According to the Supreme Court, would it be good tax policy to use income tax as computed by financial accounting principles as the correct measure of income for Federal income tax purposes? Explain.

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Casey DurganLv2

28 Sep 2019

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Related questions

The income and expenses of a corporation for federal income tax purposes are referred to as what type of income?

a. nontaxable

b. accounting

c. tax

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Indicate and explain whether each of the following independentsituations should be treated as a temporary difference or apermanent difference.

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(b) Pretax accounting income and taxable income differ because80% of dividends received from U.S. corporations was deducted fromtaxable income, while 100% of the dividends received was reportedfor financial statement purposes.

(c) Estimated warranty costs (covering a three-year warranty)are expensed for accounting purposes at the time of sale butdeducted for income tax purposes when paid.

Using the legend provided, classify each of the following statements (more than one answer per statement may be appropriate).

Legend
D = Applies to the District Court
T = Applies to the Tax Court
C = Applies to the Court of Federal Claims
A = Applies to the Circuit Court of Appeals
U = Applies to the Supreme Court
N = Applies to none of the above

Statements:

a. Decides only Federal tax matters.
b. Decisions are reported in the F.3d Series.
c. Decisions are reported in the USTCs.
d. Decisions are reported in the AFTRs.
e. Appeal is by Writ of Certiorari.
f. Court meets most often in Washington, D.C.
g. Offers the choice of a jury trial.
h. Is a trial court.
i. Is an appellate court.
j. Allows appeal to the Court of Appeals for the Federal Circuit and bypasses the taxpayer's own Circuit Court of Appeals.
k. Has a Small Cases Division.
l. Is the only trial court where the taxpayer does not have to first pay the tax assessed by the IRS.

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