[BU357] - Midterm Exam Guide - Everything you need to know! (12 pages long)
Document Summary
Tax affects decisions you make today for future transaction. Ex: selling property, buying a house etc you can compute taxes and make decision accordingly. Simplicity- basic req. of tax system but changing govt, demographics, economies etc result in new rules and tax reforms. Taxation: areas of practice: compliance (prep/ review of tax returns. Need to know tax rules and intent of tax system etc: legal interpretation (involves research of tax cases and court decisions. Lawyers and tax accountants are trained for this area. Some people in this area also contribute to policy making etc. Mostly lawyers: tax appeals and litigation (requires 1 & 2 knowledge. Needs deep calculations, valuation etc. : tax planning ( tax minimizing in the future. Analyze how a decision could be affected by tax law) Income not specifically defined but interpreted as the money or other assets received, from ones business, lands, work, investment etc.
