Lesson Summary

This first lesson provided information on the birth and creation of the tax system currently used for federal income tax purposes in the United States. It discussed how tax law is actually created in the United States as well as the role of the IRS in tax administration. Remember, income tax isn't the only kind of tax. You learned about other taxes that exist in the United States, with a special focus on gift taxes. Finally, there was a detailed presentation on the tax research process, including how to use tax libraries and conduct tax research from start to finish. With this information as the starting point of this course, Lesson 2 will look at the tax structure and tax formula that is used as a basis for individual income tax calculations.