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CHAPTER 1 AN INTRODUCTION TO TAXATION AND UNDERSTANDING THE FEDERAL TAX LAW SOLUTIONS TO PROBLEM MATERIALS Status: Q/P Question/ Present in Prior Problem Topic Edition Edition 1 Effect of state and local taxes on decision making Unchanged 1 2History of Federal income tax Unchanged 2 3 Constitutionality of Federal income tax for Unchanged 3 corporations 4Codification of the tax laws Unchanged 4 5Pay-as-you-go system Unchanged 5 6Criteria for “good” tax system Unchanged 6 7 Proportional versus progressive tax Unchanged 7 8 Issue recognition Unchanged 8 9 Issue recognition New 10 Issue recognition New 11 Ad valorem tax on realty: effect of tax holiday Unchanged 11 12 Ad valorem tax on realty: effect of construction Unchanged 12 cost 13 Ad valorem taxes: taxpayer compliance New 14 Excise taxes: effect on social behavior Unchanged 14 15 General sales tax: excluded items New 16 Issue recognition Unchanged 16 17 Issue recognition Unchanged 17 18 General sales tax: avoidance and the use tax Unchanged 18 19 Importance of severance taxes Unchanged 19 20 Justification for the Federal estate tax Unchanged 20 21 Inheritance and estate taxes compared Unchanged 21 22 Federal estate tax: effect of marital and Unchanged 22 charitable deduction 23 Purpose of the Federal gift tax Unchanged 23 24 Cumulative nature of the Federal gift tax New 1-1
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1-2 2002 Comprehensive Volume/Solutions Manual Status: Q/P Question/ Present in Prior Problem Topic Edition Edition 25 Federal gift tax and use of annual exclusions Unchanged 25 26 Advantage of Federal estate and gift taxes Unchanged 26 compared 27 Income tax formula: individuals and Unchanged 27 corporations compared 28 Issue recognition Unchanged 28 29 Piggyback approach of state income taxes Unchanged 29 30 Correlation of Federal and state income tax Unchanged 30 rules and audit procedures 31 State income tax: characteristics Modified 31 32 FICA and FUTA contrasted New 33 FICA: amount of wage base Unchanged 32 34 FICA and employment of one spouse by another: Unchanged 33 coverage of children 35 FUTA: effect of state merit rating Unchanged 34 36 Flat tax: justification for and obstacles to New 37 VAT versus national sales tax: expected taxpayer Unchanged 37 compliance compared 38 IRS audit: probability of selection Unchanged 38 39 IRS audit: prompted by informer Unchanged 39 40 IRS audit: characteristics of New 41 Statute of limitations: IRS assessments Unchanged 41 42 Interest on tax refunds Unchanged 42 43 Statute of limitations and substantial omissions; Unchanged 43 ethical considerations of tax return preparer 44 Penalties for failure to file and failure to pay Unchanged 44 45 Tax practice and ethical guidelines: statute Unchanged 45 of limitations 46 Tax practice and ethical guidelines Unchanged 46 47 Revenue neutral tax reform Unchanged 47 48 Economic considerations: stimulation of New technological progress 49 Justification for several tax provisions New 50 Justification for favorable tax treatment of Unchanged
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