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Test Bank For Income Tax Fundamentals 2024 42nd Edition By Gerald Whittenburg, Steven Gill, All Chapters ||Complete A+ Guide $17.99   Add to cart

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Test Bank For Income Tax Fundamentals 2024 42nd Edition By Gerald Whittenburg, Steven Gill, All Chapters ||Complete A+ Guide

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  • Income Tax Fundamentals 2024

Test Bank For Income Tax Fundamentals 2024 42nd Edition By Gerald Whittenburg, Steven Gill, All Chapters ||Complete A+ Guide

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  • November 16, 2024
  • 244
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • income tax fundamentals
  • Income Tax Fundamentals 2024
  • Income Tax Fundamentals 2024
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,Chapter 1: The Individual Income Tax Return
f f f f f f




1. A fcorporation fis fa freporting fentity fbut fnot fa ftax-paying fentity.
fTrue False



2. Partnership fcapital fgains fand flosses fare fallocated fseparately fto feach fof fthe fpartners. fTrue
False



3. Married ftaxpayers fmay fdouble ftheir fstandard fdeduction famount fby ffiling fseparate
freturns.

True False



4. An fitem fis fnot fincluded fin fgross fincome funless fthe ftax flaw fspecifies fthat fthe fitem fis
fsubject fto ftaxation.

True False



5. For ftaxpayers fwho fdo fnot fitemize fdeductions, fthe fstandard fdeduction famount fis
fsubtracted ffrom fthe ftaxpayer's fadjusted fgross fincome.

True False



6. A ftaxpayer fwith fself-employment fincome fof f$600 fmust ffile fa ftax freturn.
fTrue False



7. A fdependent fchild fwith fearned fincome fin fexcess fof fthe favailable fstandard fdeduction
famount fmust ffile fa ftax freturn.

True False



8. A fsingle ftaxpayer, fwho fis fnot fblind fand fwho fis funder fage f65, fwith fincome fof f$8,750
fmust ffile fa ftax freturn.

True False

,9. If fa ftaxpayer fis fdue fa frefund, fit fwill fbe fmailed fto fthe ftaxpayer fregardless fof fwhether fhe for
fshe ffiles fa ftax freturn.

True False



10. Taxpayers fwith fself-employment fincome fof f$400 for fmore fmust ffile fa ftax freturn.
fTrue False



11. If fyour fspouse fdies fduring fthe ftax fyear fand fyou fdo fnot fremarry, fyou fmust ffile fas
fsingle ffor fthe fyear fof fdeath.

True False



12. Taxpayers fwho fdo fnot fqualify ffor fmarried, fhead fof fhousehold, for fqualifying fwidow for
fwidower ffiling fstatus fmust ffile fas fsingle.

True False



13. If fan funmarried ftaxpayer fpaid fmore fthan fhalf fthe fcost fof fkeeping fa fhome fwhich fis fthe
fprincipal fplace fof fresidence fof fa fnephew, fwho fis fnot fher fdependent, fshe fmay fuse fthe f head fof

fhousehold ffiling fstatus.

True False



14. The fmaximum fofficial findividual fincome ftax frate ffor f2012 fis f35 fpercent.
fTrue False



15. All ftaxpayers fmay fuse fthe ftax frate fschedule fto fdetermine ftheir ftax fliability. fTrue
False



16. The fhead fof fhousehold ftax frates fare fhigher fthan fthe frates ffor fa fsingle ftaxpayer. fTrue
False



17. Most fstates fare fcommunity fproperty fstates.
fTrue False

, 18. If ftaxpayers fare fmarried fand fliving ftogether fat fthe fend fof fthe fyear, fthey fmust ffile fa fjoint
ftax freturn.

True False



19. A ftaxpayer fwho fmaintains fa fhousehold fwith fan funmarried fchild fmay fqualify fto ffile fas
fhead fof fhousehold feven fif fthe fchild fis fnot fthe ftaxpayer's fdependent.

True False



20. A fmarried fperson fwith fa fdependent fchild fmay fchoose fto ffile fas fhead fof fhousehold fif fit
freduces fhis for fher ftax fliability.

True False



21. A ftaxpayer fwho fis fliving falone fand fis flegally fseparated ffrom fhis for fher fspouse funder fa
fseparate fmaintenance fdecree fat fyear-end fshould ffile fas fsingle.

True False



22. An findividual, fage f22, fenrolled fon fa ffull-time fbasis fat fa ftrade fschool, fis fconsidered fa
fstudent ffor fpurposes fof fdetermining fwhether fa fdependency fexemption fis fpermitted. fTrue

False



23. A fdependency fexemption fmay fbe fclaimed fby fthe fsupporting ftaxpayer fin fthe fyear fof
fdeath fof fa fdependent.

True False



24. For f2012, fpersonal fand fdependency fexemptions fare f$3,800 feach.
fTrue False



25. Scholarships freceived fby fa fstudent fmay fbe fexcluded ffor fpurposes fof fthe fsupport ftest ffor
fdetermining fthe favailability fof fthe fdependency fexemption.

True False

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