ACCT 40610- Final Exam Guide - Comprehensive Notes for the exam ( 56 pages long!)
Document Summary
Study guide: tax: compulsory payment to support the cost of government. Chapter 1: contrast with fine/penalty or user fee, taxpayer: any person or organization that pays tax (includes individuals and corporations). Incidence: ultimate economic burden of a tax: may not fall on the person or organization that pays tax. Jurisdiction: right of a government to tax: tax formula, tax = rate base, rate can be, flat, single rate applies to entire tax base, graduated, multiple rates apply to portions. Intangibles (securities): state taxes, sales/use tax, broad-based but often excludes necessities (food, drugs), personal responsibility for use tax, excise tax. Imposed on retail sale of specific goods or services: cigarettes and gasoline, hotel and motel accommodations, income tax, personal, corporate, federal taxes, income taxes. Fairness act of 2013: statutory authority is the i. r. c, administrative authority, treasury regulations. Irs revenue rulings and revenue procedures: federal judicial authority, trial courts, tax court, district court, court of federal claims, appellate court, supreme court.
