Solution Manual For McGraw-Hill's Taxation of Individuals and Business Entities 2021 Edition, 12th Edition

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Solutions Manual-Taxation of Individualsand Business Entities,by Spilker et al.Chapter 1An Introduction to TaxSOLUTIONS MANUALDiscussion Questions(1)[LO 1]Jessica’sfriendZacharyonce stated that he couldn’t understand whysomeone would take a tax course. Why is this a rather naïve view?Taxes are a part of everyday life and have a financial effect on many of themajor personal decisions that individuals face (e.g., investment decisions,evaluating alternative job offers, saving for education expenses, gift or estateplanning, etc.).(2)[LO 1] What are some aspects of business that require knowledge of taxation?What are some aspects of personal finance that require knowledge of taxation?Taxes play an important role in fundamental business decisions such as thefollowing:•What organizational form should a business use?•Where should the business locate?•How should business acquisitions be structured?•How should the business compensate employees?•What is the appropriate mix of debt and equity for the business?•Should the business rent or own its equipment and property?•How should the business distribute profits to its owners?One must consider all transaction costs (including taxes) to evaluate themerits of a transaction.Common personal financial decisions that taxes influence include: choosinginvestments, retirement planning, choosing to rent or buy a home, evaluatingalternative job offers, saving for education expenses, and doing gift or estateplanning.(3)[LO 1] Describe some ways in which taxes affect the political process in theUnited States.U.S. presidential candidates often distinguish themselves from theiropponents based upon their tax rhetoric. Likewise, the major politicalparties generally have very diverse views of the appropriate way to tax thepublic. Determining who is taxed, whatis taxed, and how much is taxed aredifficult questions. Voters must have a basic understanding of taxes to

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McGraw-Hill's Taxation Of Individua...

Solution Manual For McGraw-Hill's Taxation of Individuals and Business Entities 2021 Edition, 12th Edition

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