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Week 8 - Essay Example

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I think the difference between the estimated amount in gross income and the exact amount should be taken into account in current tax year, not the tax year of determination. This will benefit the taxpayers in that there will be no risk of change in the currency value which may…
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Week 8
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Accounting Periods and Methods and Property Transactions ID] s Accounting Periods and Methods and Property Transactions
Special Accounting Methods
Estimated Income:
I think the difference between the estimated amount in gross income and the exact amount should be taken into account in current tax year, not the tax year of determination. This will benefit the taxpayers in that there will be no risk of change in the currency value which may lead to a loss or gain (Jacqueline, 2012).
Change in Payment Schedule for Service:
The service provider should be allowed to choose whether he/she wants to receive lower rate at the time of service provision and later on receive the difference. This will promote taxpayer’s freedom of choice. Additionally, those who opt for such choices may want to do it to escape extravagance. Thus enforcing the change will promote saving (Jacqueline, 2012).
Like-kind Exchange of Dissimilar Property
Suppose there two family members with US citizenship; one works in Australia while the other in US. The one in US had purchased a piece of land while the one in Australia owns a rental house in Australia. The two family members decide to exchange the ownership of the two properties; a house and a land.
Postponing paying tax is one of the strategies of maximizing tax avoidance and minimizing the IRS scrutiny (Jacqueline, 2012). One pays tax whenever he/she sells a property and gains. To avoid the case of obvious gain (which will make you pay tax), one can directly reinvest the proceeds in a similar property as part of a qualifying like-kind exchange. For example, suppose you want to sell off your land and buy a rental house. You may have a gain in cash if your land has higher value compared the rental house you want to buy; if there is cash exchange. To avoid tax, you can find a rental house with higher value than your land and exchange. Thus although you may have gained, it a like-exchange for similar property hence you will not pay tax.
Reference
Jacqueline, R. (2012). Accounting for Government and Nonprofit Entities. New York, NY: McGraw-Hill Read More
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