WGU C237 Taxation I Questions | 60 Questions with 100% Correct Answers | Verified | Latest Update

Describe the history of taxation in the US - 1861 - to finance civil war 1894 - Income tax reinstated but ruled unconstitutional 1895 1913 - 16th amendment 1940 - WWII mass tax 1943 - pay as you go withholding 1986 - Internal Revenue Code Identify the sources of tax law - Legislative Branch - Internal Revenue Code (Top) - Congressional Committee Reports Executive - Income Tax Regulations - Revenue Rulings - Revenue Procedures - Letter Rulings Judicial - Court Decisions Describe the criteria of an equitable tax structure - Equity - equalityCertainty - Stability and certainty of amount of taxes Convenience - no burden of records and compliance Economy- minimal compliance and administrative costs Simplicity - understandability