Exam (elaborations)
TEST BANK Income Tax Fundamentals 2024, 42nd Edition by Whittenburg, Gill. Chapters 1 - 12
- Course
- Institution
TEST BANK Income Tax Fundamentals 2024, 42nd Edition by Whittenburg, Gill. Chapters 1 - 12
[Show more]
Seller
Follow
Content preview
,TABLE OF CONTENTS f f f1. The Individual Income Tax Return.
f f f f f
2. Gross Income and Exclusions.
f f f f
3. Business Income and Expenses, Part I.
f f f f f f
4. Business Income and Expenses, Part II.
f f f f f f
5. Itemized Deductions and Other Incentives.
f f f f f
6. Credits and Special Taxes.
f f f f
7. Accounting Periods and Methods and Depreciation.
f f f f f f
8. Capital Gains and Losses.
f f f f
9. Withholding, Estimated Payments, and Payroll Taxes.
f f f f f f
10. Partnership Taxation.
f f
11. The Corporate Income Tax.
f f f f
12. Tax Administration and Tax Planning.
f f f f f
,Chapter 1: The Individual Income Tax Return
f f f f f f
1. Afcorporationfisfafreportingfentityfbutfnotfaftax-payingfentity.
FALSE
2. Partnershipf capitalf gainsf andflossesf aref allocatedf separatelyf tof eachfoff thef partners.
TRUE
3. Marriedf taxpayersf mayf doublef theirf standardf deductionf amountf byf filingf separatefreturns.
FALSE
4. Anfitemfisf notfincludedf inf grossfincomefunlessf thef taxf lawf specifiesf thatf thefitemfisfsubjectftoftaxati
on.
FALSE
5. Forf taxpayersf whof dof notf itemizef deductions,f thef standardf deductionf amountf isfsubtractedffro
mftheftaxpayer'sfadjustedfgrossfincome.
TRUE
6. Aftaxpayerfwithfself-employmentfincomefoff$600fmustffilefaftaxfreturn.
TRUE
7. Af dependentf childf withf earnedf incomef inf excessf off thef availablef standardf deductionfamountfmustffi
lefaftaxfreturn.
TRUE
8. Af singlef taxpayer,f whof isf notf blindf andf whof isf underf agef 65,f withf incomef off $8,750fmustffilefaftaxf
return.
FALSE
, 9. Iffaftaxpayerfisfduefafrefund,fitfwillfbefmailedftoftheftaxpayerfregardlessfoffwhetherfheforfsheffilesfaftaxfr
eturn.
FALSE
10. Taxpayersfwithfself-employmentfincomefoff$400forfmorefmustffilefaftaxfreturn.
TRUE
11. Iff yourf spousef diesf duringf thef taxf yearf andf youf dof notf remarry,f youf mustf filef asfsinglefforfthefy
earfoffdeath.
FALSE
12. Taxpayersfwhofdofnotfqualifyfforfmarried,fheadfoffhousehold,forfqualifyingfwidowforfwidowerffilin
gfstatusfmustffilefasfsingle.
TRUE
13. Iffanfunmarriedftaxpayerfpaidfmorefthanfhalff thef costfoff keepingf afhomef whichfisf thefprincipalf placefo
ff residencefoff afnephew,f whofisfnotf herfdependent,f shefmayfusefthefheadfoffhouseholdffilingfstatus.
FALSE
14. Thefmaximumfofficialfindividualfincomeftaxfratefforf2012fisf35fpercent.
TRUE
15. Allftaxpayersfmayfuseftheftaxfratefscheduleftofdetermineftheirftaxfliability.
FALSE
16. Thef headfoffhouseholdftaxfratesf arefhigherf thanf thefratesf forf afsingleftaxpayer.
FALSE
17. Mostf statesf aref communityf propertyf states.
FALSE
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller NurseInjector. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77858 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now