Questions from General Taxation

Q: Which three taxable persons pay all of the income taxes?

Which three taxable persons pay all of the income taxes?

Q: Define gross income.

Define gross income.

Q: Describe the various types of audits.

Describe the various types of audits.

Q: Compare a C corporation to an S corporation.

Compare a C corporation to an S corporation.

Q: As a bill proceeds through Congress, various committee reports are generated

As a bill proceeds through Congress, various committee reports are generated. What three committee reports typically are generated as a result of this process?

Q: Identify three tax planning strategies.

Identify three tax planning strategies.

Q: What are the basic tax rates for an individual and a corporation

What are the basic tax rates for an individual and a corporation?

Q: In the citation Reg. §1.247-3,

In the citation Reg. §1.247-3, what do the 1 and the 247 indicate?

Q: What is the difference between primary authority and secondary authority?

What is the difference between primary authority and secondary authority?

Q: Describe the basic steps in performing tax research.

Describe the basic steps in performing tax research.