How is a gift tax different from an estate tax?

A deferred tax liability (or asset) is described as the tax effect of the temporary difference between the financial statement carrying amount (book value) of an asset or liability and its tax basis. Explain this tax effect of the temporary difference. How might it produce a deferred tax liability? A deferred tax asset?

Why is a sales tax considered a regressive tax?

What tax base are tax assessors concerned with?

What is the tax base for the sales tax?

Explain the significance of sin tax, incidence of a tax, tax loophole, individual income tax, sales tax, tax return, benefit principle of taxation, ability-to-pay principle of taxation, proportional tax, average tax rate, Medicare, progressive tax, marginal tax rate, and regressive tax.

Custom duties govern what items?

Which of the following statements is incorrect about limited liability companies and the check-the-box regulations?

a. If a limited liability company with more than one owner does not make an election, the entity is taxed as a partnership.

b. All 50 states and the District of Columbia have passed laws that allow creation of limited liability companies.

c. An entity with more than one owner and formed as a corporation cannot elect to be taxed as a partnership.

d. If a limited liability company with one individual owner does not make an election, the entity is taxed as a corporation.

e. A limited liability company with one owner can elect to be taxed as a corporation.

Compare the Federal Government's annual nontax revenues with its annual tax revenues discussed. How important are nontax revenues in funding the government?

Why do you think sales taxes are generally applied to food and beverages purchased in restaurants, but not to those purchased in stores?

Compare and contrast the characteristics of proportional, progressive, and regressive taxes.

You are an editorial writer for a major newspaper. Your boss, the editor of the editorial page, has asked you to write a comment on Justice Oliver Wendell Holmes' famous remark: "Taxes are what we pay for civilized society." Will your editorial agree with or take exception to Justice Holmes' view?

Choose one country from each of the following continents: Africa, Asia, Europe, and South America. Research the population, national budget, and national debt for each country and for the United States. Calculate national spending per person by dividing the national budget of each country by its population. Next, calculate the national debt per person by dividing the national debt by its population. Create a bar graph showing the population, national spending per person, and national debt per person for all five countries. Which country spends the most per person? Which country owes the most money per person? How does the United States compare to the other countries you chose?

Examine one week's issues of a local newspaper and a national paper. Find articles that mention taxes and their impact on the economy. How many of these stories refer to federal taxes? Which federal taxes are discussed? How many articles refer to State or to local taxes? Which State or local taxes are discussed?