ACCT 201 Lecture Notes - Lecture 4: Ad Valorem Tax, Stupa, Gross Income
28 Oct 2017
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Chapter 1: an income tax was first enacted in 1634 by the english colonies, the federal government did not adopt this until 1861. In 1913, the ratification of the sixteenth amendment established a federal, state, and. Local tax: additionally in 1913, the revenue act of 1913 made due the first form 1040. It is a tax based on the value of the property: property can be divided into two categories, realty (land and buildings with fixtures) Therefore, a tax is imposed when the natural resources are extracted: estate and inheritance taxes estate taxes are charged on the value of the estate given by dead person. Inheritance taxes are charged on the value received from the dead person. Federal government charges estate tax only: federal estate tax value of the estate is taken at fmv at the date of death or 6 months after.
