Chapter 3: Computing the Tax
a. Tax Formula
i. Tax Formula for Individuals
Less: Deductions for adjusted gross income
Adjusted gross income
Less The greater of
Total itemized deductions
Or standard deduc
1I.I"u'hi-:h Regulatiune have the farce and effect at law?
a? e. Legislative Regulatiehs
Gib. Interpretive Regulatiehe
ue. Finalized Regufatiehs
End. Preeedurel Regulatiune
le. All at these cheieee are current.
Chapter 1: Learning Objectives
After completing Chapter 1, you should be able to:
LO.1 Demonstrate why taxation is important.
LO.2 Describe some of the history and trends of the Federal income tax.
LO.3 Assess some of the criteria for selecting a tax stru
A taxpayer when loses in a US. District Ceurl: may appeal directly tip the:
le. LLB. Supreme Epurt.
ue. U5. Tax Ceurt.
Ens. LLS. Cpur't pf Federal Claims.
u" u. u.s. Circuit Ceurl: of Appeals.
ue. All at these eheices are current.
A taxpayer must pawr anyr tax deciency assessed by the IRS and sue for a refund to tiring suit in the U.S. Court of Federal Claims. Oniy in the Tax Court can
jurisdiction be obtained without rst paying the assessed tax deciency.