Concepts in Federal Taxation 2012 by Kevin E. Murphy, Mark Higgins

By Kevin E. Murphy, Mark Higgins

Murphy and Higgins' strategies IN FEDERAL TAXATION 2012 bargains scholars a greater option to examine tax via a conceptual technique. rather than memorizing the advanced and sometimes intimidating tax codes, laws, exceptions, and skills, this procedure offers taxation as a small variety of unifying options. as soon as scholars comprehend those suggestions, they could practice them to a variety of tax principles and to simple elements of daily fiscal lifestyles. this simple process balances tax ideas with the interior profit Code to organize scholars for instant good fortune on CPA examination tax simulations and of their careers. large examples relate tax recommendations to conventional company situations utilizing an enticing dialogue and solution layout. additionally, Murphy and Higgins' thoughts IN FEDERAL TAXATION 2012 offers extra workouts than the other textual content of its sort for the perform scholars desire. every one new replica of this article is packaged with H&R Block At domestic™ software program to supply your scholars with extra expert event!

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As might be expected, disputes often arise between taxpayers and the IRS concerning its interpretations and enforcement of the tax law. Most disputes are resolved through the IRS appeals process. However, taxpayers who are dissatisfied with the result of the appeals process are entitled to take their disputes to court for settlement. Court decisions establish precedent in the interpretation of the tax law. Taxpayers and the IRS are generally bound by the interpretation of a court on a particular issue.

The discussion that follows briefly outlines the primary sources. A more detailed discussion of the primary authorities is contained in Chapter 16, Tax Research. The remainder of this text generally will not make specific references to sources of tax law. Instead, this book makes generic reference to ‘‘tax law’’ to simplify the discussion. The end of each chapter includes a list of applicable sources keyed to footnote numbers in the chapter and a brief summary of each source. For those who wish to read the primary sources, they are available in most university and public libraries.

What are Don’s marginal, average, and effective tax rates? D i s c u s s i o n : Based on the facts given, Don’s marginal tax rate is 25% (from the tax rate schedules). 3% ($6,125 Ä $40,000). 8% ($6,125 Ä $90,000) and is much less than both the marginal and average tax rates. Tax Rate Structures Tax rate structures are described as being proportional, regressive, or progressive. The structures explain how the tax rates vary with a change in the amount subject to the tax (the tax base). Proportional Rate Structure.

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