The three separate and distinct rederal tax systems that are relevant to financial planning are the incom

The current federal income tax structure is progressive in nature. First, explain what that means. Second, regarding the proposal for a "flat tax", comment on both justification for and major obstacles to enactment.

Distinguish between intraperiod tax allocation and interperiod tax allocation (deferred tax accounting). Provide an example of each.

Which of the following schemes has the smallest scope in terms of income taxation?   Creditable Withholding Tax Capital Gains Taxation Regular Income Taxation Final Income Taxation

Briefly explain the precise difference between a refundable vs. a nonrefundable tax credit. Provide one or two examples of each category.

A memorandum or other form of communication used to report the results of tax research will include which of the following? a. The list of individuals consulted in the process b. A list of facts used in arriving at the solution c. A general statement of the issue d. A letter from the IRS confirming that the research is accurate and binding e. The solution recommended and the logic or reasoning supporting it