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The three most basic and common types of tax planning are
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------------------------------------------, and
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The three most basic and common types of tax planning are
Timing of income recognition,
Shifting of income among taxpayers and jurisdictions, and
Conversion of income among high- and low-rate activities.
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The ---------------------------- accelerates or defers recognition of income and/or deductions.
The timing technique accelerates or defers recognition of income and/or deductions.
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The basics of ------------------------ typically relate to moving income and therefore the accompanying tax liability from one family member to another who is subject to a lower marginal rate, or moving income between entities and their owner(s).
The basics of income shifting typically relate to moving income and therefore the accompanying tax liability from one family member to another who is subject to a lower marginal rate, or moving income between entities and their owner(s).
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The ---------------------- doctrine holds that a taxpayer cannot avoid tax for income the taxpayer earned by assigning it to another person.
The assignment of income doctrine holds that a taxpayer cannot avoid tax for income the taxpayer earned by assigning it to another person.
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------------------------------ are transactions that occur between persons (including corporations) that are related to each other in one of the statutorily defined manners.
Related party transactions are transactions that occur between persons (including corporations) that are related to each other in one of the statutorily defined manners.
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An ------------------------------ occurs when the involved parties act independently, regardless of any relation.
An arm’s-length transaction occurs when the involved parties act independently, regardless of any relation.
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----------------- is minimizing tax liability through legal arrangements and transactions.
Tax avoidance is minimizing tax liability through legal arrangements and transactions.
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A key distinction between avoidance and evasion is taxpayer ------------------- A taxpayer’s intent is called into question when one of the “badges” of fraud is identified.
A key distinction between avoidance and evasion is taxpayer “intent.” A taxpayer’s intent is called into question when one of the “badges” of fraud is identified.
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Concerning fraud, Sec. 7201 reads as follows: “Any person who willfully attempts in any manner to evade or defeat any tax imposed by this title or the payment thereof shall, in addition to other penalties provided by law, be guilty of a felony and, upon conviction thereof, shall be fined not more than-----------------------------------------------------, or imprisoned not more than -----------------------, or both, together with the costs of prosecution.”
Concerning fraud, Sec. 7201 reads as follows: “Any person who willfully attempts in any manner to evade or defeat any tax imposed by this title or the payment thereof shall, in addition to other penalties provided by law, be guilty of a felony and, upon conviction thereof, shall be fined not more than [$250,000] ($500,000 in the case of a corporation), or imprisoned not more than five years, or both, together with the costs of prosecution.”
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Concerning fraud, --------------- reads as follows: “Any person who willfully attempts in any manner to evade or defeat any tax imposed by this title or the payment thereof shall, in addition to other penalties provided by law, be guilty of a felony and, upon conviction thereof, shall be fined not more than [$250,000] ($500,000 in the case of a corporation), or imprisoned not more than five years, or both, together with the costs of prosecution.”
Concerning fraud, Sec. 7201 reads as follows: “Any person who willfully attempts in any manner to evade or defeat any tax imposed by this title or the payment thereof shall, in addition to other penalties provided by law, be guilty of a felony and, upon conviction thereof, shall be fined not more than [$250,000] ($500,000 in the case of a corporation), or imprisoned not more than five years, or both, together with the costs of prosecution.”
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The maximum financial felony penalty for fraud by a noncorporate taxpayer is ----------------------
The maximum financial felony penalty for fraud by a noncorporate taxpayer is $250,000.
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------------------------ is a part of an individual’s or organization’s overall goal of maximization of “after-tax” wealth.
Tax planning is a part of an individual’s or organization’s overall goal of maximization of “after-tax” wealth.
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------------------------ involves moving income from one taxpayer to another or to another tax jurisdiction.
Shifting income involves moving income from one taxpayer to another or to another tax jurisdiction.
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Delaying income recognition to take advantage of future tax rates is a -------------------------.
Delaying income recognition to take advantage of future tax rates is a timing technique.
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Utilizing MACRS depreciation (accelerating the depreciation deduction) instead of electing straight-line depreciation is an example of which tax planning technique?
Timing
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The ---------------------------- doctrine prohibits the splitting of income between taxable entities.
The assignment of income doctrine prohibits the splitting of income between taxable entities.
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