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SOLUTION MANUAL FOR McGraw-Hill's Taxation of Individuals 2024 Edition, 15th Edition SpilkerSOLUTION MANUAL FOR McGraw-Hill's Taxation of Individuals 2024 Edition, 15th Edition SpilkerSOLUTION MANUAL FOR McGraw-Hill's Taxation of Indi $15.49   Add to cart

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SOLUTION MANUAL FOR McGraw-Hill's Taxation of Individuals 2024 Edition, 15th Edition SpilkerSOLUTION MANUAL FOR McGraw-Hill's Taxation of Individuals 2024 Edition, 15th Edition SpilkerSOLUTION MANUAL FOR McGraw-Hill's Taxation of Indi

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SOLUTION MANUAL FOR McGraw-Hill's Taxation of Individuals 2024 Edition, 15th Edition Spilker

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  • October 27, 2024
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Solution Manual
McGraw-Hill's Taxation of Individuals 2024 Edition,
15th Edition by Spilker, Ayers, All Chapters 1 - 14

,TABLE OF CONTENTS
g g g



PartgI:gIntroductiongtogTaxation

Chapterg1:gAngIntroductiongtogTax

Chapterg2:gTaxgCompliance,gthegIRS,gandgTaxgAuthorities

Chapterg3:gTaxgPlanninggStrategiesgandgRelatedgLimitations



PartgII:gBasicgIndividualgTaxation

Chapterg4:gIndividualgIncomegTaxgOverview,gDependents,gandgFilinggStatus

Chapterg5:gGrossgIncomegandgExclusions

Chapterg6:gIndividualgDeductions

Chapterg7:gInvestments

Chapterg8:gIndividualgIncomegTaxgComputationgandgTaxgCredits



PartgIII:gBusiness-RelatedgTransactions

Chapterg9:gBusinessgIncome,gDeductions,gandgAccountinggMethods

Chapterg10:gPropertygAcquisitiongandgCostgRecovery

Chapterg11:gPropertygDispositions



PartgIV:gSpecializedgTopics

Chapterg12:gCompensation

Chapterg13:gRetirementgSavingsgandgDeferredgCompensation

Chapterg14:gTaxgConsequencesgofgHomegOwnership

,Chapterg1
AngIntroductiongtogTax


DiscussiongQuestions

(1) [LOg1]gJessica’sgfriendgZacharygoncegstatedgthatghegcouldn’tgunderstandgwhy
someonegwouldgtakegagtaxgcourse.gWhygisgthisgagrathergnaïvegview?

Taxesgaregagpartgofgeverydayglifegandghavegagfinancialgeffectgongmanygofgthegmajorg pers
onalgdecisionsgthatgindividualsgfaceg(e.g.,ginvestmentgdecisions,gevaluatingg alternativegj
obgoffers,gsavinggforgeducationgexpenses,ggiftgorgestategplanning,getc.).

(2) [LOg1]gWhatgaregsomegaspectsgofgbusinessgthatgrequiregknowledgegofgtaxation?g W
hatgaregsomegaspectsgofgpersonalgfinancegthatgrequiregknowledgegofgtaxation?

Taxesgplaygangimportantgrolegingfundamentalgbusinessgdecisionsgsuchgasgtheg following
:
 Whatgorganizationalgformgshouldgagbusinessguse?
 Wheregshouldgthegbusinessglocate?
 Howgshouldgbusinessgacquisitionsgbegstructured?
 Howgshouldgthegbusinessgcompensategemployees?
 Whatgisgthegappropriategmixgofgdebtgandgequitygforgthegbusiness?
 Shouldgthegbusinessgrentgorgowngitsgequipmentgandgproperty?
 Howgshouldgthegbusinessgdistributegprofitsgtogitsgowners?
Onegmustgconsidergallgtransactiongcostsg(includinggtaxes)gtogevaluategthegmeritsgofg agtr
ansaction.

Commongpersonalgfinancialgdecisionsgthatgtaxesginfluenceginclude:gchoosingg investm
ents,gretirementgplanning,gchoosinggtogrentgorgbuygaghome,gevaluatingg alternativegjobg
offers,gsavinggforgeducationgexpenses,gandgdoingggiftgorgestateg planning.


