Taxes - December 2006

2006-12-11 09:48:12 · 3 answers · asked by emily051405 2 in United States

upper income familes what will be the policy option ?

2006-12-11 08:35:24 · 2 answers · asked by owen o 1 in United States

taxes

2006-12-11 08:33:23 · 3 answers · asked by owen o 1 in United States

2006-12-11 08:11:10 · 4 answers · asked by Anonymous in United States

2006-12-11 08:10:57 · 1 answers · asked by maishe 1 in United States

We overpaid vacation pay to an employee. Can we deduct this overpayment from the employee's paycheck?

2006-12-11 08:06:55 · 9 answers · asked by Anonymous in United States

Can I get 2005 form 1040. (last years) n the internet?

2006-12-11 07:19:58 · 5 answers · asked by ANDREW L 1 in United States

I'd like to hear economists' opinions, not political ones. It seems to me that by taxing income, we are discouraging something that is desirable to society- people working. What if we replaced income tax with a "consumption tax"- charging people for the resources they consume rather than their work? This would encourage resource conservation while at the same time eliminate a negative incentive on working. I think this would lead to increased productivity and job growth in the US. What are your thoughts?

2006-12-11 06:45:33 · 7 answers · asked by Cardinal Rule 3 in Other - Taxes

2006-12-11 06:38:13 · 2 answers · asked by Shiner Vinh 1 in United States

I heard that there is some sort of federal tax credit for college students that you can use twice throughout your college career-anyone know anything about this??

2006-12-11 06:34:11 · 6 answers · asked by lilbit1231 2 in United States

I.e would it be taxed as my income and my regular tax rate would apply to it?

2006-12-11 06:10:17 · 3 answers · asked by Ekaterina K 2 in United States

2006-12-11 05:57:57 · 5 answers · asked by Ekaterina K 2 in United States

2006-12-11 05:33:15 · 8 answers · asked by Anonymous in Other - Taxes

2006-12-11 05:19:12 · 5 answers · asked by Anonymous in India

LIKE-KIND EXCHANGES OF REAL PROPERTY
RC section 1031 permits the tax-free exchange of like-kind property. If the transferor receives “boot” (such as cash) in addition to the like-kind property, the boot is currently taxable. The application of these rules to the exchange of real property that was burdened by a supply contract was recently considered by the Tax Court.

On June 25, 1993, Peabody Natural Resources Co. transferred a gold mine in exchange for a coal mine. The coal mine was burdened by two contracts mandating that it supply a fixed minimum amount of coal. The contracts could be extended for five-year periods. Peabody reported the transaction as a tax-free exchange under section 1031. The IRS concluded that because the contracts were boot the exchange was taxable.

Result. For the taxpayer. The first question before the Tax Court was the nature of the supply contracts. After reviewing New Mexico law, the court concluded they were contracts for the sale of goods and an interest in real property.

Peabody argued that, since all real property is like-kind to all other real property, the transaction was tax-free. The court rejected this argument, noting that in prior cases the courts have held that real property, especially when leases or other contracts are involved, is not always like-kind to other real estate.

Since the exchanged properties were not automatically like-kind, the Tax Court had to reconcile two prior cases. One held that an overriding royalty interest was part of a like-kind exchange, the other that a carved-out oil payment was not part of a like-kind exchange. The court explained its rationale for the different outcomes as follows: In one case an overriding royalty would last until the mineral deposit was exhausted, while in the other situation a carved-out royalty ended after a stated time of production.

The explanation would seem to imply the Peabody supply contracts, which would terminate before the coal was exhausted, were not like-kind to other real property. However, the Tax Court determined the contracts were part of the bundle of rights the taxpayer received in exchange for the gold mine. As a consequence the contracts affected the grade or quality of the real property (rather than a difference in class). Based on this finding, the court ruled the exchange was tax-free under section 1031.

This decision appears to permit the tax-free exchange of real property burdened by supply contracts, as long as the contracts are considered real property interests under state law.

