CHAPTER18IncomeTaxesandBusinessDecisions所得稅與經(jīng)營決策第十八章

CHAPTER18IncomeTaxesandBusinessDecisions所得稅與經(jīng)營決策第十八章CHAPTER18

IncomeTaxesandBusinessDecisions

第十八章所得稅與經(jīng)營決策Keytermsintroducedoremphasizedinchapter18:

本章重點(diǎn)詞匯Adjustedgrossincome:Asubtotalinanindividual’staxreturncomputedbydeductingfromgrossincomeanybusiness-relatedexpensesandotherdeductionsauthorizedbylaw.Akeyfiguretowhichmanymeasurementsarelinked.調(diào)整后總收益：在個(gè)人納稅申報(bào)表中，總收益扣除有關(guān)的經(jīng)營費(fèi)用和法律允許扣除的其他項(xiàng)目后所得的收益小計(jì)。許多項(xiàng)目的計(jì)算都與該指標(biāo)有關(guān)聯(lián)。Alternativeminimumtax(AMT)Aspecialtaxcomputationdesignedtoensurethathigh-incometaxpayerspayasignificantamountoftaxesregardlessoftheirdeductionsortaxshelters.選擇性最低稅金一種特殊的稅金計(jì)算方法，以確保高收入的納稅者交納高額稅金，不管其稅收扣除項(xiàng)目或避稅手段如何。Capitalasset:Stocks,bonds,andrealestatenotusedinatradeorbusiness.資本資產(chǎn)：股票、債券和不動產(chǎn)等不用于交易和經(jīng)營的資產(chǎn)。Capitalgainorloss:Thedifferencebetweenthecostbasisofacapitalassetandtheamountreceivedfromitssale.資本利得或損失：資本資產(chǎn)的成本基礎(chǔ)和其出售所得之間的差異。Cashbasisofaccounting:Revenueisrecordedwhenreceivedincashandexpensesarerecordedintheperiodinwhichpaymentismade.Widelyusedforindividualtaxreturnsandfortaxreturnsofprofessionalfirms,farms,andservice-typebusinesses.Givestaxpayersadegreeofcontrolovertaxableincomebydeliberatetimingofcollectionsandpayments.Notusedinmostfinancialstatementsbecauseitfailstomatchrevenuewithrelatedexpenses.現(xiàn)金收付實(shí)現(xiàn)制會計(jì)：在現(xiàn)金收到時(shí)確認(rèn)收入，在現(xiàn)金支付時(shí)確認(rèn)費(fèi)用。廣泛運(yùn)用于個(gè)人納稅申報(bào)表和職業(yè)合伙人企業(yè)、農(nóng)場以及服務(wù)性企業(yè)納稅申報(bào)表的編制。在這種制度下，納稅人可以通過安排收、付款的時(shí)間來對應(yīng)稅收益實(shí)施一定程度的控制。由于該種制度不能將收入和相關(guān)費(fèi)用進(jìn)行有效的配比，故在大多數(shù)財(cái)務(wù)報(bào)表的編制中不能使用。Deduction:Anamount(otherthanapersonalanddependencyexemption)thatcanbesubtractedfromgrossincomeinthecomputationoftaxableincome.(稅收）扣除：在計(jì)算應(yīng)稅收益過程中，可以從總收入中扣除的（除個(gè)人或被撫養(yǎng)人豁免項(xiàng)目之外）項(xiàng)目。Deferredincometaxes:Incometaxesapplicabletoincomewhichhasbeenrecognizedforfinancialreportingpurposes,butwhichwillnotbereportedforincometaxpurposesuntilafutureaccountingperiod.