(3) [LOg1]gDescribegsomegwaysgingwhichgtaxesgaffectgthegpoliticalgprocessgingtheg Un
itedgStates.

U.S.gpresidentialgcandidatesgoftengdistinguishgthemselvesgfromgtheirgopponents

, basedgupongtheirgtaxgrhetoric.gLikewise,gthegmajorgpoliticalgpartiesggenerallyghaveg veryg
diversegviewsgofgthegappropriategwaygtogtaxgthegpublic.gDetermininggwhogisg taxed,gwh
atgisgtaxed,gandghowgmuchgisgtaxedgaregdifficultgquestions.gVotersgmustg havegagbasicgu
nderstandinggofgtaxesgtogevaluategthegmeritsgofgalternativegtaxg proposalsgofferedgbygop
posinggpoliticalgcandidatesgandgtheirgpoliticalgparties.

(4) [LOg2]gCourtneygrecentlygreceivedgagspeedinggticketgonghergwaygtogtheguniversity.g He
rgfinegwasg$200.gIsgthisgconsideredgagtax?gWhygorgwhygnot?

Theg$200gspeedinggticketgisgnotgconsideredgagtax.gInstead,gitgisgconsideredgagfineg org
penalty.gTaxesgdiffergfromgfinesgandgpenaltiesgbecausegtaxesgaregnotgintendedg togpu
nishgorgpreventgillegalgbehavior.

(5) [LOg2]gMarlongandgLatoyagrecentlygstartedgbuildinggaghouse.gTheyghadgtogpay
$300gtogthegcountyggovernmentgforgagbuildinggpermit.gIsgtheg$300gpaymentgagtax?g Wh
ygorgwhygnot?

Thegbuildinggpermitgisgnotgconsideredgagtaxgbecauseg$300gpaymentgisgdirectlyg linkedgto
gagbenefitgthatgtheygreceivedg(i.e.,gthegabilitygtogbuildgaghouse).




(6) [LOg2]gToghelpgpaygforgthegcity’sgnewgstadium,gthegcitygofgBirminghamgrecentlyg ena
ctedgag1gpercentgsurchargegonghotelgrooms.gIsgthisgagtax?gWhygorgwhygnot?

Theg1gpercentgsurchargegisgagtax.gTheg1gpercentgsurchargegisgangearmarkedgtaxg–
g i.e.,gcollectedgforgagspecificgpurpose.gThegsurchargegisgconsideredgagtaxgbecauseg thegta

xgpaymentsgmadegbygtaxpayersgdognotgdirectlygrelategtogthegspecificgbenefitg receivedgb
ygthegtaxpayers.

(7) [LOg2]gAsgnotedgingExampleg1-
2,gtolls,gparkinggmetergfees,gandgannualglicensingg feesgaregnotgconsideredgtaxes.gCang
yougidentifygothergfeesgthatgaregsimilar?

Theregaregseveralgpossibleganswersgtogthisgquestion.gSomegcommongexamplesg includ
egentrancegfeesgtognationalgparks,gtaggfeesgpaidgtoglocal/stateggovernmentg forgautomo
biles,gboats,getc.

(8) [LOg2]gIfgtheggeneralgobjectivegofgourgtaxgsystemgisgtograisegrevenue,gwhygdoesgtheg inc
omegtaxgallowgdeductionsgforgcharitablegcontributionsgandgretirementgplang contributi
ons?

Ingadditiongtogtheggeneralgobjectivegofgraisinggrevenue,gCongressgusesgthegfederalg taxgs
ystemgtogencouragegcertaingbehaviorgandgdiscouragegothergbehavior.gTheg charitablegc
ontributiongdeductiongisgintendedgtogencouragegtaxpayersgtogsupportg theginitiativesgof
gcharitablegorganizations,gwhereasgdeductionsgforgretirementg contributionsgaregintend

edgtogencouragegretirementgsavings.gAnothergobjectivegofg thegtaxgsystemgisgtogredistri
butegwealth.

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