Taxation i c237 - Study guides, Class notes & Summaries

(WGU C237) ACCT 3630 TAXATION I FINAL EXAM REVIEW Q & A 2024(WGU C237) ACCT 3630 TAXATION I FINAL EXAM REVIEW Q & A 2024(WGU C237) ACCT 3630 TAXATION I FINAL EXAM REVIEW Q & A 2024

After reinstatement of the individual federal income tax in 1894, why was the tax challenged in the courts? A. Revenue from taxes was no longer necessary because the Civil War was over. B. Administration would be difficult since the tax was apportioned in proportion to state populations. C. The preferred method of taxation was on business transactions as opposed to individual income tax. D. The U.S. Constitution failed to define the meaning of income which would arguably prevent consistent ...

Describe the history of taxation in the US - correct answer 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 - correct answer Legislative Branch - Internal Revenue Code (Top) - Congressional Committee Reports Executi...

(WGU C237) ACCT 3630 TAXATION I FINAL EX(WGU C237) ACCT 3630 TAXATION I FINAL EXAM REVIEW Q & A 2024(WGU C237) ACCT 3630 TAXATION I FINAL EXAM REVIEW Q & A 2024(WGU C237) ACCT 3630 TAXATION I FINAL EXAM REVIEW Q & A 2024AM REVIEW Q & A 2024

Define each component of the individual income tax formula - -income from whatever source derived exclusions=any item of income that the tax laws says is not taxable gross income=all income received in cash, property, and services from whatever source derived and from which the taxpayer derives a direct economic benefit deductions for AGI=expense one would see on an income statement (wages, repairs, depreciation) and some nonbusiness deductions (alimony, moving expenses, IRA contributions)...

(WGU C237) ACCT 3630 TAXATION I FINAL EXAM REVIEW Q & A 2024(WGU C237) ACCT 3630 TAXATION I FINAL EXAM REVIEW Q & A 2024

Tax. (CHAPTER 1) a payment required by a government that is unrelated to any specific benefit or service received from the government 3 Criteria Payment must be *Required (not INVOLUNTARY) *Imposed by a government agency (federal, state, local) *Not tied directly to the benefit received by the taxpayer - Continuous debate whom to tax, what to tax, how much to tax Sin Tax taxes imposed on the purchase of goods -e.g., alcohol, tobacco products - that are considered socially less desirab...

After the reinstatement of the individual federal income tax in 1894, why was the tax challenged in the courts? - Administration would be difficult since the tax was apportioned in proportion to state populations What are two primary sources of tax law in the United States? - Revenue Rulings, Court Decisions, Internal Revenue Code, Congressional Committee Reports, Income Tax Regulations, Revenue Procedures, and letter rulings What is a primary source of tax law in the United States? - Inte...

Define each component of the individual income tax formula - income from whatever source derived exclusions=any item of income that the tax laws says is not taxable gross income=all income received in cash, property, and services from whatever source derived and from which the taxpayer derives a direct economic benefit deductions for AGI=expense one would see on an income statement (wages, repairs, depreciation) and some nonbusiness deductions (alimony, moving expenses, IRA contributions) ...