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PRINCIPLES OF TAXATION FOR BUSINESS AND INVESTMENT PLANNING THIRD 2026 COMPREHENSIVE ASSESSMENT SCRIPT SOLVED QUESTIONS ANSWERS UPDATED REVIEW SET

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PRINCIPLES OF TAXATION FOR BUSINESS AND INVESTMENT PLANNING THIRD 2026 COMPREHENSIVE ASSESSMENT SCRIPT SOLVED QUESTIONS ANSWERS UPDATED REVIEW SET

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PRINCIPLES OF TAXATION FOR BUSINESS AND
INVESTMENT PLANNING THIRD 2026
COMPREHENSIVE ASSESSMENT SCRIPT
SOLVED QUESTIONS ANSWERS UPDATED
REVIEW SET

◉ What type of tax is based on an individual's income.
Answer: Income Tax


◉ What tax is used at all levels of government.
Answer: Income Tax


◉ Local Taxes.
Answer: Real and Personal Property tax, Sales Tax


◉ State Taxes.
Answer: Sales Tax, Use Tax (for tax rates in dif. jurisitions), Excise
Tax (extra sales tax), Income Tax


◉ Federal Tax.

, Answer: Income Tax, Employment Tax, Excise Tax, Transfer Tax (tax
on gifts)


◉ Where does federal tax "Revenue" come from?.
Answer: Income Tax


◉ History of Income tax in the United States.
Answer: Passed during Civil War then declared unconstitutional.
Approved by 16th Amendment to the constitution.


◉ Income tax replaced these taxes for federal revenue.
Answer: Tariffs, excise taxes, and property taxes (prior to approx.
1920)


◉ Tax Avoidance.
Answer: Paying smallest amount of tax legally possible


◉ Tax Evasion.
Answer: Not paying tax, Illegal


◉ 4 Tax Variables.
Answer: Entity, Time Period, Jurisdiction, Character

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