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Why we have tar and wh? The progressive features of the Federal individual income tax are well publicized. These of course affect partnerships and fiduciaries as well as individuals, since the income of all of these entities is eventually taxed at individual rates. The corporation income tax is also more progressive than is probably generally realized. The greater importance of the $25,000 surtax exemption to the smaller corporations, and other factors such as minimum accumulated earnings credits tend to make the impact of the corporate income tax much more severe on the corporations with larger earnings. All of this emphasis on progressive rates means that tax problems really arise when one entity has a large amount of ordinary income. Lowering these progressive rates then becomes a matter of having more taxable entities, having the income taxed to the most advantageous entities, or using statutory advantages, such as tax exempt income, capital gain rates, etc. Before discussing in detail methods of paying tax at lower rates, however, we should consider the importance of deferring the payment of tax. Deferral of Tax The first preference of any taxpayer would be to pay no tax at all. The only legal way I know to accomplish this, however, is to have no 18 THE QUARTERLY
Object Description
Title |
Why we have tax problems and what to do about them |
Author |
Alkire, Durwood L. |
Subject |
Income tax -- United States |
Personal Name |
Alkire, Durwood L. |
Portrait |
Alkire, Durwood L. |
Office/Department |
Touche, Ross, Bailey & Smart. Seattle Office |
Citation |
Quarterly, Vol. 06, no. 1 (1960, March), p. 18-34 |
Date-Issued | 1960 |
Source | Originally published by: Touche, Ross, Bailey & Smart |
Rights | Copyright and permission to republish held by: Deloitte |
Type | Text |
Format | PDF image with OCR under text, scanned at 400dpi |
Collection | Deloitte Digital Collection |
Digital Publisher | University of Mississippi. Digital Accounting Collection |
Date-Digitally Created | 2009 |
Language | eng |
Identifier | Quarterly_1960_March-p18-34 |