TEST BANK
South-Western Federal Taxation 2025: Comprehensive,
48th Edition by Young Complete 30 Chapters
TEST BANK
PageN1
,TABLE OF CONTENTS
N N N
ChapterN1:NAnNIntroductionNtoNTaxationNandNUnderstandingNtheNFederalNTaxNLawN
ChapterN2:NWorkingNwithNtheNTaxNLawN
ChapterN3:NTaxNFormulaNandNTaxNDeterminationN
ChapterN4:NGrossNIncome:NConceptsNandNInclusionsN
ChapterN5:NGrossNIncome:NExclusionsN
ChapterN6:NDeductionsNandNLosses:NInNGeneralN7-1NBadNDebtsN
ChapterN8:NDepreciation,NCostNRecovery,NAmortization,NandNDepletionN
ChapterN9:NDeductions:NEmployeeNandNSelf-Employed-RelatedNExpensesN
ChapterN10:NDeductionsNandNLosses:NCertainNItemizedNDeductionsN
ChapterN11:NInvestorNLossesN
ChapterN12:NTaxNCreditsNandNPaymentsN
ChapterN13:NPropertyNTransactions:NDeterminationNofNGainNorNLoss,NBasisNConsiderations,NandNNontaxabN
ChapterN14:NPropertyNTransactions:NCapitalNGainsNandNLosses,N§N1231,NandNRecaptureNProvisionsN
ChapterN15:NTheNDeductionNforNQualifiedNBusinessNIncomeNforNNoncorporateNTaxpayersN
ChapterN16:NAccountingNPeriodsNandNMethodsN
ChapterN17:NCorporations:NIntroductionNandNOperatingNRulesN
ChapterN18:NCorporations:NOrganizationNandNCapitalNStructureN
ChapterN19:NCorporations:NDistributionsNNotNinNCompleteNLiquidationN
ChapterN20:NCorporations:NDistributionsNinNCompleteNLiquidationNandNanNOverviewNofNReorganizationsN
ChapterN21:NPartnerships:NFormation,NOperation,NandNBasisN
ChapterN22:NPartnerships:NDistributions,NTransferNofNInterests,NandNTerminationsN
ChapterN23:NSNCorporationsN
ChapterN24:NTaxesNinNtheNFinancialNStatementsN
ChapterN25:NExemptNEntitiesN
ChapterN26:NMultistateNCorporateNTaxationN
ChapterN27:NTaxationNofNInternationalNTransactionsN
ChapterN28:NTaxNPracticeNandNEthicsN
ChapterN29:NTheNFederalNGiftNandNEstateNTaxesN
ChapterN30:NIncomeNTaxationNofNTrustsNandNEstates
PageN2
,ChapterN 01N 2025N -N Comprehensive
AnswersNareNatNtheNendNo
fNeachNchapter
IndicateN whetherN theN statementN isN trueN orN false.
N 1.NIfNmoreNIRSNauditsNareNproducingNaNhigherNnumberNofNnoN changeNresults,NthisNindicatesNincreasedNcomplianceN
onNtheNpartNofNtaxpayers.
True
False
N 2.NTheNfirstNincomeNtaxNonNindividualsN(afterNtheNratificationNofNtheNSixteenthNAmendmentNtoNtheNConstitution)Nlevie
dNtaxNratesNfromNaNlowNofN1%NtoNaNhighNofN6%.
True
False
N 3.NStealthNtaxesNhaveNtheNeffectNofNgeneratingNadditionalNtaxesNfromNallNtaxpayers.
True
False
N 4.NIfNfraudNisNinvolved,NthereNisNnoNtimeNlimitNonNtheNassessmentNofNaNdeficiencyNbyNtheNIRS.
True
False
N 5.NUnderNstateNamnestyNprograms,NallNdelinquentNandNunpaidNincomeNtaxesNareNforgiven.
True
False
N 6.N TheNFederalN estateNandN giftN taxesNareNexamplesNofN progressiveN rateN taxes.
True
False
N 7.NTheNIRSNisNrequiredNtoNredetermineNtheNinterestNrateNonNunderpaymentsNandNoverpaymentsNonceNaNyear.
True
False
N 8.NTheNFederalNincomeNtaxNonNindividualsNgeneratesNmoreNrevenueNthanNtheNFederalNincomeNtaxNonNcorporations.
True
False
N 9.NToNmitigateNtheNeffectNofNtheNannualNaccountingNperiodNconcept,NtheNtaxNlawNpermitsNtheNcarryforwardNofNe
xcessNcharitableNcontributionsNofNaNparticularNyearNtoNotherNyears.
True
False
N 10.NUnlikeNFICA,NFUTANrequiresNthatNemployersNcomplyNwithNstateNasNwellNasNFederalNrules.
True
False
PageN3
, Name: Class: Date:
ChapterN 01N 2025N -N Comprehensive
N 11.NIfNaNspecialNagentNbecomesNinvolvedNinNtheNauditNofNaNreturn,NthisNindicatesNthatNtheNIRSNsuspectsNthatNfrau
dNisNinvolved.
True
False
N 12.NTwoNpersonsNwhoNliveNinNtheNsameNstateNbutNinNdifferentNcountiesNmayNnotNbeNsubjectNtoNtheNsameNgeneralNs
alesNtaxNrate.
True
False
N 13.NUnderNtheNusualNstateNinheritanceNtax,NtwoNheirs,NaNcousinNandNaNsonNofNtheNdeceased,NwouldNnotNbeNtaxed
NatNtheNsameNrate.
True
False
N 14.NVariousNtaxNprovisionsNencourageNtheNcreationNofNcertainNtypesNofNretirementNplans.NSuchNprovisionsNcanN
beNjustifiedNonNbothNeconomicNandNsocialNgrounds.
True
False
N 15.NANparentNemploysNherNtwinNdaughters,NageN17,NinNherNsoleNproprietorship.NTheNdaughtersNareNnotNsubjectNtoNF
ICANcoverage.
True
False
N 16.NForNomissionsNfromNgrossNincomeNinNexcessNofN25%NofNthatNreported,NthereNisNnoNstatuteNofNlimitationsN
onNadditionalNincomeNtaxNassessmentsNbyNtheNIRS.
True
False
N 17.NNotNallNofNtheNstatesNthatNimposeNaNgeneralNsalesNtaxNalsoNhaveNaNuseNtax.
True
False
N 18.NStatesNimposeNeitherNaNstateNincomeNtaxNorNaNgeneralNsalesNtax,NbutNnotNbothNtypesNofNtaxes.
True
False
N 19.NTheNamountNofNtheNstateNexciseNtaxesNonNgasolineNvariesNfromNstateNtoNstate.
True
False
N 20.NUponNauditNbyNtheNIRS,NFaithNisNassessedNaNdeficiencyNofN$40,000NofNwhichN$25,000NisNattributableNtoNnegligenc
e.
TheN20%NnegligenceNpenaltyNwillNapplyNtoN$25,000.
True
False
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