Tax Test 1

Property taxes; based on value, these are taxes on wealth or capital.

estate or captial improvements that are classified as fixtures

all assets that are not realty

Sin Taxes; taxes on items such as tobbacco products, fuel and gasoline sales and air travel.

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.

transaction taxes that are based on the notion that the state has an interest in its natural resources. (eg. oil, iron ore, or coal)

a tax imposed on the right to tax property at death

taxes the right to recieve property from a descendent

An excise tax levied on the right to transfer property

specifed amounts witheld, by employers, for income taxes

medicare, medicaid and social security taxes

state taxes witheld so states can administer unemployment benefits

tax on the right to do business in a certain state

deals with licensing and permits

proposed tax where businesses pay taxes on all of the materials and services required to manufacture its product

proposed tax where the tax dollars would be collected on the final sale of goods and services

for minor tax issues by correspondence between the IRS and the taxpayer

restricted in scope and is conducted in IRS facilities

involving numerous reported items and is conducted on the premises of the taxpayer or representative

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

every new tax law that lowers taxes must include a revenue offset that makes up for the loss

when a law expires and the prior law is reinstated

recognizes the inequity of taxing a transaction when the taxpayer lacks the means with which to pay the tax

proposals from the treasury department that cary very little weight; no more than a position in a brief written by the Tax Court

have the full force and effect of law

expires within three years, but carry the same weight as a 'final regulation'

official pronouncement of the IRS and generally provide one or more example of how the IRS would apply law to specific fact situations

issued like 'revenue rulings' but deal with the internal management practices and procedures of the IRS

issued for a fee upon a taxpayer's request and describe how the IRS will treat a proposed transaction for tax purposes

issued at the request of taxpayers and provide guidance on the application of the tax law

IRS determination on an issue, issued in response to questions raised by IRS field personel

(known as trial court) any appeal is then taken to an appellate court

taxpayer can choose to have their case heard at any of these four courts

if the taxpayer wins in court (assuming no gov appeal) the tax paid plus appropriate interest will be paid