Exam (elaborations)
TEST BANK Income Tax Fundamentals 2024, 42nd Edition by Whittenburg, Gill. Chapters 1 - 12
- Course
- Institution
TEST BANK Income Tax Fundamentals 2024, 42nd Edition by Whittenburg, Gill. Chapters 1 - 12
[Show more]
Content preview
,TABLE OF CONTENTS m m m1. The Individual Income Tax Return.
m m m m m
2. Gross Income and Exclusions.
m m m m
3. Business Income and Expenses, Part I.
m m m m m m
4. Business Income and Expenses, Part II.
m m m m m m
5. Itemized Deductions and Other Incentives.
m m m m m
6. Credits and Special Taxes.
m m m m
7. Accounting Periods and Methods and Depreciation.
m m m m m m
8. Capital Gains and Losses.
m m m m
9. Withholding, Estimated Payments, and Payroll Taxes.
m m m m m m
10. Partnership Taxation.
m m
11. The Corporate Income Tax.
m m m m
12. Tax Administration and Tax Planning.
m m m m m
,Chapter 1: The Individual Income Tax Return
m m m m m m
1. Amcorporationmismamreportingmentitymbutmnotmamtax-payingmentity.
FALSE
2. Partnershipm capitalm gainsm andmlossesm arem allocatedm separatelym tom eachmofm them partners.
TRUE
3. Marriedm taxpayersm maym doublem theirm standardm deductionm amountm bym filingm separatemreturns.
FALSE
4. Anmitemmism notmincludedminm grossmincomemunlessm them taxm lawm specifiesm thatm themitemmismsubjectm
tomtaxation.
FALSE
5. Form taxpayersm whom dom notm itemizem deductions,m them standardm deductionm amountm ismsubtracte
dmfrommthemtaxpayer'smadjustedmgrossmincome.
TRUE
6. Amtaxpayermwithmself-employmentmincomemofm$600mmustmfilem amtaxmreturn.
TRUE
7. Am dependentm childm withm earnedm incomem inm excessm ofm them availablem standardm deductionmamountm
mustmfilemamtaxmreturn.
TRUE
8. Am singlem taxpayer,m whom ism notm blindm andm whom ism underm agem 65,m withm incomem ofm $8,750mmustmf
ilemamtaxmreturn.
FALSE
, 9. Ifmamtaxpayermismduemamrefund,mitmwillmbemmailedmtomthemtaxpayermregardlessmofmwhethermhemormshemfil
esmamtaxmreturn.
FALSE
10. Taxpayersmwithmself-employmentmincomemofm$400mormmoremmustmfilemamtaxmreturn.
TRUE
11. Ifm yourm spousem diesm duringm them taxm yearm andm youm dom notm remarry,m youm mustm filem asmsinglem
formthemyearmofmdeath.
FALSE
12. Taxpayersmwhomdomnotmqualifymformmarried,mheadmofmhousehold,mormqualifyingmwidowmormwidow
ermfilingmstatusmmustmfilemasmsingle.
TRUE
13. Ifm anmunmarriedmtaxpayermpaidmmoremthanmhalfm them costmofm keepingm amhomem whichmism themprincipa
lmplacemofmresidencemofm amnephew,m whomismnotm hermdependent,m shemmaymusemthemheadmofmhouseholdmfil
ingmstatus.
FALSE
14. Themmaximummofficialmindividualmincomemtaxmratem form2012mism35mpercent.
TRUE
15. Allmtaxpayersmmaymusemthemtaxmratemschedulemtomdeterminemtheirmtaxmliability.
FALSE
16. Them headmofmhouseholdmtaxm ratesm aremhigherm thanm them ratesm form amsinglemtaxpayer.
FALSE
17. Mostm statesm arem communitym propertym states.
FALSE
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 Futurenurses. 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)
78075 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now