Essays on Taxation

VAT (Value Added Tax) VAT is a consumption tax levied on services and commodities. VAT is levied on almost all services and items supplied or purchased for consumption or use. VAT is levied on all services and items supplied or purchased for consumption or use in various nations. In most circumstances,...

Concerns about taxes and competition in Europe Concerns about taxes and competition relating to American companies' business practices in Europe have recently come under scrutiny. While Facebook was punished by violating antitrust laws in relation to the takeover service of WhatsApp, Apple is battling a demand from the Irish government that...

Forms of Business Entity People in business should carefully sample the various categories of business organizations available before deciding on the one that best fits their needs. This action guarantees that the chosen agency is managed successfully, with minimum taxes and liability exposure. Furthermore, formalizing it would help to define the...

This internship provided me with invaluable taxation knowledge that much exceeded what I learned in the classroom. I heard a lot about federal taxes and how to properly file standard individual tax returns as well as returns for foreign students. It was very eye-opening, provided that learning anything in experience is...

Fiscal and monetary policy are the two most important tools used by the US government and the Federal Reserve Bank to streamline the economy. When used correctly, they will either accelerate or hinder the economy. Taxation, spending, and borrowing are the three components of government monetary policy. They are used to exert...

The Role of Taxation in a Functional Society The amount of tax that its constituents pay, as well as the process of aggregation, are the main drivers of a functional society. Taxation has a fundamental relationship with the state and society, so having the best Advanced Pricing Agreement is essential for...

Seminar: Taxation Current Issues Chapter 18 Answer to question number 1: Section 351 and part 1031 resemble each other in phrases of now not giving focus to loss and gain of particular transfers and thereby exempt from tax implications. The thinking of taxpayer’s consistency in investment defines the precept of now not attention...

Seminar: Taxation Current Issues Chapter 28 Answer to Question No 1: Slide No. Contents Purpose 01: As far as banking is concerned, a trust can be described as a fiduciary agreement to make a third party a trustee in such a way as to make it trustworthy for a beneficiary community. The trustee shall hold and retain...

Seminar: Taxation Current Issues Chapter 27 Answer to Question No 1: Excise tax shall be levied on products manufactured for sale in the country. In the other hand, a single transfer tax is levied on the transfer of property by will or gift or inheritance. Finally, the tax that is levied on the...

Seminar: Taxation Current Issues Chapter 23 Answer to Question No 1: Under a substantial part test, an entity engaged in substantial lobbying for any one year could have its tax-exempt status revoked. However, under the alternative spending test, the penalty for breaching the 501(h) limits on lobbying in a given year is much...

Formation of Subchapter S Corporations When a company is created, Subchapter S Corporation is established through the United States Internal Revenue Service and the 26 United States Code. In the spirit of allocation of profits and taxes, Subchapter S companies enjoy the status of both a business and a partnership under...

Limited liability corporations are known as non-incorporate liabilities and are generally referred to as LLCs. They are individual organizations that are entirely different from their representatives. These businesses shield their members from corporate liabilities. Normally dual taxation takes place if corporations pay tax on the income they gain and members...