Explain the difference between the statutory and effective tax
rates. What are permanent and temporary differences? What are the
four primary TYPES of temporary differences identified by the text
(explain each of the four briefly in your own words)?
IRC Section 245 - Explain its purpose and operation. Outline the
changes effectuated by the Tax Cuts & Jobs Act of 2017 and its
application to foreign sourced dividend."
1) Carefully explain the distinction between the legal liability
for a tax (its statutory incidence) and its economic incidence? If
it does not matter which side of a market is taxed on economic
incidence grounds, discuss why governments might prefer to
attribute liability to one side or the other. (I don't know how to
answer the second part of the question)
2) Because monopoly profits are simply an income
distributionissue, the conditions for the Fundamental Theorem of
WelfareEconomics are satisfied...
How is the tax base defined for a comprehensive wealth tax? What
are some of the problems associated with measuring wealth? Why
would inclusion of the assets of corporations and outstanding
corporate stock double-count the wealth of corporations?