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Pages:
1 page/β‰ˆ275 words
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1 Source
Style:
APA
Subject:
Accounting, Finance, SPSS
Type:
Essay
Language:
English (U.S.)
Document:
MS Word
Date:
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$ 4.68
Topic:

Tax Deductions: Discriminations and Consequences

Essay Instructions:

Individuals who own homes may take a tax deduction for interest paid. Many individuals believe that this tax law discriminates against individuals who rent. Do you think this deduction is discriminatory? Explain and share your thoughts.
Additionally, gifts and inheritances have been excluded from gross income since 1913. Discuss the tax consequences of gifts made of property and any income produced by the property. What, if any, are the exclusions and taxable income according to Section 102?

Essay Sample Content Preview:

Tax Deductions
Name
Department, Institution Affiliation
Course Code; Course Name
Instructor's Name
Date
Tax Deductions
Tax Discrimination
Tax discrimination is a critical issue causing misunderstanding between individuals paying rent and homeowners. Taking tax deductions for the interest paid is not discriminatory to those who pay rent. The process is based on well-structured tax principles, which allow the homeowners to focus on valid deductions. One could argue that the tax is discriminatory whenever there is a team favored during such taxation; in this case, there is a specific outline and process that the homeowners follow, which is based on equality and due process. Tax discrimination is taxing the insiders differently from the insiders based on specific factors (Hildreth, 2019). However, such practice is not evident in the homeowners; what they are doing is deduc...
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