Test Bank for Taxation for Decision Makers, 2020, 10th Edition
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HLSC 120 - Anatomy
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University Of Alberta (UofA)
Test Bank for Taxation for Decision Makers, 2020, 10th Edition
Note to Instructor: The reference tables in the appendix of the text may be required for a limited number
of answers to the questions and problems in this chapter. This is indicated by “REFERENCE TABLES
REQUIRED” after the learn...
10th editiontest bank for taxation for decision makers
10th editiontest bank for
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University of Alberta (UofA)
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HLSC 120 - Anatomy
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Test Bank for Taxation for Decision Makers,
2020, 10th Edition, Shirley Dennis-Escoffier
Karen A. Fortin
1
,2 Taxation for Decision Makers Test Bank
Chapter 1
Introduction to Taxation
Note to Instructor: The reference tables in the appendix of the text may be required for a limited number
of answers to the questions and problems in this chapter. This is indicated by “REFERENCE TABLES
REQUIRED” after the learning objective.
True-False: Insert T for True and F for False before the questions.
______ 1. A hidden tax is one that is included with a payment but not specifically identified.
ANSWER True LO 1.1
DIFFICULTY: Easy
_____ 2. Both sales and use taxes are collected in the state in which the sale takes place.
ANSWER False LO 1.1
DIFFICULTY: Easy
_____ 3. The person receiving the gift pays the gift tax.
ANSWER False LO 1.1
DIFFICULTY: Easy
_____ 4. The value added tax is a type of consumption tax.
ANSWER True LO 1.1
DIFFICULTY: Easy
_____ 5. The type and degree of connection between a business and a state necessary for a state to
impose a tax is referred to as nexus.
ANSWER True LO 1.1
DIFFICULTY: Easy
_____ 6. The 16th Amendment to the US Constitution that provided for an income tax was ratified in
1939.
ANSWER False LO 1.1
DIFFICULTY: Easy
_____ 7. Any current changes to the tax laws are now amendments to the Internal Revenue Code of
2019.
ANSWER False LO 1.1
DIFFICULTY: Easy
_____ 8. A flat tax generally would be considered a regressive tax.
, Chapter 1: Introduction to Taxation 3
ANSWER False LO 1.2
DIFFICULTY: Easy
_____ 9. Adam Smith’s four canons of taxation are Equity, Certainty, Economy and Convenience.
ANSWER True LO 1.3
DIFFICULTY: Easy
_____ 10. Vertical equity asserts that persons in similar circumstances should face similar tax burdens.
ANSWER False LO 1.3
DIFFICULTY: Easy
_____ 11. There are three basic taxable entities: the individual, the fiduciary, and the C corporation.
ANSWER True LO 1.4
DIFFICULTY: Easy
_____ 12. All interest paid to a taxpayer must be included in gross income.
ANSWER False LO 1.4
DIFFICULTY: Moderate
_____ 13. The lowest tax rate on the tax rate schedules for taxable incomes is the same for individuals
and C corporations.
ANSWER False LO 1.4 REFERENCE TABLES REQUIRED
DIFFICULTY: Easy
_____ 14. A $100 tax deduction is more valuable to a taxpayer than a $100 tax credit.
ANSWER False LO 1.4
DIFFICULTY: Easy
_____ 15. A corporation incurring a net operating loss in 2019 can only carry that loss forward to offset
profits in future years.
ANSWER True LO 1.5
DIFFICULTY: Moderate
_____ 16. All limited liability companies (LLCs) can file their tax returns as partnerships.
ANSWER False LO 1.5
DIFFICULTY: Moderate
_____ 17. Partnerships and S corporations are flow-through entities.
ANSWER True LO 1.5
DIFFICULTY: Easy
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