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Taxation C237 Questions and answers
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Taxation C237 Questions and answers
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Taxation C237✅✅
What year was the US income tax on individuals permanently established? -
-1913
✅✅
What is the second-highest level of legislative authority of tax law in the United
States? - -Internal Revenue Code
✅✅
In which publications does the IRS provide information on the tax consequences of
specific transactions encountered in practice? - -Revenue Rulings
How are tax systems evaluated in terms of equity? - ✅✅-Each taxpayer pays a
different amount based on their income level
What is horizontal equity? - ✅✅-When two taxpayers in similar situations pay the
same tax.
What is the nature of a progressive tax rate structure? - ✅✅-The rate of tax
increases as the tax base increases.
✅✅
Which tax rate structure is exemplified by the FICA portion of Social Security taxes?
- -Regressive
Which tax is based on the value of an individual's real estate? - ✅✅-Property tax
✅✅
What entities are considered flow-through entities in the U.S. tax system? -
-Limited Liability Partnerships
A taxpayer fails to report income that exceeds 25% of reported gross income but
✅✅
files the return on time. How many years after a return was originally due might the
statute of limitations expire? - -6 years
✅✅
Which component of a tax practice focuses on minimizing taxes paid and maximizing
after-tax cash flows while accommodating clients' other desires? - -Tax
planning
Which court's cases take precedence over all other court decisions? - ✅✅-U.S.
Supreme Court
✅✅
Which item is a source of tax law from the judicial branch of government? -
-Court decisions
Which item is a legislative source of tax law? - ✅✅-Internal Revenue Code
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