What is the purpose of the provision in the tax law that taxes unearned income of certain minor children at the trust and estate tax rates? The provision is designed to prevent   from transferring   generally to   in order to take advantage of the   tax rate.

The Social Security tax is often described as a regressive tax since only earnings below a certain threshold are taxed. What is your opinion on the fairness of this tax?

Do income exclusions provide taxpayers “tangible” benefits Is the IRS appearing to be socially responsible when it excludes from gross income, living expenses, property damage and funeral expenses tied to Disaster Relief, employer payments to deceased employees surviving family members, insurance proceeds for the terminally ill and other similar considerations? Is there some underlying purpose for offering exclusions to taxpayers?

In almost all cases, making contributions to an RRSP will provide the deferral of income tax. In some cases, making such contributions may result in avoidance of tax. Explain these statements.

How does an individual taxpayer in the United States qualify for the foreign earned income exclusion?

Which of the following is NOT true about an RESP? Select one: a. Withdrawals are taxed in the hands of the beneficiary b. There is a lifetime contribution limit per beneficiary c. The federal government subsidizes the parents' deposits with a grant d. Deposits are not deductible, beneficiary's withdrawals are not taxable

Even though transfer taxes do not affect all individuals, individuals affected by a transfer tax can experience a high tax liability. What taxes are not considered a transfer tax?  Tangible personal property is taxed by state and local governments. What is an example of something that is not considered tangible personal property?  What is an example of something that excise tax is not levied on?

Which of the following statements are correct? i. A tax resident is normally liable to tax on their worldwide, profits, income, and gains, whether received. ii. Non-residents are generally liable to tax on certain income and profits generated from sources within the country. iii. A domiciled taxpayer is normally liable to tax on their worldwide, profits, income, and gains, whether received. iv. Tax is imposed on certain sources of income, such as interest, dividends, royalties, and fees, by way of withholding tax. a. i, ii and iv b. i only c. All of the above d. i, iii and iv

When a petition is filed with the Tax Court, the taxpayer is required to pay the deficiency only if he loses, not before. (True/False)

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