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Solution Manual for McGraw Hill's Taxation of Individuals and Business Entities, 2024 Edition, 15th Edition Chapter 1-14 $14.99
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Solution Manual for McGraw Hill's Taxation of Individuals and Business Entities, 2024 Edition, 15th Edition Chapter 1-14
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Solution Manual For McGraw-Hill's Taxation of Individuals 2024 Edition, 15th Edition Spilker Chapter 1-14 Chapter 1 An Introduction to Tax Discussion Questions (1) [LO 1] Jessica’s friend Zachary once stated that he couldn’t understand why someone would take a tax course. Why is this a rather n...

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  • November 6, 2024
  • 529
  • 2024/2025
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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
f f f



PartfI:fIntroductionftofTaxation

Chapterf1:fAnfIntroductionftofTax

Chapterf2:fTaxfCompliance,fthefIRS,fandfTaxfAuthorities

Chapterf3:fTaxfPlanningfStrategiesfandfRelatedfLimitations



PartfII:fBasicfIndividualfTaxation

Chapterf4:fIndividualfIncomefTaxfOverview,fDependents,fandfFilingfStatus

Chapterf5:fGrossfIncomefandfExclusions

Chapterf6:fIndividualfDeductions

Chapterf7:fInvestments

Chapterf8:fIndividualfIncomefTaxfComputationfandfTaxfCredits



PartfIII:fBusiness-RelatedfTransactions

Chapterf9:fBusinessfIncome,fDeductions,fandfAccountingfMethods

Chapterf10:fPropertyfAcquisitionfandfCostfRecovery

Chapterf11:fPropertyfDispositions



PartfIV:fSpecializedfTopics

Chapterf12:fCompensation

Chapterf13:fRetirementfSavingsfandfDeferredfCompensation

Chapterf14:fTaxfConsequencesfoffHomefOwnership

,Chapterf1
AnfIntroductionftofTax


DiscussionfQuestions

(1) [LOf1]fJessica’sffriendfZacharyfoncefstatedfthatfhefcouldn’tfunderstandfwhy
someonefwouldftakefaftaxfcourse.fWhyfisfthisfafratherfnaïvefview?

Taxesfarefafpartfoffeverydayflifefandfhavefaffinancialfeffectfonfmanyfoffthefmajorf person
alfdecisionsfthatfindividualsffacef(e.g.,finvestmentfdecisions,fevaluatingf alternativefjobfo
ffers,fsavingfforfeducationfexpenses,fgiftforfestatefplanning,fetc.).

(2) [LOf1]fWhatfarefsomefaspectsfoffbusinessfthatfrequirefknowledgefofftaxation?f What
farefsomefaspectsfoffpersonalffinancefthatfrequirefknowledgefofftaxation?




Taxesfplayfanfimportantfrolefinffundamentalfbusinessfdecisionsfsuchfasfthef following:
 Whatforganizationalfformfshouldfafbusinessfuse?
 Wherefshouldfthefbusinessflocate?
 Howfshouldfbusinessfacquisitionsfbefstructured?
 Howfshouldfthefbusinessfcompensatefemployees?
 Whatfisfthefappropriatefmixfoffdebtfandfequityfforfthefbusiness?
 Shouldfthefbusinessfrentforfownfitsfequipmentfandfproperty?
 Howfshouldfthefbusinessfdistributefprofitsftofitsfowners?
Onefmustfconsiderfallftransactionfcostsf(includingftaxes)ftofevaluatefthefmeritsfoff aftran
saction.

Commonfpersonalffinancialfdecisionsfthatftaxesfinfluencefinclude:fchoosingf investmen
ts,fretirementfplanning,fchoosingftofrentforfbuyfafhome,fevaluatingf alternativefjobfoffer
s,fsavingfforfeducationfexpenses,fandfdoingfgiftforfestatef planning.


