Exam (elaborations)
TEST BANK Income Tax Fundamentals 2024, 42nd Edition by Whittenburg, Gill. Chapters 1 - 12
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TEST BANK Income Tax Fundamentals 2024, 42nd Edition by Whittenburg, Gill. Chapters 1 - 12
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,TABLE OF CONTENTS m m m1. The Individual Income Tax Return.
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2. Gross Income and Exclusions.
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3. Business Income and Expenses, Part I.
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4. Business Income and Expenses, Part II.
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5. Itemized Deductions and Other Incentives.
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6. Credits and Special Taxes.
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7. Accounting Periods and Methods and Depreciation.
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8. Capital Gains and Losses.
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9. Withholding, Estimated Payments, and Payroll Taxes.
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10. Partnership Taxation.
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11. The Corporate Income Tax.
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12. Tax Administration and Tax Planning.
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,Chapter 1: The Individual Income Tax Return
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1. Amcorporationmismamreportingmentitymbutmnotmamtax-payingmentity.
FALSE
2. Partnershipm capitalm gainsm andmlossesm arem allocatedm separatelym tom eachmofm them partners.
TRUE
3. Marriedm taxpayersm maym doublem theirm standardm deductionm amountm bym filingm separatemreturns.
FALSE
4. Anmitemmism notmincludedminm grossmincomemunlessm them taxm lawm specifiesm thatm themitemmismsubjectm
tomtaxation.
FALSE
5. Form taxpayersm whom dom notm itemizem deductions,m them standardm deductionm amountm ismsubtracte
dmfrommthemtaxpayer'smadjustedmgrossmincome.
TRUE
6. Amtaxpayermwithmself-employmentmincomemofm$600mmustmfilem amtaxmreturn.
TRUE
7. Am dependentm childm withm earnedm incomem inm excessm ofm them availablem standardm deductionmamountm
mustmfilemamtaxmreturn.
TRUE
8. Am singlem taxpayer,m whom ism notm blindm andm whom ism underm agem 65,m withm incomem ofm $8,750mmustmf
ilemamtaxmreturn.
FALSE
, 9. Ifmamtaxpayermismduemamrefund,mitmwillmbemmailedmtomthemtaxpayermregardlessmofmwhethermhemormshemfil
esmamtaxmreturn.
FALSE
10. Taxpayersmwithmself-employmentmincomemofm$400mormmoremmustmfilemamtaxmreturn.
TRUE
11. Ifm yourm spousem diesm duringm them taxm yearm andm youm dom notm remarry,m youm mustm filem asmsinglem
formthemyearmofmdeath.
FALSE
12. Taxpayersmwhomdomnotmqualifymformmarried,mheadmofmhousehold,mormqualifyingmwidowmormwidow
ermfilingmstatusmmustmfilemasmsingle.
TRUE
13. Ifm anmunmarriedmtaxpayermpaidmmoremthanmhalfm them costmofm keepingm amhomem whichmism themprincipa
lmplacemofmresidencemofm amnephew,m whomismnotm hermdependent,m shemmaymusemthemheadmofmhouseholdmfil
ingmstatus.
FALSE
14. Themmaximummofficialmindividualmincomemtaxmratem form2012mism35mpercent.
TRUE
15. Allmtaxpayersmmaymusemthemtaxmratemschedulemtomdeterminemtheirmtaxmliability.
FALSE
16. Them headmofmhouseholdmtaxm ratesm aremhigherm thanm them ratesm form amsinglemtaxpayer.
FALSE
17. Mostm statesm arem communitym propertym states.
FALSE
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