ACCOUNTING C237

Pre-assessment 1. After reinstatement of the individual federal income tax in 1894, why was the tax challenged in the courts?  Revenue from taxes was no longer necessary because the Civil War was over  Administration would be difficult since the tax was apportioned in proportion to state populations  The preferred method of taxation was on business transactions as opposed to individual income tax 2. What is the highest level of legislative authority of tax law in the United States?...

Tax I Pre-Assessment Practice Test 1.What year was the U.S. income tax on individuals permanently established? 1913 2. What is the highest level of legislative authority of tax law in the United States? Internal Revenue Code 3. What are two primary sources of tax law in the United States? Court decisions Revenue rulings 4. What is a certainty when evaluating a tax system? Taxes can be estimated if annual income remains the same. 5. What is an example of equity when evaluating a tax syst...

C237 Taxation I Study Plan Competency 3026.1.1: Federal Taxation – Chapter 1 Students should be familiar with the following:  Describe the history of taxation in the United States. o Civil war o Reinstated in 1894 o Ruled unconstitutional in 1895 (know why? – “direct tax and not apportioned to state population”) o 16th Amendment  Identify the sources of tax law. o Legislative – Internal Revenue Code, Tax Treaties, Congressional Reports. o Executive – Treasury Regulat...

FEDERAL TAXATION 18% (1-12) TOPIC 1: NATURE, PURPOSE, & SCOPE OF CURRENT US TAX SYSTEM CHAPTER 1 – INTRODUCTION TO TAX TAX: is a payment required by a government that is unrelated to any specific benefit or service received from the government. The general purpose of a tax is to fund the operations of the government (to raise revenue) TAX BASE: defines what is actually taxed and is usually expressed in monetary terms, whereas the tax rate determines the level of taxes imposed on the t...

Pre-Assessment: Taxation I (NDC1) PNDC Attempt #1 Status: Passed 1. What year was the U.S. income tax on individuals permanently established? Your Answer Correct Answer 1861 1894 1913 1924 2. What is the highest level of legislative authority of tax law in the United States? Your Answer Correct Answer American Institute of Certified Public Accountants Journal of Taxation Revenue procedures Internal Revenue Code 3. What are two primary sources of tax law in the United Stat...

C237 Taxation I Study Plan Competency 3026.1.1: Federal Taxation – Chapter 1 Students should be familiar with the following:  Describe the history of taxation in the United States. o Civil war o Reinstated in 1894 o Ruled unconstitutional in 1895 (know why? – “direct tax and not apportioned to state population”) o 16th Amendment  Identify the sources of tax law. o Legislative – Internal Revenue Code, Tax Treaties, Congressional Reports. o Executive – Treasury Regulat...

FEDERAL TAXATION 18% (1-12) TOPIC 1: NATURE, PURPOSE, & SCOPE OF CURRENT US TAX SYSTEM CHAPTER 1 – INTRODUCTION TO TAX TAX: is a payment required by a government that is unrelated to any specific benefit or service received from the government. The general purpose of a tax is to fund the operations of the government (to raise revenue) TAX BASE: defines what is actually taxed and is usually expressed in monetary terms, whereas the tax rate determines the level of taxes imposed on the t...

Pre-Assessment: Taxation I (NDC1) PNDC Attempt #1 Status: Passed 1. What year was the U.S. income tax on individuals permanently established? Your Answer Correct Answer 1861 1894 1913 1924 2. What is the highest level of legislative authority of tax law in the United States? Your Answer Correct Answer American Institute of Certified Public Accountants Journal of Taxation Revenue procedures Internal Revenue Code 3. What are two primary sources of tax law in the United Stat...

FEDERAL TAXATION 18% (1-12) TOPIC 1: NATURE, PURPOSE, & SCOPE OF CURRENT US TAX SYSTEM CHAPTER 1 – INTRODUCTION TO TAX TAX: is a payment required by a government that is unrelated to any specific benefit or service received from the government. The general purpose of a tax is to fund the operations of the government (to raise revenue) TAX BASE: defines what is actually taxed and is usually expressed in monetary terms, whereas the tax rate determines the level of taxes imposed on the t...