WGU C237 Taxation I TEST practice Exam 2026-
2027\NEWEST EXAM WITH COMPLEYE QUESTIONS AND
CORRECT DETAILED ANSWERS\VERIFIED 100% ALREADY
GRADED A+
Taxable income
Gross income-Deductions-Exemptions
Income before tax credits
Taxable income x tax rate
Total tax liability
Income before tax credits-tax credits
,balance due or refund
total tax liability - Prepayments
Distinguish between various types of taxes
State Tax
Local Income
Franchise Tax
Wealth transfer tax Gift
tax
Federal Estate tax
Property tax
Federal excise tax - customs Sales
Tax
, Identify different types of entities that are subject to taxation in the US
-Tax paying entities
Individuals
C Corps
-Flow through Entities
sole proprietorship
Partnerships
S Corps
LLC
LL Partnerships
Trusts
Describe the administrative procedures of the IRS
Enforcement procedures - verify accuracy and audit
Statute of limitations - 3 years; up to 6 years if off by 25%; no limit
for civil fraud
Describe various components of a tax practice
Tax Compliance and
Procedure Tax Research
Tax Planning and Consulting
Financial planning
2027\NEWEST EXAM WITH COMPLEYE QUESTIONS AND
CORRECT DETAILED ANSWERS\VERIFIED 100% ALREADY
GRADED A+
Taxable income
Gross income-Deductions-Exemptions
Income before tax credits
Taxable income x tax rate
Total tax liability
Income before tax credits-tax credits
,balance due or refund
total tax liability - Prepayments
Distinguish between various types of taxes
State Tax
Local Income
Franchise Tax
Wealth transfer tax Gift
tax
Federal Estate tax
Property tax
Federal excise tax - customs Sales
Tax
, Identify different types of entities that are subject to taxation in the US
-Tax paying entities
Individuals
C Corps
-Flow through Entities
sole proprietorship
Partnerships
S Corps
LLC
LL Partnerships
Trusts
Describe the administrative procedures of the IRS
Enforcement procedures - verify accuracy and audit
Statute of limitations - 3 years; up to 6 years if off by 25%; no limit
for civil fraud
Describe various components of a tax practice
Tax Compliance and
Procedure Tax Research
Tax Planning and Consulting
Financial planning
