
udeYentranceYfeesYtoYnationalYparks,YtagYfeesYpaidYtoYlocal/stateYgovernmentY forYa
utomobiles,Yboats,Yetc.

(8) [LOY2]YIfYtheYgeneralYobjectiveYofYourYtaxYsystemYisYtoYraiseYrevenue,YwhyYdoesYthe
Y incomeYtaxYallowYdeductionsYforYcharitableYcontributionsYandYretirementYplanY co

ntributions?

InYadditionYtoYtheYgeneralYobjectiveYofYraisingYrevenue,YCongressYusesYtheYfederalY t
axYsystemYtoYencourageYcertainYbehaviorYandYdiscourageYotherYbehavior.YTheY charit
ableYcontributionYdeductionYisYintendedYtoYencourageYtaxpayersYtoYsupportY theYinit
iativesYofYcharitableYorganizations,YwhereasYdeductionsYforYretirementY contributions
YareYintendedYtoYencourageYretirementYsavings.YAnotherYobjectiveYofY theYtaxYsyste

mYisYtoYredistributeYwealth.

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