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individual income tax. "USA Indiana state laws " - Research Paper Example
Finance & Accounting
Pages 6 (1506 words)
Individual Income Tax "USA Indiana State Laws Name: Instructor: Course: Date: Summary of Facts The case in this memo is of a taxpayer who is employed as a consultant by UR Needy LLC. She does not have an office to work in because the employer does not provide for the office…
The taxpayer participates in racecar driving on mini circuit. The car is hers and she is her own mechanic. She lost money during the first two competition years. Taxpayers often receive gifts support the products of racing. The question is whether how the deductions will apply to the swimming pool, the gift, the office, the losses she experienced in racing. It also extends to the treatment that the taxation to the gifts which they receive. Summary of Issues The issue in this scenario is the application of taxation and deductions on incomes according to the Indiana taxation law. It seeks to identify the provision of the taxation law in determining what constitutes taxable income and valid deductions. This is in recognition of the fact that not all assets and incomes are taxable and not all expenses are considered as valid for deduction. The taxation law on income taxes in Indiana recognizes Taxable benefits as any income that is earned from professions or daily business occupation. This is an important information in the preparation of income tax returns. ...
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