Individual Tax Chapter 1

The flashcards below were created by user kirkgg on FreezingBlue Flashcards.

  1. Which amendment gives congress the power to tax income?
    16th Amendment
  2. Where in the constitution does Congress have power to impose a tax?
    Article 1, Section 8
  3. How many titles are there in the United States code?
  4. Which title in the U.S. Code is the Internal Revenue Code (IRC)?
    Title 26
  5. What does this symbol mean?
    Section (in the Internal Revenue Code)
  6. Besides the IRC, where can tax law come from?
    • Court Decisions
    • Treasury Regulations
    • IRS Rulings
  7. What is the Federal Tax Court Structure?
    Image Upload 1
  8. What is the IRS's administrative function?
    The IRS issues regulations that interpret the code. Also, the IRS issues other guidance like private-letter rulings.
  9. Which department is the IRS an agency of?
    The Treasury
  10. What is the CEO of the IRS called and who is he/she appointed by?
    The Commissioner, Appointed by the President of the U.S.
  11. Assume you come across a reference to Code Section 401(k)(2)(B)(i). What terminology would you use to explain where that provision is?
    • Section 401
    • Subsection (k)
    • Paragraph (2)
    • Subparagraph (B)
    • Clause (i)
  12. What are the four main divisions within the IRS regarding tax services and enforcement?
    • 1) Wage and Investment Division
    • 2) Large Business and International Division
    • 3) Small Business/Self Employed Division
    • 4) Tax Exempt and Government Entities Division
  13. Name three sources from where tax laws, rules, and regulations originate.
    • Internal Revenue Code
    • Court Decisions
    • Treasury Regulations
    • IRS Rulings
Card Set
Individual Tax Chapter 1
Individual Tax Chapter 1
Show Answers