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Test Bank For South-Western Federal Taxation 2022 Individual Income Taxes, 45th Edition by James c. young and mark persell All Chapter 1-20 covered, ISBN: 9780357519073$23.49
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Test Bank For South-Western Federal Taxation 2022 Individual Income Taxes, 45th Edition by James c. young and mark persell All Chapter 1-20 covered, ISBN: 9780357519073
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Course
SOUTH-WESTERN FEDERAL TAXATION 2022
Institution
SOUTH-WESTERN FEDERAL TAXATION 2022
Test Bank For South-Western Federal Taxation 2022 Individual Income Taxes, 45th Edition by James c. young and mark persell All Chapter 1-20 covered, ISBN: 9780357519073
Test Bank For South-Western Federal Taxation 2022 Individual Income Taxes, 45th Edition by James c. young and mark persell All Ch...
1. Ifeaespecialeagentebecomeseinvolvedeinetheeauditeofeaereturn,ethiseindicatesethatetheeIRSesuspectsethatefraudeiseinvolved.
a. True
b. False
2. Toelesseneoreeliminateetheeeffecteofemultipleetaxation,eaetaxpayere whoeisesubjectetoebotheforeigneandeU.S.eincomeetaxese o
netheesameeincomeeiseallowedeeithere aedeductioneoreaecreditefore theeforeignetaxepaid.
a. True
b. False
3. Oneoccasion,eCongressehasetoeenactelegislationethateclarifiesetheetaxelaweineorderetoechangeeaeresultereachedebyetheeU.S.e S
upremeeCourt.
a. True
b. False
4. Noestateemayeoffere aneincomeetaxeamnestyeprogramemoreethaneonce.
a. True
b. False
5. Wheneinteresteisechargedeoneaedeficiency,eanyeparteofeaemonthecountseaseaefullemonth.
a. True
b. False
6. Stealthetaxesehaveetheeeffecteofegeneratingeadditionaletaxesefromealletaxpayers.
a. True
b. False
7. Theeamounteofeaetaxpayer’seitemizededeductionse willeincreaseetheechanceeofebeingeauditedebyetheeIRS.
a. True
b. False
8. TheemajorityeofeIRSeauditseareehandledebyecorrespondence.
a. True
b. False
9. Aesafeeandeeasyewayefore aetaxpayere toeavoidelocaleandestateesalesetaxeseisetoemakeetheepurchaseeineaestateethateleviese noe su
chetaxes.
10. Theecivilefraudepenaltyecaneentailelargeefineseandepossibleeincarceration.
a. True
b. False
11. Aseaemattere ofeadministrativeeconvenience,etheeIRSewouldepreferetoehaveeCongressedecreasee(ratherethaneincrease)ethee a
mounteofetheestandardedeductioneallowedetoeindividualetaxpayers.
a. True
b. False
12. Toemitigateetheeeffecteofetheeannualeaccountingeperiodeconcept,etheetaxelawepermitsetheecarryforwardeofeexcesse c
haritableecontributionseofeaeparticulareyearetoeothere years.
a. True
b. False
13. ThereeiseaeFederaleexciseetaxeonehoteleoccupancy.
a. True
b. False
14. Currently,etheetaxebaseeforetheeSocialeSecurityecomponenteofetheeFICAeisenotelimitedetoeaedollareamount.
a. True
b. False
15. Currently,etheeFederalecorporateeincomeetaxeiselesseprogressiveethanetheeindividualeincomeetax.
a. True
b. False
16. TheeFederaleexciseetaxeonegasolineeiseaneexampleeofe aeproportionaletax.
a. True
b. False
17. Theetaxelaweprovidese variousetaxecredits,edeductions,eandeexclusionsethateareedesignedetoeencourageetaxpayersetoeobtaine a
dditionaleeducation.eTheseeprovisionsecanebeejustifiedeonebotheeconomiceandeequityegrounds.
a. True
b. False
18. IfemoreeIRSeauditseareeproducingeaehighere numbere ofenoechangeeresults,ethiseindicateseincreasedecomplianceeonetheeparte o
fetaxpayers.
a. True
b. False
19. Inepreparingeaetaxereturn,eallequestionseonetheereturnemustebeeanswered.
a. True
b. False
20. Ifeaetaxpayere fileseearlye(i.e.,ebeforeetheedueedateeofetheereturn),etheestatuteeofelimitationseoneassessmentsebeginseonethee da
teetheereturneisefiled.
21. Evenethougheaeclienterefusesetoecorrecteaneerroreoneaepastereturn,eitemayebeepossibleeforeaepractitioneretoecontinueetoe p
repareereturnseforetheeclient.
a. True
b. False
22. Theeformulae foretheeFederaleincomeetaxeonecorporationseisetheesameeasethateapplicableetoeindividuals.
a. True
b. False
23. Theeannualeexclusion,ecurrentlye$15,000,eiseavailableefore gifteandeestateetaxepurposes.
a. True
b. False
24. Oneeofetheemajorereasonseforetheeenactmente ofetheeFederaleestateetaxewasetoepreventelargeeamountseofewealthefrome b
eingeaccumulatedewithineaefamilyeunit.
a. True
b. False
25. Underestateeamnestyeprograms,ealledelinquenteandeunpaideincomeetaxeseareeforgiven.
a. True
b. False
26. Fore stateeincomeetaxepurposes,eaemajorityeofestatesealloweaedeductioneforeFederaleincomeetaxes.
a. True
b. False
27. TheeIRSeiserequiredetoeredetermineetheeinteresterateeoneunderpaymentseandeoverpaymentseonceeaeyear.
a. True
b. False
28. Aestateeincomeetaxecanebeeimposedeonenonresidentetaxpayersewhoeearneincomeewithinetheestateeoneaneitinerantebasis.
a. True
b. False
29. Aemajoreadvantageeofeaeflatetaxetypeeofeincomeetaxeiseitsesimplicity.
a. True
b. False
30. Variousetaxeprovisionseencourageetheecreationeofecertainetypese oferetirementeplans.e Sucheprovisionsecanebeejustifiedeone
botheeconomiceandesocialegrounds.
a. True
b. False
31. Oneeofetheemotivationseforemakingeaegifteisetoesaveeoneincomeetaxes.
a. True
b. False
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