15 Jan Using the text, the readings
ACC525 Advanced Topics in Taxes
Unit 8 Discussion
Using the text, the readings and other exercises, as well as any additional research done, discuss here what some of your learnings and insights are regarding the revenue and expenditure issues. Also share what you think some of the challenges might be when it comes to these issues/topics.
What is the difference between a tax credit and a tax deduction? Give examples of each. When would it be advantageous to a taxpayer to have one or the other or both? Explain.
Samantha is a single parent providing the sole support for her six-year-old daughter, Hillary. They live in an area of Anytown where the public school is known to have problems with drugs and other crimes. Samantha wants to send Hillary to a private school to avoid these problems and provide a better environment for Hillary’s educational development. Eight years ago, Samantha set up two trusts to manage the securities she inherited from her grandfather. Samantha is the sole beneficiary of Trust A from which she receives bimonthly distributions each made after approval by the trustee. Hillary is the sole-beneficiary of Trust B and all distributions from this trust must be approved by its trustee. If Samantha convinces the trustee to pay for Hillary’s tuition, writing a check out of Trust B funds to the school, are there any income tax consequences to Samantha?
Consider any ethical issues that may arise. Cite proper IRS regulation(s) to support your point of view. Review the rubric for discussion requirements.
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