We are seasoned tax professors, here to break down tax-related concepts. For more about Break Into Tax (BiT), watch the Season 2 Intro at ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-e5eb58t7I48.html. For more about Professor Lederman and what led her and Professor Christians to start the channel, watch the first intro video at ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-4BV7J-M-8_Q.html!
You can email us at BreakIntoTax@gmail.com. None of our content is legal or tax advice.
I have a B. SC degree in Accounting and want fo purse an LLM in Taxation Law. How easy is it going to be for me. And since I don't have an LLB what limitations would I have to practice and in which areas would i be able to work
Very interesting - can apply to to attract or discourage investment decisions. - can improve transborder transparency - and. Led to. Stronger exchange of information rules. (BEPS) To address competition issues.
International Tax is about cross border transaction. Transnational tax law comparing different regime, for example US and another system Inbound and outbound
Trans border consideration/Businesses have to do international tax. Inbound/outbound businesses among nations call comparison and competition of tax laws and so on.
Basically, international tax is not really International except that the system of tax of a particular country may differ from other country but not much difference. E.g rules of taxation are the same everywhere.
My God America.....WAKE UP!! THERE IS NO TAX CRIME BECAUSE......there is NO TAX! TAXABLE YEARS ENDED AUGUST 16 1954!!! Google 26 CFR 1.0-1 paragraph (d) of the IRC of 1954 clearly says TAXABLE YEARS began December 31 1953 and ENDED AUGUST 16 1954 passed into LAW by the 83rd Congress AS LAW and published AS Volume 68A of the United States Statutes at Large.....as LAW. Any Subtitle F compliant enforcement provisions took effect on the day AFTER the date of ENACTMENT which was August 17 1954 but on that day there was NO TAX TO ENFORCE AS the tax died expired the day before on August 16 1954. There has NOT BEEN AN ENFORCEABLE LEGAL INCOME TAX in this country for 70 YEARS!!. We just asserted this fact before the U.S. Tax Court and have had several years of back taxes interest and penalties dismissed by the Court because of lack of Jurisdiction Standing and Merit of the IRS because of the IRC of 1954. We did this without an attorney and only cost us $60 Court filing fee. In addition we had an IRS Notice of Deficiency for non filing of taxes for 2017 dismissed on the same grounds by the Tax Court.
Why is this still limited to $3,000. It's been 45 years now since that amount was set. We've had enough inflation since then to make this amount over $13,000. How about we get with the bleeping times already?
The toughest thing I had to overcome in every tax exam I had taken was this: I had to suppress my natural accountant's impulse and actually answer the questions by "thinking like a lawyer." In other words, I could see the results on the various tax forms but I couldn't answer the questions as a practicing accountant. I had to apply the various Code Sections to the storyline and come to the same conclusion. Thus, while having prior accounting experience is advantageous in a law school tax class, the thing to remember is that this is STILL law school, and the experience is wholly different than what one might be already used to as a practitioner.
Question: As I recall, the estate tax is payable from estate resources, and the estate tax return is due nine months from the date of death. Secondly, IRC Section 6324 allows the IRS to go after the beneficiaries for any unpaid taxes after 10 years. Does that still apply?
I tell my own tax students to take a tax class so at the minimum, they won't have to pay H&R Block $300 only to do their taxes wrong...and then pay someone like me $1,500 to clean up the mess. They can at least learn how to do their own returns and go from there.
That's a great point! In my experience, law school classes focus on the law and don't really teach return prep, but I've had a lot of students tell me that they prepared their own return for the first time after taking the course. I always go through a few pages of the most recent public U.S. President's tax return, to give students an overview of how it works and what types of things generally go where.
I would argue that corporate capital gains DO have a rate preference. That's because ALL US corporate taxable income is taxed at a flat 21% rate. Compare that to an individual taxpayer who's at the top 37% marginal tax bracket. Is it any wonder the tax rules have always been corporation friendly???
That's an important comparison as far as tax rates on ordinary income (which is what both rates are). Individuals' net capital gain is taxed at lower rates than their ordinary income (so not 37%). I think the idea, though, is that corporate taxable income is taxed at the same rate whether it's capital gains or not.
@@ECO473 That certainly sounds right. But how does that relate to the idea you mentioned above ("I would argue that corporate capital gains DO have a rate preference. That's because ALL US corporate taxable income is taxed at a flat 21% rate.")?
@@BreakIntoTax Because corporate capital gains are treated the same as ordinary income as they're both subject to the 21% rate. There's no separation as it is for individual taxpayers. Thus, unless I'm missing something, it seems that the tax rules treat corporations more favorably than individuals.
@@ECO473 One thing is that the capital gains rates in IRC § 1(h) are under 21%. Even the top rate there is 20%. Another thing is that corporations aren't human beings, so if an individual sets up a corporation, presumably they also have to get the corporation's earnings out of the corporate form to actually consume them. The classical corporate tax is a "double tax" because the corporation is taxed on its income and then, generally speaking, the distribution to the corporation's owners (shareholders) is also taxed. This is a bit of an oversimplification, but that's the basic idea.
I have a tax LLM, and I enjoyed the experience greatly. What were your favorite tax classes? I loved Tax Procedure, Problems of Timing, & Estate/Gift Tax.
Great vid. Thank you. Question. What happens if say i buy a New business. For example a gas station for $1.2M where it had 200k of equipment and 1M for the biz itself. Can I only deduct the 200k or all of my purchase price?
Thank you! We can't give legal or tax advice. I'm also not sure I understand your question. It doesn't sound like you're asking about depreciation deductions. If you're asking about expensing under IRC § 179, that's a topic discussed in the following video: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-Gl_N6nxXRWk.html.
The tax code is not the "IRS Code," it's the "Internal Revenue Code" (or "IRC")--it's enacted by Congress (as Title 26 of the U.S. Code), not by the IRS. A lot of times, page estimates go beyond what is actually the Internal Revenue Code and include other documents, such as Treasury regulations. The site we use in our videos for the Internal Revenue Code is the Legal Information Institute at Cornell: www.law.cornell.edu/uscode/text/26.
Can you help? Regarding capital gains/losses pertaining only to equities. If I have a long term capital loss of $20,000 in year 1 and no long term or short term capital gains in year 1 I can utilize $3,000 of the losses to offset ordinary income. That leaves a carry-over of $17,000. If I had a long-term capital gain in year 2 of $17,000, could I utilize the full $17,000 capital loss carry-over from year 1? Or, am I limited to $3,000? If I am limited to $3,000 capital loss annually, does that apply until the $17,000 is exhausted or is there a limited # of carry-over years? I get multiple answers. Thanks for your help. Steve
Check out the latest video in our Overviews of Specialized Taxes playlist! These videos provide an overview of a field within tax & usually include tax careers info, as well! Which tax field should we cover next?
Loved this , thankyou so much!! Is it possible to make a video on inside and outside basis in partnership, i am not able to wrap my headaround that concept
We hope you like these short overviews of specialized tax areas. This one also includes a bonus "tax careers" component! Should we make more videos like this?