100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Test Bank for South-Western Federal Taxation 2025: Comprehensive, 48th Edition by (Young/Persellin) ISBN: 9780357988817, All 30 Chapters Covered, Verified Latest Edition $17.99   Add to cart

Exam (elaborations)

Test Bank for South-Western Federal Taxation 2025: Comprehensive, 48th Edition by (Young/Persellin) ISBN: 9780357988817, All 30 Chapters Covered, Verified Latest Edition

 13 views  0 purchase
  • Course
  • South-Western Federal Taxation 2025 Comprehensive
  • Institution
  • South-Western Federal Taxation 2025 Comprehensive

Test Bank for South-Western Federal Taxation 2025: Comprehensive, 48th Edition by (Young/Persellin) ISBN: 978, All 30 Chapters Covered, Verified Latest Edition Test Bank for South-Western Federal Taxation 2025: Comprehensive, 48th Edition by (Young/Persellin) ISBN: 978, All 30 Chapters Covered, Ver...

[Show more]

Preview 4 out of 1129  pages

  • September 18, 2024
  • 1129
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • South-Western Federal Taxation 2025 Comprehensive
  • South-Western Federal Taxation 2025 Comprehensive
avatar-seller
Reenstudyguides
REENSG

,REENSG

,Test Bank for South-Western Federal Taxation 2025: Comprehensive 2025 48e
Young

Chapter 01 2025 - Comprehensive
Answers Included ✅
Indicate whether the statement is true or false.
1. 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

2. The first income tax on individuals (after the ratification of the Sixteenth Amendment to the Constitution) levied
tax rates from a low of 1% to a high of 6%.




REENSG
a. True
b. False

3. Stealth taxes have the effect of generating additional taxes from all taxpayers.
a. True
b. False

4. If fraud is involved, there is no time limit on the assessment of a deficiency by the IRS.
a. True
b. False

5. Under state amnesty programs, all delinquent and unpaid income taxes are forgiven.
a. True
b. False

6. The Federal estate and gift taxes are examples of progressive rate taxes.
a. True
b. False

7. The IRS is required to redetermine the interest rate on underpayments and overpayments once a year.
a. True
b. False

8. The Federal income tax on individuals generates more revenue than the Federal income tax on corporations.
a. True
b. False

9. 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

10. Unlike FICA, FUTA requires that employers comply with state as well as Federal rules.
a. True
b. False




Page 1

, Name: Class: Date:

Chapter 01 2025 - Comprehensive

11. If a special agent becomes involved in the audit of a return, this indicates that the IRS suspects that fraud is
involved.
a. True
b. False

12. Two persons who live in the same state but in different counties may not be subject to the same general sales
tax rate.
a. True




REENSG
b. False

13. Under the usual state inheritance tax, two heirs, a cousin and a son of the deceased, would not be taxed at the
same rate.
a. True
b. False

14. 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
b. False

15. A parent employs her twin daughters, age 17, in her sole proprietorship. The daughters are not subject to FICA
coverage.
a. True
b. False

16. For omissions from gross income in excess of 25% of that reported, there is no statute of limitations on
additional income tax assessments by the IRS.
a. True
b. False

17. Not all of the states that impose a general sales tax also have a use tax.
a. True
b. False

18. States impose either a state income tax or a general sales tax, but not both types of taxes.
a. True
b. False

19. The amount of the state excise taxes on gasoline varies from state to state.
a. True
b. False

20. 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

Page 2

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 Reenstudyguides. 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)

83637 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$17.99
  • (0)
  Add to cart