ACC 307 FEDERAL TAXATION

ACC 307 FEDERAL TAXATION 1. The ratification of the Sixteenth Amendment to the U.S. Constitution was necessary to validate the Federal income tax on corporations. a. True *b. False 2. Before the Sixteenth Amendment to the Constitution was ratified, the re was no valid Federal income tax on individuals. a. True *b. False 3. The first income tax on individuals (after the ratification of the S ixteenth Amendment to the Constitution) levied tax rates from a low of 2% to a high of 6%. *a. True b. False 4. The Federal income tax on individuals generates more revenue than th e Federal income tax on corporations. *a. True b. False 5. The pay-as-you-go feature of the Federal income tax on individuals c onforms to Adam Smith’s canon of certainty. a. True *b. False 6. Because the law is complicated, most individual taxpayers are not ab le to complete their Federal income tax returns without outside assista nce. *a. True b. False