TOC_Concepts_in_Federal_Taxation_MurphyHiggins16SM_Combined

TOC_Concepts_in_Federal_Taxation_MurphyHiggins16SM_Combined FEDERAL INCOME TAXATION - AN OVERVIEW Edition Topic Status Questions 1 Adam Smith's system requirements Unchanged 2 How well income tax and employment taxes meet Adam Smith's requirements Unchanged 3 Proportional, regressive, or proportional tax Unchanged 4 Proportional, regressive, or proportional tax Unchanged 5 Federal income tax as a revenue producer Unchanged 6 Collection of income taxes Unchanged 7 Sales tax versus excise tax Unchanged 8 Collection of sales and excise taxes Unchanged 9 Real property versus personal property taxes Unchanged 10 Gift tax Unchanged 11 Estate tax Unchanged 12 Valuation of gift and estate assets Unchanged 13 Payment of gift and estate taxes Unchanged 14 Primary sources of tax law Unchanged 15 Supreme Court cases Unchanged 16 Federal income tax base Unchanged 17 Exclusion Unchanged 18 Deferral versus exclusion Unchanged 19 Gross income versus income Unchanged 20 Deductibility of expenses Unchanged 21 Expense versus loss Unchanged 22 Transaction loss versus annual loss Unchanged 23 Legislative grace concept Unchanged 1-1 1-2 2016 Edition Topic Status 24 Exemptions Unchanged 25 Inflation effects on taxes Unchanged 26 Pay-as-you-go collection of taxes Unchanged 27 Tax credits Unchanged 28 Tax credit versus deduction Unchanged 29 Tax credit versus deduction Unchanged 30 Statute of limitations Unchanged 31 Auditing returns Unchanged 32 IRS examinations Unchanged 33 30-day letters Unchanged 34 90-day letters Unchanged 35 Individual versus corporate taxable income Unchanged 36 Deductions for and from AGI Unchanged 37 Standard deduction Unchanged 38 Why study taxes? Unchanged 39 Goal of tax planning Unchanged 40 Tax planning-who benefits Unchanged Problems 41 What is a tax? Unchanged 42 Definition of a tax - five scenarios Unchanged 43 Calculation of tax and tax rates (marginal, average, effective) Unchanged 44 Calculation of tax - comparing entities Unchanged 45 Social Security calculation/tax rate (marginal, average, effective) Unchanged