TEST BANK
South-Western Federal Taxation 2025: Comprehensive,
48th Edition by Young Complete 30 Chapters
TEST BANK
Pageh1
,TABLE OF CONTENTS
h h h
Chapterh1:hAnhIntroductionhtohTaxationhandhUnderstandinghthehFederalhTaxhLawh
Chapterh2:hWorkinghwithhthehTaxhLawh
Chapterh3:hTaxhFormulahandhTaxhDeterminationh
Chapterh4:hGrosshIncome:hConceptshandhInclusionsh
Chapterh5:hGrosshIncome:hExclusionsh
Chapterh6:hDeductionshandhLosses:hInhGeneralh7-1hBadhDebtsh
Chapterh8:hDepreciation,hCosthRecovery,hAmortization,handhDepletionh
Chapterh9:hDeductions:hEmployeehandhSelf-Employed-RelatedhExpensesh
Chapterh10:hDeductionshandhLosses:hCertainhItemizedhDeductionsh
Chapterh11:hInvestorhLossesh
Chapterh12:hTaxhCreditshandhPaymentsh
Chapterh13:hPropertyhTransactions:hDeterminationhofhGainhorhLoss,hBasishConsiderations,handhNontaxabh
Chapterh14:hPropertyhTransactions:hCapitalhGainshandhLosses,h§h1231,handhRecapturehProvisionsh
Chapterh15:hThehDeductionhforhQualifiedhBusinesshIncomehforhNoncorporatehTaxpayersh
Chapterh16:hAccountinghPeriodshandhMethodsh
Chapterh17:hCorporations:hIntroductionhandhOperatinghRulesh
Chapterh18:hCorporations:hOrganizationhandhCapitalhStructureh
Chapterh19:hCorporations:hDistributionshNothinhCompletehLiquidationh
Chapterh20:hCorporations:hDistributionshinhCompletehLiquidationhandhanhOverviewhofhReorganizationsh
Chapterh21:hPartnerships:hFormation,hOperation,handhBasish
Chapterh22:hPartnerships:hDistributions,hTransferhofhInterests,handhTerminationsh
Chapterh23:hShCorporationsh
Chapterh24:hTaxeshinhthehFinancialhStatementsh
Chapterh25:hExempthEntitiesh
Chapterh26:hMultistatehCorporatehTaxationh
Chapterh27:hTaxationhofhInternationalhTransactionsh
Chapterh28:hTaxhPracticehandhEthicsh
Chapterh29:hThehFederalhGifthandhEstatehTaxesh
Chapterh30:hIncomehTaxationhofhTrustshandhEstates
Pageh2
,Chapterh 01h 2025h -h Comprehensive
Answersharehaththehendhof
heachhchapter
Indicateh whetherh theh statementh ish trueh orh false.
h 1.hIfhmorehIRShauditsharehproducinghahhigherhnumberhofhnoh changehresults,hthishindicateshincreasedhcompliancehonhtheh
parthofhtaxpayers.
True
False
h 2.hThehfirsthincomehtaxhonhindividualsh(afterhthehratificationhofhthehSixteenthhAmendmenthtohthehConstitution)hleviedhtaxhr
ateshfromhahlowhofh1%htohahhighhofh6%.
True
False
h 3.hStealthhtaxeshhavehtheheffecthofhgeneratinghadditionalhtaxeshfromhallhtaxpayers.
True
False
h 4.hIfhfraudhishinvolved,htherehishnohtimehlimithonhthehassessmenthofhahdeficiencyhbyhthehIRS.
True
False
h 5.hUnderhstatehamnestyhprograms,hallhdelinquenthandhunpaidhincomehtaxesharehforgiven.
True
False
h 6.h Theh Federalh estateh andhgifth taxesh areh examplesh ofh progressiveh rateh taxes.
True
False
h 7.hThehIRShishrequiredhtohredeterminehthehinteresthratehonhunderpaymentshandhoverpaymentshoncehahyear.
True
False
h 8.hThehFederalhincomehtaxhonhindividualshgenerateshmorehrevenuehthanhthehFederalhincomehtaxhonhcorporations.
True
False
h 9.hTohmitigatehtheheffecthofhthehannualhaccountinghperiodhconcept,hthehtaxhlawhpermitshthehcarryforwardhofhexcesshc
haritablehcontributionshofhahparticularhyearhtohotherhyears.
True
False
h 10.hUnlikehFICA,hFUTAhrequireshthathemployershcomplyhwithhstatehashwellhashFederalhrules.
True
False
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, Name: Class: Date:
Chapterh 01h 2025h -h Comprehensive
h 11.hIfhahspecialhagenthbecomeshinvolvedhinhthehaudithofhahreturn,hthishindicateshthaththehIRShsuspectshthathfraudhishinv
olved.
True
False
h 12.hTwohpersonshwhohlivehinhthehsamehstatehbuthinhdifferenthcountieshmayhnothbehsubjecthtohthehsamehgeneralhsaleshta
xhrate.
True
False
h 13.hUnderhthehusualhstatehinheritancehtax,htwohheirs,hahcousinhandhahsonhofhthehdeceased,hwouldhnothbehtaxedhaththeh
samehrate.
True
False
h 14.hVarioushtaxhprovisionshencouragehthehcreationhofhcertainhtypeshofhretirementhplans.hSuchhprovisionshcanhbehju
stifiedhonhbothheconomichandhsocialhgrounds.
True
False
h 15.hAhparenthemployshherhtwinhdaughters,hageh17,hinhherhsolehproprietorship.hThehdaughtersharehnothsubjecthtohFICAhco
verage.
True
False
h 16.hForhomissionshfromhgrosshincomehinhexcesshofh25%hofhthathreported,htherehishnohstatutehofhlimitationshonhad
ditionalhincomehtaxhassessmentshbyhthehIRS.
True
False
h 17.hNothallhofhthehstateshthathimposehahgeneralhsaleshtaxhalsohhavehahusehtax.
True
False
h 18.hStateshimposeheitherhahstatehincomehtaxh orhahgeneralhsaleshtax,hbuthnothbothhtypeshofhtaxes.
True
False
h 19.hThehamounthofhthehstatehexcisehtaxeshonhgasolinehvarieshfromhstatehtohstate.
True
False
h 20.hUponhaudithbyhthehIRS,hFaithhishassessedhahdeficiencyhofh$40,000hofhwhichh$25,000hishattributablehtohnegligence.
Theh20%hnegligencehpenaltyhwillhapplyhtoh$25,000.
True
False
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