CHAPTER 1 FEDERAL INCOME TAXATION - AN OVERVIEW 2022 Edition Topic Status Questions 1 Adam Smith's system requirements Unchanged 2 How well income tax and employment taxes meet Adam Smith's requirements Unchanged 3 Proportional, regressive, or proportional tax Unchanged 4 Proportional, regressive, or proportional tax Unchanged 5 Federal income tax as a revenue producer Unchanged 6 Collection of income taxes Unchanged 7 Sales tax versus excise tax Unchanged 8 Collection of sales and excise taxes Unchanged 9 Real property versus personal property taxes Unchanged 10 Gift tax Unchanged 11 Estate tax Unchanged 12 Valuation of gift and estate assets Unchanged 13 Payment of gift and estate taxes Unchanged 14 Primary sources of tax law Unchanged 15 Supreme Court cases Unchanged 16 Federal income tax base Unchanged 17 Exclusion Unchanged 18 Deferral versus exclusion Unchanged 19 Gross income versus income Unchanged 20 Deductibility of expenses Unchanged 21 Expense versus loss Unchanged 1-2 2022 Edition Topic Status 22 Transaction loss versus annual loss Unchanged 23 Legislative grace concept Unchanged 24 Inflation effects on taxes Unchanged 25 Pay-as-you-go collection of taxes Unchanged 26 Tax credits Unchanged 27 Tax credit versus deduction Unchanged