TEST BANK for Income Tax Fundamentals 2023 41st Edition by Gerald E. Whittenburg, Steven Gill Updated A+
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TEST BANK for Income Tax Fundamentals 2023 41st Edition by Gerald E. Whittenburg, Steven Gill Updated A+ Table of Content
1. The Individual Income Tax Return.
2. Gross Income and Exclusions.
3. Business Income and Expenses, Part I.
4. Business Income and Expenses, Part II.
5. Itemized Deductio...
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TEST BANK for Income Tax Fundamentals 2023 41st Edition by Gerald E. Whittenburg, Steven Gill
TEST BANK for Income Tax Fundamentals
2023 41st Edition by Gerald E.
Whittenburg, Steven Gill
Test Bank Page 1
, TEST BANK for Income Tax Fundamentals 2023 41st Edition by Gerald E. Whittenburg, Steven Gill
Table of Content
1. The Individual Income Tax Return.
2. Gross Income and Exclusions.
3. Business Income and Expenses, Part I.
4. Business Income and Expenses, Part II.
5. Itemized Deductions and Other
Incentives.
6. Credits and Special Taxes.
7. Accounting Periods and Methods and
Depreciation.
8. Capital Gains and Losses.
9. Withholding, Estimated Payments, and
Payroll Taxes.
10. Partnership Taxation.
11. The Corporate Income Tax.
12. Tax Administration and Tax Planning.
Appendix A: Tax Rate Schedules and Tax
Tables.
Appendix B: Earned Income Credit Table.
Appendix C: Withholding Tables.
Appendix D: Additional Comprehensive
Tax Return Problems.
Appendix E: Solutions to Self-Study
Problems.
Appendix F: Blank Forms
Test Bank Page 2
, TEST BANK for Income Tax Fundamentals 2023 41st Edition by Gerald E. Whittenburg, Steven Gill
CH 01 The Individual Income Tax Return
True / False
1. The U.S. federal tax law's sole purpose is to raise revenue.
a. True
b. False
ANSWER: False
2. A corporation is a reporting entity but not a tax-paying entity.
a. True
b. False
ANSWER: False
3. Partnership capital gains and losses are allocated separately to each of the partners.
a. True
b. False
ANSWER: True
4. Married taxpayers may double their standard deduction amount by filing separate returns.
a. True
b. False
ANSWER: False
5. An item is included in gross income unless the tax law specifies that the item is subject to exclusion.
a. True
b. False
ANSWER: True
6. For taxpayers who do not itemize deductions, the standard deduction amount is subtracted from the taxpayer's adjusted
gross income.
a. True
b. False
ANSWER: True
Test Bank Page 3
, TEST BANK for Income Tax Fundamentals 2023 41st Edition by Gerald E. Whittenburg, Steven Gill
7. A taxpayer with self-employment income of $600 must file a tax return.
a. True
b. False
ANSWER: True
8. A dependent child with earned income in excess of the available standard deduction amount must file a tax return.
a. True
b. False
ANSWER: True
9. A single taxpayer, who is not a dependent on another’s return, not blind, and under age 65, with income of $11,800
must file a tax return.
a. True
b. False
ANSWER: False
10. If a taxpayer is due a refund, it will be mailed to the taxpayer regardless of whether a tax return is filed.
a. True
b. False
ANSWER: False
11. Taxpayers with self-employment income of $400 or more must file a tax return.
a. True
b. False
ANSWER: True
12. If your spouse dies during the tax year and you do not remarry, you must file as single for the year of death.
a. True
b. False
ANSWER: False
13. Taxpayers who do not qualify for married, head of household, or surviving spouse filing status must file as single.
Test Bank Page 4
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