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The REG CPA Exam is challenging, because this test covers business law, taxation, and rules of professional conduct for CPAs. However, there are some general concepts that can help you simplify much of the details on the test. Law on Taxation TAXATION LAW I. General Principles of Taxation A. Definition and concept of taxation B. Nature of taxation Congress passed a sin tax law that increased the tax rates on cigarettes by 1,000%. The law was thought to be sufficient to drive many cigarette companies out of business.
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