WGU C237 Taxation I TEST practice Exam 2026 2027NEWEST EXAM WITH COMPLEYE QUESTIONS AND CORRECT DETAILED ANSWERSVERIFIED 100% ALREADY GRADED A+

WGU C237 Taxation I TEST practice Exam 2026-
2027\NEWEST EXAM WITH COMPLEYE QUESTIONS AND
CORRECT DETAILED ANSWERS\VERIFIED 100% ALREADY
GRADED A+


Taxable income


Gross income-Deductions-Exemptions


Income before tax credits


Taxable income x tax rate


Total tax liability


Income before tax credits-tax credits

,balance due or refund


total tax liability - Prepayments


Distinguish between various types of taxes


State Tax
Local Income
Franchise Tax
Wealth transfer tax Gift
tax
Federal Estate tax
Property tax
Federal excise tax - customs Sales
Tax

, Identify different types of entities that are subject to taxation in the US


-Tax paying entities
Individuals
C Corps
-Flow through Entities
sole proprietorship
Partnerships
S Corps
LLC
LL Partnerships
Trusts




Describe the administrative procedures of the IRS


Enforcement procedures - verify accuracy and audit
Statute of limitations - 3 years; up to 6 years if off by 25%; no limit
for civil fraud


Describe various components of a tax practice


Tax Compliance and
Procedure Tax Research
Tax Planning and Consulting
Financial planning