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1、TaxPlanning 2 TAXPLANNING TaxplanninginthetaxpracticeFundamentaltenetsTaxrateterminologyTaxplanninggoalsAvoidingtaxtrapsTaxmotivatedloans 3 TaxPlanningintheTaxPractice 1of2 ClientgoalsmustbebroadlystatedPractitionercanbemorecreativeHighdegreeofcontrolinopenfactpatterns 4 TaxPlanningintheTaxPractice
2、2of2 Typesoftax wealthplanningTaxCashRiskEducationRetirementInvestmentEstate 5 FundamentalTenets TaxesareanadditionalcostofdoingbusinessoraccumulatingwealthIncentivesfortaxplanningFed incometaxnotdeductibleFullamountoftaxsavedincreasesafter taxincome taxsavingsnottaxable TaxplanningisdeductibleATC B
3、TCx 1 MTR 6 TaxRateTerminology Taxliabilitiesshouldmeetrevenue nonrevenueobjectivesofthetaxsystem TaxLiability TaxBasexTaxRate 7 TaxBase 1of2 IncometaxBasedonordinarytaxableincomelessdeductionsforbusiness certainpersonalexpendituresReflectscapacitytosupportgovernmentfinance 8 TaxBase 2of2 Wealthtaxe
4、sLeviesagainstnetholdingsoftangible orintangible assetsthatarecontrolledbyataxpayeratagiventimeAlsoreflectscapacitytosupportgovernmentfinance 9 TaxRates TaxratestructuresProportionalProgressiveRegressiveTypesoftaxratesMarginalAverage 10 ProportionalTaxRate Taxrateisconstantfortheentiretaxbasee g sal
5、es propertytaxes 11 ProgressiveTaxRate TaxrateincreasesastaxbaseincreasesAdditionalincometaxedatincreasinglyhigherratese g income estate gifttaxes 12 RegressiveTaxRate TaxratedecreasesastaxbaseincreasesAdditionalincometaxedatincreasinglylowerratesSocialsecuritytaxSocialsecuritytax 0 over 80 400in200
6、1 13 MarginalTaxRate Usedindecision makinganalysisNominalmarginaltaxrateTaxrateonnextdollarofincomeperthetaxrateschedulesEffectivemarginaltaxrateActualtaxrateonnextdollarofincomeafteraccountingforphase outprovisions limitations 14 AverageTaxRate NominalaveragetaxrateTaxliability taxableincomeEffecti
7、veaveragetaxrateTaxliability economicincome 15 TaxPlanningGoals FundamentalsoftaxplanningAvoidingincomerecognitionPostponingincomerecognitionChangingtaxjurisdictionsControllingclassificationofincomeSpreadingincomeamongrelatedtaxpayers 16 FundamentalsofTaxPlanning PresentvalueconsiderationsDelayincom
8、erecognitionAcceleratedeductionsMarginalrateconsiderationsShiftincometolowrateyearsShiftdeductionstohighrateyears 17 AvoidingIncomeRecognition 1of2 AvoidingtaxabletransactionsGrowingone sownfoodUsingdebtBorrowagainstappreciatedassetsinsteadofsellingthemUsingdebttoformanewcorporation 18 AvoidingIncom
9、eRecognition 2of2 UsingstatutoryexclusionsMunicipalbondinterestNontaxablefringebenefitsinsteadofadditionalsalary 19 PostponingIncomeRecognition Delayingamarkettransaction incomerecognition GrowthratherthanyieldinvestmentsMismatchcurrentexpenseswithunrealizedrevenuesUsingcostrecovery 20 ChangingTaxJu
10、risdictions Structuringtaxpayersandtransactionstotakeadvantageof LackofauniversaldefinitionofthetaxbaseDifferingtaxrates ratesystems 21 ControllingClassificationofIncome 1of2 ClassificationsOrdinaryincomeCapitalgainsPortfolio investment incomePassiveincomeAMTincome 22 ControllingClassificationofInco
11、me 2of2 GeneratingtherightkindofincomepassiveincomewherepassivelossesexistGeneratingtherightkindofdeductionsAMTdeductionswhereAMTincomeexists 23 SpreadingIncomeamongRelatedTaxpayers ShiftincomefromhighratetaxpayerstolowratetaxpayersTransferincome producingassetstochildrennotsubjecttothekiddietaxUseo
12、fcontrolledcorporationsFringebenefits salarypolicies 24 AvoidingTaxTraps 1of2 Statutorytaxtraps 482ReallocateincomeartificiallyshiftedamongrelatedtaxpayersKiddietaxPassivelossrulesAMT 25 AvoidingTaxTraps 2of2 JudicialtaxtrapsBusinesspurposeTransactionsmusthavesomepurposeotherthantaxavoidanceSubstanc
13、eoverformStep transactiondoctrineStepsneedabusinesspurposeSeparatestepsbyareasonabletimeperiod 26 TaxMotivatedLoans Low interestloansGovernedby 7872GiftloansCompensation relatedloansCorporation shareholderloansExceptionstoimputed interestrulesHigh interestloans 27 GiftLoans BetweentwoindividualsStep
14、1InterestincometolenderInterestexpensetoborrowerStep2GiftmadebylenderGiftreceivedbyborrower 28 Compensation RelatedLoans EmployerloanstoemployeesStep1InterestincometolenderInterestexpensetoborrowerStep2CompensationexpensetolenderCompensationincometoborrower 29 Corporation ShareholderLoans Corp sloan
15、stoshareholdersStep1InterestincometolenderInterestexpensetoborrowerStep2DividendpaidbylenderDividendincometoborrower 30 ExceptionstoImputedInterestRules 1of2 Aggregateloansupto 10 000NointerestimputedunlessGiftloanproceedsusedtopurchaseincome producingassetsEmployer employeeloanhastaxavoidanceasprin
16、cipalpurposeCorporation shareholderloanhastaxavoidanceasprincipalpurpose 31 ExceptionstoImputedInterestRules 2of2 Aggregateloansupto 100 000LoansbetweenindividualsInterestimputedtotheextentoftheborrower snetinvestmentincome NII ifborrower sNIIexceeds 1 000Imputeallinterestiftaxavoidanceisprincipalpurpose 32 High InterestLoans Shiftincomeamongfamilymembers orotherrelatedparties AnyamountofinterestisdeductibleifactuallypaidIRSmayreclassifyloanasgiftunlessthereisalegallyenforceablewrittenagreement
