Oprah CaseIn one of her television shows, Oprah Winfrey decided to give away Pontiac G6 Sedans to her audience. From an accounting perspective, its important to determine whether the value of these cars was taxable. Following a comprehensive analysis of taxable and nontaxable income, the cars awarded to the TV audience should have been included in their gross income and subject to federal taxation. According to federal taxation prizes and awards in the form of goods and services must be included in an individual’s income at their fair market value (Bureau of Internal Revenue, 2009). Federal taxation laws stipulate that if an individual wins a prize in a television program, radio quiz program, lucky number drawing, beauty contest or any other event, he/she must incorporate it in his/her income. Based on these taxation regulations, the TV audience should have included the Pontiac G6 Sedans in their gross income and subjected it to federal taxation based on the cars’ fair market value.
While the manufacturing company could have agreed to pay for a huge portion of the vehicles’ local charges, the fair market value of the car would need to be included in the gross income of the taxpayer....
Taxation in the United States The taxation system of the United States of America is flawed in many ways; meanwhile there are some benefits of this system as well. The current taxation system of the United States needs to be analyzed to point out the flaws in the system. The main purpose of this paper is to discuss the current components of this system with respect to the flaws and good
Taxation Impact of taxes on business owners Tax Implications on Salary and Dividend Payments The amount of money that a business takes out has important implication of tax amount that the business will be liable to pay. But for the case of sole proprietorships and partnerships, it makes no difference how much or when the money is taken out of the business. After all, owners of both partnerships and sole proprietorships pay personal
Federal Taxation One of the important procedures involved in Federal taxation is the apprehension of those persons and firms and trusts and others who evade tax payment and thereby break the law. This means that these entities may either conceal facts and/or misrepresent them so that the result would be beneficial to them. Such individuals may under declare their income levels and the earnings and profits that they may have earned
4. Conclusions In the article Ethical Issues in Information Technology, author Richard T. DeGeorge points out the existence of five interrelated ethical issues: issues in the usage of technology in business, issues in the it business, issues related to the Internet, issues in e-business and issues affecting the social background. Each of the five categories presents several ramifications. The article has a general coverage, an informal writing and throughout its 24
There are also other problems with this argument that do not directly stem from the logic of it, but rather from its interpretation of motivation and society. The argument that people should be allowed to be as successful as they can is certainly in keeping with the ideals of democracy, and cannot be argued against from any liberalist point-of-view. But without the many people who are not incredibly successful producing
To Choose an Accounting Topic That Would Be Excellent for A Dissertation. Research Topic Taxation in the digital era is an excellent topic for a dissertation because there is an ongoing debate on whether digital companies are paying their fair share of taxes. Some tax experts believe that digital companies enjoy tax levels close to zero compared to traditional companies, yet they earn huge profits. The underlying principle of corporate taxation is
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