2. What is income according to the Haig-Simons criteria? Explain what the following terms mean, provide...

2. What is income according to the Haig-Simons criteria? Explain what the following terms mean, provide an example, and explain why they count as income according to the Haig-Simons definition:
a. Imputed rent b. Unrealized capital gain c. In-kind payments

Expert Solution

Rahul Sunny answered 2 years ago

3. The Haig-Simons criteria is often defended on the basis that it is fair, and more...

3. The Haig-Simons criteria is often defended on the basis that it is fair, and more efficient since it makes income taxes neutral to all sources of income. Is this generally true? Secondly, is it always more efficient to tax all sources of income at the same rate? Explain

What is comprehensive income according to the Haig-Simons criterion? Why don’t we tax people based on...

What is comprehensive income according to the Haig-Simons criterion? Why don’t we tax people based on this definition of income?

Explain what credit terms are, such as 1/10 net 60 days. What does it mean, provide...

Explain what credit terms are, such as 1/10 net 60 days. What does it mean, provide calculation with explanations? How does interest relate to credit terms?

Explain in your own words what each of the following terms mean, and give an example...

Explain in your own words what each of the following terms mean, and give an example of each: Positive correlation Negative correlation No correlation

Explain what recognition in financial statements is and describe the general criteria for recognising an income...

Explain what recognition in financial statements is and describe the general criteria for recognising an income and an expense in financial statements

Part 2: Explain the following managerial accounting terms and provide a real-life example for each accounting...

Part 2: Explain the following managerial accounting terms and provide a real-life example for each accounting term: administrative expenses and selling expenses . Explain why each accounting term is either classified as a product cost or period cost.  Part 3: Explain the following inventory account and provide a real-life example from three (3) different manufacturing companies: raw materials inventory .  Part 4: Explain the following inventory account and provide a real-life example from three (3) different manufacturing companies:...

explain the 3 principles of taxonomy and what thoes terms mean in detail 1. identification 2.classification...

explain the 3 principles of taxonomy and what thoes terms mean in detail 1. identification 2.classification 3.nomenclature

Definitions. Provide clear, concise answers for the following... What are the criteria (in addition to materiality)...

Definitions. Provide clear, concise answers for the following... What are the criteria (in addition to materiality) that must be met to classify an event or transaction as extraordinary? When does a discounted operation occur? Indicate how earnings per share is computed. State the primary category of prior period adjustments and indicate how they are reported in the financial statements

What do the following terms in a regression table mean and tell us? 1. df 2....

What do the following terms in a regression table mean and tell us? 1. df 2. SS 3. MS 4. F 5. Significance F 6. Residual 7. ANOVA 8. Multiple R, 9. Adjusted R square 10. Standard error 11. Lower 95% (and 95.0) 12. Upper 95% Please explain in simple words and provide examples where possible.

Explain what is meant by the terms below as a limitation of Pattern Discovery. Provide an...

Explain what is meant by the terms below as a limitation of Pattern Discovery. Provide an example for them. -poor data quality -opportunity -intervention -separability -oblivious -non-stationarity

Question