遞延所得稅：基于那些已經(jīng)因財(cái)務(wù)報(bào)告目的而報(bào)告的，但在所得稅納稅申報(bào)表需遞延到以后期間報(bào)告的收益的所得稅。Doubletaxation:Theconceptthatcorporateincomeistaxedontwoseparateoccasions:first,tothecorporationwhenitisearned；andsecond,tothestockholdersastheearningsaredistributedintheformofdividends.雙重征稅：指企業(yè)所得將被兩次征稅：一次是企業(yè)就其所得交納企業(yè)所得稅，另一次是企業(yè)所得以現(xiàn)金股利的形式發(fā)放給股東時(shí)，股東要就此交納個(gè)人所得稅。Exclusion:Incomewhichbylawisexemptfromfederalincometaxes.(稅收）豁免：法律允許不交納聯(lián)邦所得稅的收益項(xiàng)目。Grossincome:Allincomeandgainsfromwhateversourcederived,lessitemsspeciallyexcludedbylaw,suchasinterestonstateandmunicipalbonds.總收益：所有的收益和利得，減去法律明確規(guī)定的稅收豁免項(xiàng)目，如州和市政債券的利息收入等。Interperiodincometaxallocation:Allocationofincometaxexpenseamongaccountingperiodsbecauseoftemporarydifferencesbetweenaccountingincomeandtaxableincome.Causesincometaxexpensereportedinfinancialstatementstobeinlogicalrelationshiptoaccountingincome.所得稅（費(fèi)用）跨期分配：由于會計(jì)所得和納稅所得之間的臨時(shí)性（時(shí)間性）差異，而導(dǎo)致的所得稅費(fèi)用在會計(jì)期間之間的分配。該項(xiàng)分配使得財(cái)務(wù)報(bào)表上所列示的所得稅費(fèi)用與會計(jì)所得之間具有邏輯上的（配比）關(guān)系。Itemizeddeduction:Personalexpensesdeductiblefromadjustedgrossincome,suchasmortgageinterest,propertytaxes,contributions,andmedicalexpensesandcasualtylossesinexcessofcertainamounts.分項(xiàng)扣減數(shù)：可以從調(diào)整后的總收益中扣減的個(gè)人費(fèi)用項(xiàng)目，如抵押利息，財(cái)產(chǎn)稅，養(yǎng)老金和超過一定金額的醫(yī)療費(fèi)和意外損失。Marginaltaxrate:Thetaxrateapplicabletochangesinthetaxpayer’staxableincome.Normallythehighesttaxrateapplicabletothetaxpayer’sincome.邊際稅率：對納稅人應(yīng)稅所得的變化額所征收的所得稅稅率。一般情況下是指納稅人的應(yīng)稅所得所適用的最高稅率。Personalexemption:Adeductionofspecifiedamountsfromadjustedgrossincomeforthetaxpayer,thetaxpayer’sspouse,andeachdependent.個(gè)人免稅：針對納稅人、納稅人的配偶以及每一個(gè)受瞻養(yǎng)人，而從調(diào)整后的總收益中扣除規(guī)定數(shù)額的項(xiàng)目。Standarddeduction:Aspecifiedamounttobedeductedfromadjustedgrossincome.Analternativetolistingitemizeddeductions,suchasmortgageinterestandpropertytaxes.標(biāo)準(zhǔn)扣除額：從調(diào)整后的總收益中扣除的具體金額。是分項(xiàng)扣減法的替代方法。