Exam (elaborations)
WGU C237 - TAXATION 1 QUESTIONS AND ANSWERS 2024
- Course
- Institution
WGU C237 - TAXATION 1 QUESTIONS AND ANSWERS 2024
[Show more]
Content preview
WGU C237 - TAXATION 1What is an example of a credit that is a refundable tax credit? - ANSWERS-Earned
income credit
Which mortgage interest expense is a reduction for AGI? - ANSWERS-Rental home
What is a role of deductions from AGI, excluding the qualified business income
deduction (QBI)? - ANSWERS-It allows deduction of retirement contributions
What is an example of something that is deductible as an investment expense? -
ANSWERS-Interest on a loan to purchase land for an investment?
What is an example of an item that is deductible as a business expense if a doctor
invests personal money in various properties? - ANSWERS-Property taxes paid on
a medical office.
A taxpayer runs an automotive repair business in a building he owns. The income
and expenses are reported on Form 1040, Schedule C. There was no section 179
election made. What is an example of an action that represents a deductible
business expense for the current tax year and is therefore not subject to
capitalization and depreciation? - ANSWERS-Repairing a leak in the roof of the
building.
, What year was the US income tax on individuals permanently established? -
ANSWERS-1913
What is the second-highest level of legislative authority of tax law in the United
States? - ANSWERS-Internal Revenue Code
In which publications does the IRS provide information on the tax consequences
of specific transactions encountered in practice? - ANSWERS-Revenue Rulings
How are tax systems evaluated in terms of equity? - ANSWERS-Each taxpayer pays
a different amount based on their income level
What is horizontal equity? - ANSWERS-When two taxpayers in similar situations
pay the same tax.
What is the nature of a progressive tax rate structure? - ANSWERS-The rate of tax
increases as the tax base increases.
Which tax rate structure is exemplified by the FICA portion of Social Security
taxes? - ANSWERS-Regressive
Which tax is based on the value of an individual's real estate? - ANSWERS-
Property tax
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Teacher101. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83100 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now