2006-12-11 05:02:24 · 3 answers · asked by davito53000 2 in United States

I have 3 children who live with me all the time. I am now living with my fiance, who supports myself and my 3 children. I am now a full time student. Would my fiance be able to claim me and the kids as dependents on his taxes?

2006-12-11 04:55:47 · 4 answers · asked by ktbee1227 2 in United States

A friend and I were discussing "filing taxes" the other day and she said that a person who does not have an income from a job but does have an income from child support can file a tax return based on the money they received from the support. I said they can't because the taxes were already paid on that money by the parent that pays the child support. I really know nothing about how taxes and filing taxes works. So I'm hoping that someone will clarify our little friendly dispute so I can say... "Told you so." :) Not really. But I am very curious to know which is correct and why. For some reason I can't seem to stop wondering and thinking about it. Thanks for your help! Have a wonderful day!

2006-12-11 04:52:22 · 9 answers · asked by Anonymous in United States

I make $ 29,120.00 per year and I am lucky if I get a toatl of $ 150.00 back which includes both State and Federal... I take the most money out each week and still nothing... Why do you think?

2006-12-11 04:44:25 · 5 answers · asked by fun11 2 in United States

I make 6.50 and hour work 40 hours a week. I have two kids do i have to have taxes taken out of my check?

2006-12-11 04:38:32 · 3 answers · asked by ball 2 in Other - Taxes

How can a company take taxes out of your paycheck if they didn't have you fill out any tax forms??

2006-12-11 04:37:47 · 8 answers · asked by sarah e 2 in Other - Taxes

Can anyone tell me where is the best place to get your taxes done (i.e- H& R Block, Jackson Hewwitt, etc.) or how you can do them yourself (online, manually, etc.)? Thank you for your answers in advance.

2006-12-11 04:36:34 · 2 answers · asked by Anonymous in Other - Taxes

Ok, here is my predicament. I filed exempt on my tax forms like I do every year with 1 exemption thus preventing Federal Taxes from being taken out of my paychecks and ONLY Fica/Med/State taxes being taken out...I am currently a part-time student that works full-time and only 20 yrs old this would be the 1st time I could file taxes without someone else being able to claim me. My gross income for this year was 23,275 and I fall into the 15% tax bracket. Will I still get a refund for 07 or would I owe money?

2006-12-11 03:19:22 · 11 answers · asked by Anonymous in United States

list any sources if u kno any not nythin hifi jus elementary stuff... like th advantages n disadvantages of payin income tax.. n hw many ppl in india actually pay their income tax regularly...etc...etc...need help asap...

2006-12-11 02:30:25 · 4 answers · asked by Lee 1 in India

What steps do I take to find an irs representative to help me with my delinquent tax problems of late filing and paying.

2006-12-11 00:18:07 · 3 answers · asked by Anonymous in United States

Can I offset the legal cost of evicting a tenant against my yearly tax return or is this only applicable to mortgage legal costs?

2006-12-11 00:17:39 · 3 answers · asked by oconndar 1 in Other - Taxes

I invested 3K in start-up money with 2 other guys plus spent another 4K in misc. such as travel costs, supplies, etc. and we haven't taken a salary or any income and are actually barely breaking even. Can I get any tax benefits for my personal income tax by having invested in this business?

Thanks.

2006-12-10 23:43:59 · 3 answers · asked by Holly O 4 in United States

i have only been married to my current husband for 3 months in 2006, can i file a joint return with him? if no, then will they really notice if i file jointly anyway? I mean we wouldn't be getting that much more back for them to want to audit us.

2006-12-10 23:13:28 · 6 answers · asked by Anonymous in United States

2006-12-10 22:37:19 · 2 answers · asked by vivek g 1 in India

Can anybody explain how this taxes can affect foreign investment in Singapore because with the GST going to go up, it will only increase the business cost more so how to attract more foreign investment ?

2006-12-10 21:25:06 · 3 answers · asked by James Louis 5 in Other - Taxes

2006-12-10 19:37:47 · 4 answers · asked by Anonymous in India