McGraw-Hill's Taxation of Individuals and Business Entities 2019 Edition
1st Edition
ISBN: 9781259918391
Author: Professor, Brian C. Spilker
Publisher: McGraw-Hill Education
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Chapter 1, Problem 1DQ
To determine
Explain the reason of Z, the friend of J for the negative view on tax course.
Expert Solution & Answer
Explanation of Solution
What is Tax: A tax is a payment levied by the order of Federal, state or local government agencies and collected from the general public to fund the developmental work of the government and not directly linked to the benefits received by the public. A tax must have following characteristics;
- 1. Tax is mandatory payment from the eligible public/enterprise
- 2. Tax is levied by the Government agencies
- 3. Tax has no direct relationship with the benefit received by the taxpayer
Taxes are integral part of everybody’s life. Tax plays a major role on multiple personal/organizational decision of ones’ life, like deciding on the investment avenues, choosing among the different jobs, savings for specific needs of life, making or receiving gifts or estates, tax planning and many more.
Since, Tax is an important aspect of ones’ life and all must take tax course for their own interest. Hence, Z’s negative view on tax is out of place and naïve.
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Chapter 1 Solutions
McGraw-Hill's Taxation of Individuals and Business Entities 2019 Edition
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