Taxcredit:Anamounttobesubtractedfromthetaxitself.Exlesaretheearnedincomecreditandthecreditforchildasexpenses.稅款減除數(shù)：直接從稅款中減除的金額。如所得稅減除和子女護(hù)理費(fèi)優(yōu)惠。Taxevasion:Anillegalunderreportingoftaxableincome.逃稅：非法低報(bào)應(yīng)稅所得的行為。Taxliability:Thetotalamountofincometaxesowedbyataxpayerforthecurrentyear(regardlessofwhetherportionsofthisobligationhavealreadybeenpaid).稅收負(fù)債：納稅人當(dāng)年度所欠的所得稅金額總計(jì)，不考慮其實(shí)際的支付情況。Taxplanning:Asystematicprocessofminimizingincometaxesbyconsideringinadvancethetaxconsequencesofalternativebusinessorinvestmentactions.Amajorfactorinchoosingtheformofbusinessorganizationandcapitalstructure,inlease-or-buydecisions,andintimingoftransactions.稅收籌劃：通過事先考慮可供選擇的經(jīng)營或投資活動的稅收后果，來使所得稅稅負(fù)最小的系統(tǒng)性過程。是企業(yè)在選擇經(jīng)營組織形式和資本結(jié)構(gòu)，進(jìn)行租賃-抑或-購買決策，以及安排交易時(shí)間的主要因素。Taxshelters:Investmentprogramsdesignedtoshowlossesintheshorttermtobeoffsetagainstothertaxableincome,butofferingthehopeoflong-runprofits..稅盾：設(shè)計(jì)一項(xiàng)投資方案，在短期內(nèi)呈現(xiàn)損失，從而可以抵減其他應(yīng)稅收益，并同時(shí)具有長期獲利的希望。Taxableincome:Thecomputedamounttowhichtheappropriatetaxrateistobeappliedtoarriveatthetaxliability.應(yīng)納稅所得：與適用的所得稅稅率相乘求得稅收負(fù)債的金額。Learningobjectives:1.Describethefederalincometax:itshistoryandobjectives.2.Discusstheadvantageofthecashbasisofaccountingforpreparationofindividualincometaxreturns.3.Statetheformulafordeterminingthetaxableincomeofanindividual.4.Explaintherecentchangesintaxationofcapitalgainsandlosses.Continue:5.Contrastthedeterminationoftaxableincomeforacorporationwiththatforanindividual.6.Describethecircumstancesthatcreatealiabilityfordeferredincometaxes.7.Explainhowtaxplanningisusedinchoosingtheformofbusinessorganizationandthecapitalstructure.Lo1:Describethefederalincometax:itshistoryandobjectives.History:Establishedin1913LowratesTheonlypurpose:raisingtherevenueforgovernment.Now:Highertaxrate:max,70%;1993,40%Broadenedpurpose:StimulatetheeconomyProtecttheenvironmentEnforceamoreuniformdistributionofnationalincomeLaw:InternalRevenueCodeGovernmentagency:TreasuryDepartment,InternalRevenueService(IRS)

