Taxation for Decision Makers: Problems 1-15 [LO 1.1] What are consumption taxes? [LO 1.4] Differentiate horizontal from vertical equity. [LO 1.4] When was the constitutional amendment permitting an income tax ratified?
[LO 1.4] What is a sin tax?
[LO 1.5] What are three objectives of income taxation?
[LO 1.5] What are the three taxable persons that pay all of the income taxes?
[LO 1.5] What is the difference between gross revenue and gross income for a business?
[LO 1.5] What are at least three unique features of the individual tax model when compared to the corporate tax model? What are three similarities between these models?
[LO 1.5] What is the purpose of adjusted gross income for an individual?
[LO 1.5] What are the four filing statuses for which there are standard deductions?[LO 1.5] Differentiate the personal exemption from the dependency exemption.
[LO 1.5] How is gain or loss on the disposition of business or investment property determined?
[LO 1.5] What is the difference between a deduction from income and a credit against a tax liability? Illustrate your answer.
[LO 1.6] What are three characteristics of a sole proprietorship? Are these characteristics the same as or different from those of a partnership? What are three characteristics of a limited liability company that differ from those of a partnership?
[LO 1.6] Compare a C corporation to an S corporation (Dennis-Escoffier)Dennis-Escoffier, Shirley, Karen Fortin. Taxation for Decision Makers, 2016 Edition, 6th Edition. Wiley, 2015-07-29. VitalBook file.
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