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TEST BANK for South-Western Federal Taxation 2023: Individual Income Taxes 46th Edition by James Young, Annette Nellen, William Raabe, Mark Persellin, Sharon Lassar & Andrew D. Cuccia. A+ CA$21.63   Add to cart
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TEST BANK for South-Western Federal Taxation 2023: Individual Income Taxes 46th Edition by James Young, Annette Nellen, William Raabe, Mark Persellin, Sharon Lassar & Andrew D. Cuccia. A+
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TEST BANK for South-Western Federal Taxation 2023: Individual Income Taxes 46th Edition by James Young, Annette Nellen, William Raabe, Mark Persellin, Sharon Lassar & Andrew D. Cuccia. A+

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  • October 27, 2023
  • 115
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • 9780357719688
  • 2023
  • test bank south western federal taxation 2023
  • south western federal taxation 46th edition
  • south western federal taxation 2023 by james c yo

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Test Bank and Solutions For South-Western Federal Taxation 2023, Comprehensive 46th Edition By James Young
lOMoAR cPSD| 30878495




Test Bank and Solutions for South-Western Federal

Taxation 2023, Comprehensive 46th Edition by James

Young




Test Bank Page 1

, Test Bank and Solutions For South-Western Federal Taxation 2023, Comprehensive 46th Edition By James Young
Chap 01_2023_46e




Indicate whether the statement is true or false.

1. Unlike FICA, FUTA requires that employers comply with state as well as Federal rules.

a. True

b. False




2. On transfers by death, the Federal government relies on an estate tax, while states may impose an estate tax, an

inheritance tax, both taxes, or neither tax.

a. True

b. False


3. The civil fraud penalty can entail large fines and possible incarceration.

a. True

b. False


4. Ultimately, most taxes are paid by individuals.

a. True

b. False


5. Mona inherits her mother’s personal residence, which she converts to a furnished rental house. These

changes should affect the amount of ad valorem property taxes levied on the properties.

a. True

b. False


6. When a state decouples from a Federal tax provision, it means that this provision will not apply for state

income tax purposes.

a. True


Test Bank Page 2

, Test Bank and Solutions For South-Western Federal Taxation 2023, Comprehensive 46th Edition By James Young
b. False


7. No state may offer an income tax amnesty program more than once.

a. True

b. False


8. A fixture will be subject to the ad valorem tax on personalty rather than the ad valorem tax on realty.

a. True

b. False


9. As a matter of administrative convenience, the IRS would prefer to have Congress decrease (rather than

increase) the amount of the standard deduction allowed to individual taxpayers.

a. True

b. False


10. A tax cut enacted by Congress that contains a sunset provision will make the tax cut temporary.

a. True

b. False




11. The objective of pay-as-you-go (paygo) is to improve administrative feasibility.

a. True

b. False


12. To mitigate the effect of the annual accounting period concept, the tax law permits the carryforward of excess

charitable contributions of a particular year to other years.

a. True

b. False


13. Various tax provisions encourage the creation of certain types of retirement plans. Such provisions can be

justified on both economic and social grounds.

a. True

Test Bank Page 3

, Test Bank and Solutions For South-Western Federal Taxation 2023, Comprehensive 46th Edition By James Young
b. False


14. A CPA firm in California sends many of its less complex tax returns to be prepared by a group of accountants

in India. If certain procedures are followed, this outsourcing of tax return preparation is proper.

a. True

b. False


15. A major advantage of a flat tax type of income tax is its simplicity.

a. True

b. False


16. If more IRS audits are producing a higher number of no change results, this indicates increased compliance on

the part of taxpayers.

a. True

b. False


17. An inheritance tax is a tax on a decedent’s right to pass property at death.

a. True

b. False


18. Upon audit by the IRS, Faith is assessed a deficiency of $40,000 of which $25,000 is attributable to negligence.

The 20% negligence penalty will apply to $25,000.

a. True

b. False


19. If fraud is involved, there is no time limit on the assessment of a deficiency by the IRS.

a. True

b. False


20. When Congress enacts a tax cut that is phased in over a period of years, revenue neutrality is achieved.

a. True

b. False

Test Bank Page 4

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