Lesson 1 Overview

Welcome to Principles of Taxation. In this lesson, we will learn how it all got started. We will be looking at the birth of taxation in the United States and how we got to the point where we are now. Who makes these laws, anyway? And what is the IRS? We will also learn about other taxes besides individual federal income taxes. Finally, we'll cover how to navigate tax authority for purposes of research and how to present this information in a professional tax memo. Let’s get started.

Learning Objectives

After you have completed this lesson, you should be able to do the following:

• Explain the history of the federal tax system in the United States.
• Explain how tax law is created.
• Describe the functions of the Internal Revenue Service.
• Explain the different types of taxes that are used to collect revenue.
• Define and calculate taxable gifts for federal purposes.
• Explain how to conduct tax research and prepare a tax memo.

Lesson Readings & Activities

By the end of this lesson, make sure you have completed the readings and activities found in the Lesson 1 Course Schedule.