1. Which of the following statements are true?
1. As a general rule, the person who receives the benefit of the income must pay the tax on the income.
2. As a general rule, property is taxed to the person who owns the property.
3. As a general rule, income from services is taxed to the person who earns the income.
4. All of these statements are true.
5. As a general rule, the assignee of income from property must pay tax on the income.
2. Which of the following statements are true?
1. In 2015, 49% of the U.S. government's budget receipts came from individual income taxes.
2. The first Federal corporate income tax was implemented in 1909.
3. The first Federal individual income tax was implemented in 1861.
4. The process for creating a tax bill begins in the Senate Finance Committee.
5. The administrative sources of tax law includes the Sarbanes-Oxley Act.