(3) [LOf1]fDescribefsomefwaysfinfwhichftaxesfaffectfthefpoliticalfprocessfinfthef Unit
edfStates.

U.S.fpresidentialfcandidatesfoftenfdistinguishfthemselvesffromftheirfopponents

, basedfuponftheirftaxfrhetoric.fLikewise,fthefmajorfpoliticalfpartiesfgenerallyfhavef veryfdi
versefviewsfoffthefappropriatefwayftoftaxfthefpublic.fDeterminingfwhofisf taxed,fwhatfisft
axed,fandfhowfmuchfisftaxedfarefdifficultfquestions.fVotersfmustf havefafbasicfunderstan
dingfofftaxesftofevaluatefthefmeritsfoffalternativeftaxf proposalsfofferedfbyfopposingfpol
iticalfcandidatesfandftheirfpoliticalfparties.

(4) [LOf2]fCourtneyfrecentlyfreceivedfafspeedingfticketfonfherfwayftofthefuniversity.f Herffi
nefwasf$200.fIsfthisfconsideredfaftax?fWhyforfwhyfnot?

Thef$200fspeedingfticketfisfnotfconsideredfaftax.fInstead,fitfisfconsideredfaffinef orfpe
nalty.fTaxesfdifferffromffinesfandfpenaltiesfbecauseftaxesfarefnotfintendedf tofpunishf
orfpreventfillegalfbehavior.

(5) [LOf2]fMarlonfandfLatoyafrecentlyfstartedfbuildingfafhouse.fTheyfhadftofpay
$300ftofthefcountyfgovernmentfforfafbuildingfpermit.fIsfthef$300fpaymentfaftax?f Whyfo
rfwhyfnot?

Thefbuildingfpermitfisfnotfconsideredfaftaxfbecausef$300fpaymentfisfdirectlyf linkedftofaf
benefitfthatftheyfreceivedf(i.e.,fthefabilityftofbuildfafhouse).

(6) [LOf2]fTofhelpfpayfforfthefcity’sfnewfstadium,fthefcityfoffBirminghamfrecentlyf enact
edfaf1fpercentfsurchargefonfhotelfrooms.fIsfthisfaftax?fWhyforfwhyfnot?

Thef1fpercentfsurchargefisfaftax.fThef1fpercentfsurchargefisfanfearmarkedftaxf–
f i.e.,fcollectedfforfafspecificfpurpose.fThefsurchargefisfconsideredfaftaxfbecausef theftaxf

paymentsfmadefbyftaxpayersfdofnotfdirectlyfrelateftofthefspecificfbenefitf receivedfbyfthe
ftaxpayers.



(7) [LOf2]fAsfnotedfinfExamplef1-
2,ftolls,fparkingfmeterffees,fandfannualflicensingf feesfarefnotfconsideredftaxes.fCanfyo
ufidentifyfotherffeesfthatfarefsimilar?

Therefarefseveralfpossiblefanswersftofthisfquestion.fSomefcommonfexamplesf includefe
ntranceffeesftofnationalfparks,ftagffeesfpaidftoflocal/statefgovernmentf forfautomobiles
,fboats,fetc.

(8) [LOf2]fIffthefgeneralfobjectivefoffourftaxfsystemfisftofraisefrevenue,fwhyfdoesfthef inco
meftaxfallowfdeductionsfforfcharitablefcontributionsfandfretirementfplanf contributions
?

Infadditionftofthefgeneralfobjectivefoffraisingfrevenue,fCongressfusesftheffederalf taxfsys
temftofencouragefcertainfbehaviorfandfdiscouragefotherfbehavior.fThef charitablefcontri
butionfdeductionfisfintendedftofencourageftaxpayersftofsupportf thefinitiativesfoffcharit
ableforganizations,fwhereasfdeductionsfforfretirementf contributionsfarefintendedftofen
couragefretirementfsavings.fAnotherfobjectivefoff theftaxfsystemfisftofredistributefwealt
h.

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