See the Wynne case. Explain, as set forth in the majority opinion, the constitutional limits on the sovereign power of Maryland to tax 100% of the income of its residents.
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- Which of the following state tax scenarios violates the commerce clause? Multiple Choice The tax is slightly related to the services provided by the state. The tax is applied to an activity with a substantial connection with the taxing state. The tax is fairly apportioned. The tax does not discriminate against interstate commerce.Congress chose to exempt certain income from taxation, such as scholarships, gifts, life insurance proceeds, and employee fringe benefits. Given the primary purpose of IRC is to raise revenue for the government, why do you think Congress would provide for these and other exceptions?Pursuant to the Golsen Rule: a. the Tax Court must follow all Circuit Court of Appeals decisions. b. the Tax Court must follow decisions of the Court of Appeals for the Circuit in which the taxpayer's appeal may be filed. c. the Tax Court may adopt its own interpretation of the tax law, if the taxpayer's Circuit Court has not ruled on the matter. d. Two of the above.
- Prior to the adoption of the 16th amendment, in Pollock v. Farmers’ Loan and Trust Co. the Supreme Court held that: An unapportioned tax on the income from land is not a direct tax, and therefore constitutional. An unapportioned tax on the income from land is a direct tax, and therefore unconstitutional. An unapportioned tax on the income of land is an indirect tax, and therefore constitutional. An unapportioned tax on the income of land is an indirect tax, and therefore unconstitutional.The tax court is hearing a case for a taxpayer living in Pennsylvania. The 1st and 3rd Circuit Courts of Appeals have previously ruled in other cases involving the issue in the taxpayer's favor. Alternatively, the 2nd, 4th, 5th, 6th, 7th, and 9th have all ruled in the IRS's favor on this tax issue. How would you expect the tax court to decide this case?Which of the following is correct? a) An item of gross income that is subject to tax in one scheme will not be taxed by the other schemes. b) An item of income that is exempt from regular income taxation may be subject to capital gains taxation. c) In final income taxation, the taxpayer remits the tax to the government. d) All capital gains from capital assets are subject to capital gains tax.
- 1 Concerning the Federal tax on generation-skipping transfers: A. The charitable deduction is allowed to reduce the tax. B. The marital deduction is allowed to reduce the tax. C. A credit is allowed for any state-level GST tax paid. D. All of these statements are true. E. None of the above.1) Class, what are transfer taxes? What is the purpose? When and how might they apply? 2) Share your thoughts on the processes and fairness associated with federal estate taxes.The current federal income tax structure is progressive in nature. First, explain what that means. Second, regarding the proposal for a "flat tax", comment on both justification for and major obstacles to enactment.
- Which is NOT a constitutional limitation on the power of taxation?a. Application of the same law with the same taxapayersb. No person shall be imprisoned for non-payment of taxc. The requirement of notice and hearing in assessmentd. The state, unless declared void by the courts, cannot renege on its obligation or contractual agreementsThe following are constitutional limitations on the power of taxation, except one: * A. Public purpose B. No imprisonment for non-payment of poll tax C. Equal protection of law D. Power of the President to veto items in a revenue billExplain the limitations imposed on itemized deductions, especially the 2% floor for miscellaneous itemized deductions and the overall limitation on certain itemized deductions. Why do these limitations exist? Why would the Code disallow so much that many taxpayers are unable to deduct any amounts, such as on medical and miscellaneous? Do you think this these provisions are biased against those in certain tax brackets?