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TEST BANK for Income Tax Fundamentals 2024, 42nd Edition by Gerald Whittenburg; ISBN: 9780357900932, All 12 Chapters Covered, Verified Latest Edition $16.99   Add to cart
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TEST BANK for Income Tax Fundamentals 2024, 42nd Edition by Gerald Whittenburg; ISBN: 9780357900932, All 12 Chapters Covered, Verified Latest Edition
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  • Income Tax Fundamentals 2024, 42nd Edition

TEST BANK for Income Tax Fundamentals 2024, 42nd Edition by Gerald Whittenburg; ISBN: 9780357900932, All 12 Chapters Covered, Verified Latest Edition TEST BANK for Income Tax Fundamentals 2024, 42nd Edition by Gerald Whittenburg; ISBN: 9780357900932, All 12 Chapters Covered, Verified Latest Edition...

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  • October 13, 2024
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  • 2024/2025
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,TABLE OF CONTENTS b b b




1. The Individual Income Tax Return.
b b b b b




2. Gross Income and Exclusions.
b b b b




3. Business Income and Expenses, Part I.
b b b b b b




4. Business Income and Expenses, Part II.
b b b b b b




5. Itemized Deductions and Other Incentives.
b b b b b




6. Credits and Special Taxes.
b b b b




7. Accounting Periods and Methods and Depreciation.
b b b b b b




8. Capital Gains and Losses.
b b b b




9. Withholding, Estimated Payments, and Payroll Taxes.
b b b b b b




10. Partnership Taxation.
b b




11. The Corporate Income Tax.
b b b b




12. Tax Administration and Tax Planning.
b b b b b

,Chapter 1: The Individual Income Tax Return
b b b b b b




1. Abcorporationbisbabreportingbentitybbutbnotbabtax-payingbentity.
FALSE



2. Partnershipb capitalb gainsb andblossesb areballocatedb separatelyb tob eachbofb theb partners.
TRUE



3. Marriedb taxpayersb mayb doubleb theirb standardb deductionb amountb byb filingb separatebreturns.
FALSE



4. Anbitembisb notbincludedbinb grossbincomebunlessb thebtaxb lawb specifiesb thatb thebitembisbsubjectbtobt
axation.
FALSE



5. Forb taxpayersb whob dob notb itemizeb deductions,btheb standardb deductionb amountb isbsubtractedb
frombthebtaxpayer'sbadjustedbgrossbincome.
TRUE



6. Abtaxpayerbwithbself-employmentbincomebofb$600bmustbfilebabtaxbreturn.
TRUE



7. Ab dependentb childb withb earnedb incomeb inb excessb ofb theb availableb standardb deductionbamountbmu
stbfilebabtaxbreturn.
TRUE



8. Ab singleb taxpayer,b whob isb notb blindb andb whob isb underb ageb 65,b withb incomeb ofb $8,750bmustbfileb
abtaxbreturn.
FALSE

, 9. Ifbabtaxpayerbisbduebabrefund,bitbwillbbebmailedbtobthebtaxpayerbregardlessbofbwhetherbheborbshebfilesb
abtaxbreturn.
FALSE



10. Taxpayersbwithbself-employmentbincomebofb$400borbmorebmustbfilebabtaxbreturn.
TRUE



11. Ifb yourb spouseb diesb duringb theb taxb yearb andb youb dob notb remarry,b youb mustb fileb asbsinglebforb
thebyearbofbdeath.
FALSE



12. Taxpayersbwhobdobnotbqualifybforbmarried,bheadbofbhousehold,borbqualifyingbwidowborbwidowerb
filingbstatusbmustbfilebasbsingle.
TRUE



13. Ifb anbunmarriedbtaxpayerbpaidbmorebthanbhalfb theb costbofb keepingb abhomeb whichbisbthebprincipalbpl
acebofbresidencebofbabnephew,b whobisbnotb herbdependent,b shebmaybusebthebheadbofbhouseholdbfilingbsta
tus.
FALSE



14. Thebmaximumbofficialbindividualbincomebtaxbratebforb2012bisb35bpercent.
TRUE



15. Allbtaxpayersbmaybusebthebtaxbratebschedulebtobdeterminebtheirbtaxbliability.
FALSE



16. Theb headbofbhouseholdbtaxbratesb arebhigherb thanb thebratesb forb absinglebtaxpayer.
FALSE



17. Mostb statesb areb communityb propertyb states.
FALSE

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