Taxes Flashcards
1
Q
Three tax systems
A
Income tax system
Estate and gift tax system
Generation skipping transfer tax system
2
Q
Three types of income
A
Ordinary/active income
Portfolio income
Passive income
3
Q
Types of accounting
A
Cash method
Accrual method
Hybrid method
4
Q
Tax principals
A
Constructive receipt
Economic benefit
Doctrine of the fruit and the tree
