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Ad Valorem Taxes
Property taxes; based on value, these are taxes on wealth or capital.
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Realty
estate or captial improvements that are classified as fixtures
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Personalty
all assets that are not realty
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Excise Taxes
Sin Taxes; taxes on items such as tobbacco products, fuel and gasoline sales and air travel.
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Use Tax
an Ad Valorem tax, usually at the same rate as the sales tax, on the use, consumption, or tangible property purchased outside the state but used in the state.
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Severance Taxes
transaction taxes that are based on the notion that the state has an interest in its natural resources. (eg. oil, iron ore, or coal)
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Estate Tax
a tax imposed on the right to tax property at death
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Inheritance Tax
taxes the right to recieve property from a descendent
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Gift Tax
An excise tax levied on the right to transfer property
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Employment Taxes
specifed amounts witheld, by employers, for income taxes
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FICA Tax
medicare, medicaid and social security taxes
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FUTA tax
state taxes witheld so states can administer unemployment benefits
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Franchise Tax
tax on the right to do business in a certain state
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Occupational fees
deals with licensing and permits
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Value Added Tax (VAT)
proposed tax where businesses pay taxes on all of the materials and services required to manufacture its product
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National Sales Tax
proposed tax where the tax dollars would be collected on the final sale of goods and services
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Correspondence Audit
for minor tax issues by correspondence between the IRS and the taxpayer
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Office Audit
restricted in scope and is conducted in IRS facilities
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Field Audit
involving numerous reported items and is conducted on the premises of the taxpayer or representative
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Statute of Limitations
a provision in the law that offers a party a defense against a suit brought by another party after the expiration of a specified period of time
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Revenue Neutrality
every new tax law that lowers taxes must include a revenue offset that makes up for the loss
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Sunset Provision
when a law expires and the prior law is reinstated
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Wherewithal to Pay
recognizes the inequity of taxing a transaction when the taxpayer lacks the means with which to pay the tax
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Proposed Regulations
proposals from the treasury department that cary very little weight; no more than a position in a brief written by the Tax Court
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Finalized Regulations
have the full force and effect of law
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Temporary Regulations
expires within three years, but carry the same weight as a 'final regulation'
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Revenue Rulings
official pronouncement of the IRS and generally provide one or more example of how the IRS would apply law to specific fact situations
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Revenue Procedures
issued like 'revenue rulings' but deal with the internal management practices and procedures of the IRS
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Letter Rulings
issued for a fee upon a taxpayer's request and describe how the IRS will treat a proposed transaction for tax purposes
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Determination Letters
issued at the request of taxpayers and provide guidance on the application of the tax law
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Technical Advice Memoranda (TAM's)
IRS determination on an issue, issued in response to questions raised by IRS field personel
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Court of Orignal Jurisdiction
(known as trial court) any appeal is then taken to an appellate court
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Federal District Court, U.S. Court of Federal Claims, and U.S. Tax Court, Small Cases Division
taxpayer can choose to have their case heard at any of these four courts
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Payment of Deficiency
if the taxpayer wins in court (assuming no gov appeal) the tax paid plus appropriate interest will be paid
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