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TEST BANK FOR Income Tax Fundamentals 2020 (with Intuit ProConnect Tax Online) 38th Edition by Gerald Whittenburg, Martha Altus-Buller & Steven Gill , ISBN: 9780357108239 All Chapters Covered || Guide A+$19.99
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TEST BANK FOR Income Tax Fundamentals 2020 (with Intuit ProConnect Tax Online) 38th Edition by Gerald Whittenburg, Martha Altus-Buller & Steven Gill , ISBN: 9780357108239 All Chapters Covered || Guide A+
TEST BANK INCOME TAX FUNDAMENTALS 38th EDITION BY GERALD E. WHITTENBURG, MARTHA ALTUS BULLER AND STEVEN GILL ALL CHAPTERS COVERED LATEST UPDATE 2023/2024. Chapter 1: The Individual Income Tax Return 1. A corporation is a reporting entity but not a tax-paying entity. True False 2. Partnership capita...
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TEST BANK
Test Bank for Income Tax Fundamentals
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Authored by; Gerald Whittenburg, Martha Altus-Buller, Steven Gill
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38th Edition
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, Chapter 1: The Individual Income Tax Return
(ANSWERS AT THE END OF EVERY CHAPTER)
1. A corporation is a reporting entity but not a tax-paying entity.
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True False
2. Partnership capital gains and losses are allocated separately to each of the partners.
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True False
TB
3. Married taxpayers may double their standard deduction amount by filing separate
returns.
True False
A
4. An item is not included in gross income unless the tax law specifies that the item is
N
subject to taxation.
True False
KS
5. For taxpayers who do not itemize deductions, the standard deduction amount is
subtracted from the taxpayer's adjusted gross income.
True False
O
LU
6. A taxpayer with self-employment income of $600 must file a tax return.
True False
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7. A dependent child with earned income in excess of the available standard deduction
amount must file a tax return.
True False
O
8. A single taxpayer, who is not blind and who is under age 65, with income of $8,750
N
must file a tax return.
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, 9. If a taxpayer is due a refund, it will be mailed to the taxpayer regardless of whether he
or she files a tax return.
True False
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10. Taxpayers with self-employment income of $400 or more must file a tax return.
True False
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11. If your spouse dies during the tax year and you do not remarry, you must file as
single for the year of death.
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True False
12. Taxpayers who do not qualify for married, head of household, or qualifying widow or
widower filing status must file as single.
A
True False
N
13. If an unmarried taxpayer paid more than half the cost of keeping a home which is the
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principal place of residence of a nephew, who is not her dependent, she may use the
head of household filing status.
True False
O
14. The maximum official individual income tax rate for 2012 is 35 percent.
True False
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15. All taxpayers may use the tax rate schedule to determine their tax liability.
True False
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16. The head of household tax rates are higher than the rates for a single taxpayer.
O
True False
N
17. Most states are community property states.
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, 18. If taxpayers are married and living together at the end of the year, they must file a
joint tax return.
True False
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19. A taxpayer who maintains a household with an unmarried child may qualify to file as
head of household even if the child is not the taxpayer's dependent.
True False
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20. A married person with a dependent child may choose to file as head of household if it
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reduces his or her tax liability.
True False
A
21. A taxpayer who is living alone and is legally separated from his or her spouse under a
separate maintenance decree at year-end should file as single.
True False
N
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22. An individual, age 22, enrolled on a full-time basis at a trade school, is considered a
student for purposes of determining whether a dependency exemption is permitted.
True False
O
23. A dependency exemption may be claimed by the supporting taxpayer in the year of
death of a dependent.
LU
True False
24. For 2012, personal and dependency exemptions are $3,800 each.
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True False
O
25. Scholarships received by a student may be excluded for purposes of the support test
for determining the availability of the dependency exemption.
True False
N
S
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