ACCT 485 Lecture Notes - Lecture 1: Income Tax, Cooking Oil, Ad Valorem Tax
20 Sep 2016
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Acct 485 lecture 1: introduction to federal tax law and tax ethics. 1861: used to finance the civil war. 1894: individual income tax, pollock decision (u. s. supreme court, 1895) 1909: corporate income tax, flint decision (u. s. supreme court, 1911, two prong approach. Sixteenth amendment to the u. s. constitution: proposed by congress on july 12, 1909, ratified (voted on and approved) by the states on february 29, 1913. Revenue acts: congress enacted the first legal income tax in 1913, codified (putting it in a simple section where you can find it) in 1939 (internal. Revenue code of 1939: internal revenue codes of 1954 and 1986. Further social and political objectives: social: retirement 401k, political: home ownership. If you own you are more likely to take care of it. Further political aims: special interest legislation: law that is put in that only applies to one group. Government has no money, citizens pay for everything. Sports tickets use to be tax deductible.
