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Discuss the probable justification for each of the following aspects of the tax law: a) a tax credit is allowed for amounts spent to furnish
Discuss the probable justification for each of the following aspects of the tax law: a) a tax credit is allowed for amounts spent to furnish care for minor children while the parent works. b) deductions for interest on a home mortgage and property taxes on a personal residence. c) the income splitting benefits of filing a joint return. d) gambling losses of a current year can be carried back to profitable years. e) a taxpayer who sells property on an installment basis can recognize gain on the sale over the period the payments are received. f) interest income from certain state and local bonds is not subject to Federal taxation. g) prepaid income is taxed to the recipient in the year received and not in the year it is earned
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