ClassesoftaxpayersFourmajorclasses:IndividualsCorporationEstatesTrusts

ThecriticalimportanceofincometaxesTotaxpayers:Incometaxesaffectnotonlythefinancialpositionofindividualsandbusinesses,butalsoalmostallthedecisions.TogovernmentIncometaxesaretheprinciplesourceofrevenuetothefederalgovernment.Incometaxesandgovernmentspendingaretoday’spolitical“hotpotatoes”.

TaxplanningvstaxevasionTaxplanning:Asystematicprocessofminimizingincometaxesbyconsideringinadvancethetaxconsequencesofalternativebusinessorinvestmentaction.Majortypesoftaxplanning:TostructuretransactionsinamannerwhichprovidetaxadvantagesToselectappreciateaccountingmethodsthatproducethemostadvantageousmeasurementoftaxableincome.TaxEvasionIllegaleffortsbytaxpayerstoavoidtheirtaxobligations.Acrime,punishedbyfines,imprisonment,orboth.

Question&discussIsthereaclearlinebetweenthetaxplanningandtaxevasion?Howtomanageyourbusinesstoreachthegoalofminimizingyourtaxlegally?EnforcementofincometaxlawsSelf-assessmentsystemtocollectincometaxSeveralmeansofenforcingtheself-assessmentsystem:Keepthetracesoftaxpayer’sincomethroughthethirdparty’sreportAuditthe“suspicious”taxreturns,andtheburdenofproofrestswiththeauditedtaxpayer.Imposepenaltiesupontaxpayerswhohaveunderstatedtheirtaxableincome.Lo2:DiscusstheadvantageofthecashbasisofaccountingforpreparationofindividualincometaxreturnsCharacteristicofcashbasisofaccountingforincometaxreturns:RevenueisrecognizedwhencashisselectedExpenses(exceptdepreciation)arerecognizedwhenacashpaymentismade.Capitalexpendituresarecapitalizedanddepreciatedfortaxpurposes.

theadvantageofthecashbasisofaccountingforincometaxesFromthegovernment’sviewpoint:FacilitatecollectionoftaxesFromthetaxpayer’sviewpoint:RequireaminimumofrecordkeepingPermittaxpayerusethestrategyofaccelerateexpensesanddelayreceiptofrevenuetosavethetax.Almostallthetaxpayerwhoareeligibletochoosethecashbasis:allindividual;manyfirms.

TaxratesforindividualincometaxesAccordingtotherelationshipbetweenthetaxrateandtheincomebase,incometaxesmaybeclassified:Progressive:highertaxrateasbaseincreases.Proportional:constanttaxrateRegressive:lowertaxrateasbaseincreasesFederalincometaxesareprogressive,usuallyconsistoffivebrackets:15%,28%,31%,36%,40%SeeP816

MarginaltaxratesThetaxrateapplicabletochangesinthetaxpayer’staxableincome.Normallythehighesttaxrateapplicabletothetaxpayer’sincome.Underprogressivetaxstructure,theaveragetaxrateareofnosignificancefordecisionmaking.

Lo3:statetheformulafordeterminingthetaxableincomeofanindividualTheformulaconsistsofthefollowingsteps:A.computetotalincomeB.SubtractexclusionC.ComputegrossincomeD.SubtractdeductionsE.ComputeadjustedF.subtractstandarddeductionoritemizeddeductionsG.subtractpersonalexemptionsH.EqualstaxableincomeQuestionsWhatisthedifferencebetweentheexemptionanddeduction?Whataretwobroadcategoriesofdeductions?WhyisthesignificanceofAGIsubtotal?Whatqualifiesasadeduction?Whatisthepersonalanddependencyexemption?Underprogressivetaxstructure,whatisthespecialtreatmenttohigh-incometaxpayers.Lo4:ExplaintherecentchangesintaxationofcapitalgainsandlossesThepresenttaxstatusofcapitalgainsandlosses:Taxpayersmustidentifyandreportseparatelynetshort-termandnetlong-termcapitalgainsandlosses,whichthenareoffsettodeterminethenetcapitalgainorloss；Netcapitalgainsaretaxedasordinaryincome,exceptthatnetlong-termcapitalgainsarenottaxedatratesinexcessof28%；Netcapitallossescanbedeductedfromanindividual’sotherincomeonlytotheextentof$3,000peryearNote:thefavorabletaxtreatmentoflong-termcapitalgains;limitationsoncapitallosses.ComputingthetaxliabilityComputethegrosstaxliabilitySee826TaxcreditQuestion:WhatisthedifferencebetweenthetaxcreditandtaxdeductionComputingthetaxliabilityComputethegrosstaxliabilitySee826Taxcredit;taxprepayment;taxwithheld;taxrefundsQuestion:WhatisthedifferencebetweenthetaxcreditandtaxdeductionHoetocomputethenettaxliability?illustrationforindividualincometaxcomputationSeeP828Lo5:Contrastthedeterminationoftaxableincomeforacorporationwiththatforanindividual

Distinctivefeaturesofcorporateincometaxes::Aseparatetaxschedulewithdifferentratesandbrackets.SeeP830Anycorporationwithtaxableincomeof$335,000through$10millionpaystaxataflatrateof34%.NoconceptofAGI,andnostandarddeductionorpersonalexemption.Only30%ofdividendsreceivedbyacorporationtreatedastaxable.NodeductionbyacorporationofnetcapitallossesIllustrativetaxcomp