short answer to 6 taxation questions, each answer to be6 sentences (12 word per sentence).

Short Answer 6 Sentences Each (a sentence is 16 word) 48. In international corporate income taxation, explain how the \"sourcing rules\" apply in computing Federal taxable income. For example, if interest is paid to a non-US person (not a US citizen or resident), what are the tax consequences if the interest is from US sources versus non-US sources? 49. Hilda lent $2,000 to a close personal friend to help the friend avoid overdrawing the friend's checking account. The friend was supposed to repay the $2,000 within a month. Instead, the friend declared personal bankruptcy and Hilda will never recover any of the $2,000. What are the tax implications of these events for Hilda? What information might you need to know in order to determine whether the $2,000 may provide a benefit to Hilda? 50. If a business retains someone to provide services, that person may either be an employee or be self-employed (i.e., independent contractor). a. b. What are the tax advantages to the business of having the service provider classified as self-employed? What are the advantages and disadvantages to the service provider of self-employed status? 51. The US tax system is based on worldwide taxation - all income earned anywhere in the world is taxable to US taxpayers. Some countries use a \"territorial\" system, where only income earned within the taxpayer's home country is taxable by that country. In a territorial tax system, all income earned outside the taxpayer's home country is not subject to tax in the home country. Which system makes more sense, in your opinion? Which would be better for the US in the future? Please explain your answer. 52. Imagine you are the tax policy director for the next US president. You must go to the president, pick one area of the US tax system that you believe is unfair or should be reformed, and explain why that area should change and how you would change it. You can discuss any aspect of the US tax system that we covered in the second half of the semester (other than the worldwide taxation system, which you just discussed in question 51). Please explain your answer. 53. If you were to go to work for a public accounting firm, which area would you want to work in - audit or tax? Pl explain your answer. Short Answer 6 Sentences Each (a sentence is 16 word) 48. In international corporate income taxation, explain how the \"sourcing rules\" apply in computing Federal taxable income. For example, if interest is paid to a non-US person (not a US citizen or resident), what are the tax consequences if the interest is from US sources versus non-US sources? 49. Hilda lent $2,000 to a close personal friend to help the friend avoid overdrawing the friend's checking account. The friend was supposed to repay the $2,000 within a month. Instead, the friend declared personal bankruptcy and Hilda will never recover any of the $2,000. What are the tax implications of these events for Hilda? What information might you need to know in order to determine whether the $2,000 may provide a benefit to Hilda? 50. If a business retains someone to provide services, that person may either be an employee or be self-employed (i.e., independent contractor). a. b. What are the tax advantages to the business of having the service provider classified as self-employed? What are the advantages and disadvantages to the service provider of self-employed status? 51. The US tax system is based on worldwide taxation - all income earned anywhere in the world is taxable to US taxpayers. Some countries use a \"territorial\" system, where only income earned within the taxpayer's home country is taxable by that country. In a territorial tax system, all income earned outside the taxpayer's home country is not subject to tax in the home country. Which system makes more sense, in your opinion? Which would be better for the US in the future? Please explain your answer. 52. Imagine you are the tax policy director for the next US president. You must go to the president, pick one area of the US tax system that you believe is unfair or should be reformed, and explain why that area should change and how you would change it. You can discuss any aspect of the US tax system that we covered in the second half of the semester (other than the worldwide taxation system, which you just discussed in question 51). Please explain your answer. 53. If you were to go to work for a public accounting firm, which area would you want to work in - audit or tax? Pl explain your