Exam (elaborations)
Tax 4001 Exam 1 Review
- Course
- Institution
Tax 4001 Exam 1 Review
[Show more]
Seller
Follow
topgradesdr
Content preview
Tax 4001 Exam 1 Review"an old tax is a good tax" - ANS-- beneficial for the economy and brings confidence to
people and companies due to familiarity; shifts in policy is unsettling
- emphasizes theory on "efficiency" of tax system since efficient taxes should not
change the behavior of the people and companies
abatements - ANS-a property tax exemption granted by a government for a limited
period of time
ad valorem taxes - ANS-real property taxes and personal property taxes; significant
source of revenue for local governments
assignment of income doctrine - ANS-income must be taxed to the entity that renders
the service or own the capital with respect to which income is paid
average rate - ANS-the tax rate determined by dividing total tax liability by the total base
capital gain - ANS-gain realized on the sale or exchange of a capital asset and may be
eligible for a preferential tax rate; favorable under federal law
convenience - ANS-the second standard of a good tax; a tax should be convenient for
the government to administer and for taxpayers to pay
declining marginal utility of income - ANS-the theory that the financial importance
associated with each dollar of income diminishes as the total income increases
earmarked tax - ANS-a tax that generates revenues for a designated project or program
rather than for the gov'ts general fund
explain the political process to make tax law - ANS-begins in the house of
representatives and tax legislation is drafted by the house ways and means committee
then sent to the senate finance committee to present or amend bill before it goes to the
full Senate
federal transfer taxes - ANS-tax charged by the state or local gov't to complete a sale of
property from one owner to another
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller topgradesdr. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77764 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now