Complete Problem Assignments 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.