Deductions from income including medical expense, state and local Essay

Deductions from income including medical expense, state and local taxes, interest, charitable deductions, personal and business - Essay Example Deductions of interest upon tax are categorized into six: Home mortgage (publication 936), Business or trade, Investment (publication 550), Passive activity, Personal and Student loan interests For interest to be deductible upon one’s return of tax, it is determined by how money was borrowed and how such money was utilized. Form 1040’s schedule A upon the tax return shows the kinds of interest one can deduct on the return regarding investment interest, points and home mortgage interest. This is with regards to the Internal Revenue Service. (wwwebtax.com, 2011) Section of the IRS code that the IRS will use to support its position of disallowing the deduction Section 506 of the House Bill talks about revaluation of gifts and the same House Bill extends its special rule for such gifts as provided by Chapter 14 of gifts in entirety. (rpifs.com, 2011) Starting august 1997, subsequent to Taxpayer Relief Act’s implementation, revaluation of gifts was considered as follo ws with regards to tax return. After 1997 August, IRS is no longer in a position to revalue gifts and this is following the expiry of the statute of the limitations duration. For this provision to apply, though, the gift’s value must be finally determined. ... Also the fair market value has to be determined, unless the regulations have not made it a requirement to state the market value of the whole entity if the interest value in that entity is reached without utilizing the entity’s net asset value. An explanation of how the fair market value was reached has to be included, the relation ship existing between the recipient and the donor and lastly, the description of the taxpayer’s position he/she is taking contrary to the regulation of the treasury or a ruling of revenue. (Mitchell, 2008 p6-10) Support that Donald will need to defend his position that the interest is investment related and should be deductable for tax purposes Mitchell gives an example, where the recipient of a gift may challenge a decision reached by IRS. According to the example given by Mitchell, a lady by the name Smith, Grace gave out a gift six years prior to her demise and which was valued at 1,000,000USD ( Assuming that Smith was supposed to pay the IRS a rate of tax on gift of 55%). The statute that governs this gift passed this without carrying out an audit of the return of gift. The IRS went through the return by Smith and decided on the correct value, though. This led to a scenario where the estate was supposed to have a credit for the taxes on the gift that were previously payable of an amount of 825,000USD instead of 550,000USD gift tax that was actually paid upon filing of the return. This would result to an estate tax increasing since such revaluation pushes that estate to an upper bracket of tax. In a case where the estate was in the top-most tax bracket, such a revaluation would not have any impact, though. In case the IRS gives a final notice with regards to the redetermination in accordance

Art project and two Journals M3-M4 Essay Example | Topics and Well Written Essays - 1000 words

Art project and two Journals M3-M4 - Essay Example In order to draw, there must be a drawing material. There are two kinds of drawing material: the dry media and the liquid media. Dry media are those materials that appear in stick form. They are dragged over the paper and other surface and they leave trace of particles that create the drawing. There are many kinds of dry drawing materials such as graphite, metal point, charcoal, crayon, pastel and chalk. Liquid media are those materials that use brush and pen to apply ink over the surface. Painting is done with the use of brush and paints applied on various kinds of canvasses. There are many kinds of paintings such as encaustic, frescoes, tempera and others. Many artists have done several amazing paintings throughout history. Concept Fresco is an interesting type of painting. It uses pigments with water and applied on walls and ceilings. It is a high form of painting where they are applied in large scale murals even from the ancient times. It is not done easily as it requires physica l labor as well as good contemplation before the art is done. Most of the works done in churches are done in frescos. It is amazing to note that the canvass used by artist to do the art is so large, yet the outcome is exquisite and perfect. Many of the renaissance artists such as Michelangelo had done many frescos with religion and Christianity as theme. There are many other artists that have done frescoes and they are worth seeing and consider as priceless treasures. Artist Michelangelo’s frescoes done in the Sistine Chapel ceiling is truly amazing. His art covers the entire ceiling covering both end walls. The canvass that he has painted is so large. He truly is an art virtuoso as he was able to do the fresco while heads up looking at the ceiling. The total outcome is balanced, colorful, full-bodied, dynamic and perfect in all its sense. Chapter 8, 9 and 10 Summary: Prints, camera, computer and graphic arts are the modern type of arts. Prints are those images done on matrix to leave lasting impressions. These are the arts seen on sneakers, shirts, and others. There are many kinds of prints such as woodcut engraving, engraving, intaglio, linocut, relief, drypoint, etching, lithography, aquatint, mezzotint, photogravure, screen printing, inkjet, monotype, and many more. There are various medium and tools to use in making prints. Camera and computer are not just technological gadgets that are used for business but they are also important in art. These modern day machines make art easy and reproducible. Camera captures moments and these captured moments are printed to make impressions lasts forever. Computers are necessary to create advance and sophisticated graphics. Graphic designs are sophisticated form of art that produces dynamic output. It is a combination of words, pictures, and symbols to create image. Most businesses today use graphic design in their logos, websites, slogans, and company branding. Higher level designs are interactive, dynamic and three-dimensional. With the use of internet, these graphics get even more sophisticated. The art before are two dimensional, but with the presence of these modern technological tools such as cameras, computers, graphics, prints and internet, three dimensional and dynamic arts are being done easy and fast. Concept Some of the most fascinating kinds of prints are the wood engraving and linocut. Engraving is a high level work of art as it requires expertise. Wood engraving uses