Business, 02.09.2021 17:00 smusisca53

Discuss the probable justification for each of the following aspects of the tax law. Be sure to use concepts and terminology covered in this chapter. A tax credit is allowed for amounts spent to furnish care for minor children while the parent works. Deductions for interest on home mortgage and property taxes on a personal residence. The income-splitting benefits of filing a joint return. Fines and penalties are not deductible. Net operating losses of a current year can be carried forward to profitable years. A taxpayer who sells property on an installment basis can recognize gain on the sale over the period the payments are received. The exclusion from Federal tax of certain interest income from state and local bonds. Prepaid income is taxed to the recipient in the year received and not in the year earned.

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Discuss the probable justification for each of the following aspects of the tax law. Be sure to use...