{"id":78,"date":"2014-11-11T18:09:24","date_gmt":"2014-11-11T18:09:24","guid":{"rendered":"http:\/\/belkcollegeofbusiness.charlotte.edu\/hgodfrey\/?page_id=78"},"modified":"2014-12-18T14:55:02","modified_gmt":"2014-12-18T14:55:02","slug":"acct-6110","status":"publish","type":"page","link":"https:\/\/belkcollegeofbusiness.charlotte.edu\/hgodfrey\/acct-6110\/","title":{"rendered":"ACCT 6110"},"content":{"rendered":"

Tax Research & Practice-Fall-2014.<\/strong><\/h1>\n

Winning a medal in the Olympics?<\/h2>\n

Olympians who win medals receive $25,000 for gold, $15,000 for silver and $10,000 for bronze
\nfrom the U.S. Olympic Committee. A gold medal winner will pay the IRS up to $8,986, according
\nto Americans for Tax Reform Foundation, whose analysis caught lawmakers’ attention.
\nSilver medal winners face a tax of up to $5,385, and bronze medal winners face a tax of
\nup to $3,502, the group says. That does not count state and local income tax (in some states).
\nSome say the tax liability should be less. Pretty controversial, lets discuss.<\/span><\/strong><\/p>\n

Read Internal Revenue Code Section 61.<\/p>\n

August 7, 2012<\/span>. New York Times<\/span>. \u00a0Indigestion for \u2018les Riches\u2019 in a Plan for Higher Taxes<\/h2>\n

PARIS \u2014President Fran\u00e7ois Hollande is vowing to impose a 75 percent tax on the portion of
\nanyone\u2019s income above a million euros ($1.24 million) a year. But because there are relatively
\nfew people in France whose income would incur such a tax \u2014 an estimated 7,000 to 30,000 in
\na country of 65 million \u2014 the gains might contribute but a small fraction of the 33 billion
\neuros in new revenue the government wants to raise.
\nMany companies are studying contingency plans to move high-paid executives outside of
\nFrance, according to consultants, lawyers, accountants and real estate agents.
\nThey say some executives and wealthy people have already packed up for destinations like
\nBritain, Belgium, Switzerland and the United States, taking their taxable income with them.
\nThey also know of companies \u2014 start-ups and multinationals alike \u2014 that are delaying plans to
\ninvest in France or to move employees or new hires here. Pretty controversial, lets discuss.<\/strong><\/span><\/p>\n

Facebook News<\/h2>\n

According to various reports, billionaire Eduardo Saverin (one of the men who helped CEO
\nMark Zuckerberg create facebook) has surrendered his U. S. citizenship in favor of Singapore,
\nwhere there are no capital gains tax. The move could save the 30-year-old as much as $600 million
\nwhen he sells his company stock. His name was listed among those on an IRS document revealing
\nindividuals who have chosen to expatriate, which was released on April 30, according to news reports.
\nIn statement to CNN, Saverin said it was “unfortunate” that his choice had led to a debate “based not
\non the facts, but entirely on speculation and misinformation.” “I am obligated to and will pay hundreds
\nof millions of dollars in taxes to the United States government,” Saverin said. “I have paid and will
\ncontinue to pay any taxes due on everything I earned while a U.S. citizen.”
\nPretty controversial, lets discuss.<\/span><\/strong><\/p>\n

CCH log on link<\/a><\/h3>\n