Reference no: EM131266473
1. Which of the following statements are true?
The first Federal corporate income tax was implemented in 1909.
The process for creating a tax bill begins in the Senate Finance Committee.
The administrative sources of tax law includes the Sarbanes-Oxley Act.
The first Federal individual income tax was implemented in 1861.
In 2015, 49% of the U.S. government's budget receipts came from individual income taxes.
2. Which of the following statements are false?
A taxpayer cannot defer recognition of income from advance payment of goods.
The U.S. Court of Federal Claims is a trial court.
According to the AICPA, the tax system should not reduce economic growth and efficiency.
Treasury Decisions are published in the IRB and transferred to the Cumulative Bulletin.
All individual taxpayers must use the calendar year for tax purposes.
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