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Wrap-Up Questions for Chapter 7

29 七月, 2015 - 16:31
  1. Describe how § 170(e)(1)(A), which permits a deduction of the fmv of gifts of property to charity rather than the adjusted basis of the property creates a “true” loophole.
  2. Why should state and local property taxes and/or state and local income or sales taxes be deductible? What policies do such deductions pursue?
  3. Congress recently increased the floor for medical deductions from 7.5% of agi to 10% of agi. The floor used to be 3%. The general trend of this floor has been upward. How are these movements in the floor likely to affect who may take the medical expense deduction and how big a deduction they may take?
  4. When a taxpayer is entitled to deduct moving expenses, why should a taxpayer be permitted to deduct the expense associated with a move of kenneling a dog but not the cost of a meal while en route to taxpayer’s new home?
  5. Should Congress implement its tax policy with greater use of credits against tax liability rather than deductions or exclusions from gross income? Why? What about phasedowns or phaseouts?