mid 1 - Chapter 1 Computation of federal income tax using...

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Chapter 1Computation of federal income tax using tax rate schedulesAverage and effective and marginal tax rates, definition and computations.What is a proportional, progressive, regressive tax? (e.g., Example 1-9). Graphs not required.Know that sales tax (consumption tax) is a regressive form of tax, when tax base is taxpayer’sincome.For following types of tax, know what they are and whether they are administered by Federal orState government or a county government.Federal income taxesEmployment or FICA taxesGift and estate taxesState income tax and property tax and sales tax.Review the meaning of sufficiency, dynamic forecasting, static forecasting, and income v.substitution effects. Understand the meaning of horizontal and vertical equity.Skip implicit taxes and graphs in this chapter.Review Examples inside chapter 1 that are related to above topics.Review problems 34, 39, 53, 56, 57 as a minimum.Chapter 2Required pages for Exam 1: pages 6 to 17 including Exhibits 2-2 and 2-3 and 2-5. In particular:Know the different types of courts taxpayer can file a tax related lawsuit. Page 2-6 and Exhibit 2-3Can court decisions be appealed?Should tax deficiency be paid before going to court? For which ones?Review the flowchart of IRS appeals process (Exhibit 2-2).Tax law sources:Need to know Internal Revenue Code and its basic organization or method of citation.Legislative process, relevant committees in the House and the Senate.What happens if president vetoes tax legislation?Various courts, the authority of court rulings. Which has higher authority?Concepts ofstare decisisandGolsen Rulecan be skipped for this test. (p. 2-15)Treasury regulations, proposed, temporary and final. Their citation.Revenue ruling and revenue procedure.Letter ruling.Which has higher authority?Are court decisions part of primary sources of the tax law?Acquiescence and non-acquiescence. What do they mean?You may skip Determination letters and Technical Advice Memorandums. P.2-16.No problems required for this chapter. You are not required to learn Tax Research using RIACheckpoint at this time.
I have posted authors solution to questions 7, 8, 9, 12, 13, 14, 15, 18, 19, 20, 21, 22, 24. A quickreview of those solutions would be helpful for the MidtermYou don’t need to study AICPA tax preparer penalty file and the RIA tax research file posted onDropbox for Midterm.

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Term
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Taxation in the United States

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