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test bank for income tax fundamentals 38th edition gerald e whittenburg martha altus buller
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test bank for income tax fundamentals 38th edition gerald e whittenburg martha altus buller
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,TABLE OF CONTENTS v v v1. The Individual Income Tax Return.
v v v v v
2. Gross Income and Exclusions.
v v v v
3. Business Income and Expenses, Part I.
v v v v v v
4. Business Income and Expenses, Part II.
v v v v v v
5. Itemized Deductions and Other Incentives.
v v v v v
6. Credits and Special Taxes.
v v v v
7. Accounting Periods and Methods and Depreciation.
v v v v v v
8. Capital Gains and Losses.
v v v v
9. Withholding, Estimated Payments, and Payroll Taxes.
v v v v v v
10. Partnership Taxation.
v v
11. The Corporate Income Tax.
v v v v
12. Tax Administration and Tax Planning.
v v v v v
,Chapter 1: The Individual Income Tax Return
v v v v v v
1. Avcorporationvisvavreportingventityvbutvnotvavtax-payingventity.
FALSE
2. Partnershipvcapitalvgainsvandvlossesvarevallocatedvseparatelyv toveachvofvthevpartners.
TRUE
3. Marriedv taxpayersv mayv doublev theirv standardv deductionv amountv byv filingv separatevreturns.
FALSE
4. Anvitemvisvnotvincludedvinvgrossvincomevunlessvthevtaxvlawvspecifiesvthatv thevitemvisvsubjectvtovt
axation.
FALSE
5. Forvtaxpayersvwhovdov notv itemizevdeductions,vthevstandardv deductionv amountv isvsubtractedv
fromvthevtaxpayer'svadjustedvgrossvincome.
TRUE
6. Avtaxpayervwithvself-employmentvincomevofv$600vmustvfilevavtaxvreturn.
TRUE
7. Avdependentvchildv withvearnedvincomev invexcessvofvthevavailablevstandardv deductionvamountvmu
stvfilevavtaxvreturn.
TRUE
8. Avsinglev taxpayer,vwhovisv notv blindv andv whov isvundervagev65,v withv incomev ofv$8,750vmustvfilev
avtaxvreturn.
FALSE
, 9. Ifvavtaxpayervisvduevavrefund,vitvwillvbevmailedvtovthevtaxpayervregardlessvofvwhethervhevorvshevfilesv
avtaxvreturn.
FALSE
10. Taxpayersvwithvself-employmentvincomevofv$400vorvmorevmustvfilevavtaxvreturn.
TRUE
11. Ifv yourv spousevdiesv duringv thev taxvyearv andv youvdovnotv remarry,v youvmustvfilev asvsinglevforv
thevyearvofvdeath.
FALSE
12. Taxpayersvwhovdovnotvqualifyvforvmarried,vheadvofvhousehold,vorvqualifyingvwidowvorvwidowerv
filingvstatusvmustvfilevasvsingle.
TRUE
13. Ifvanvunmarriedvtaxpayervpaidvmorevthanvhalfv thevcostvofvkeepingvavhomevwhichvisvthevprincipalvpl
acevofvresidencevofvavnephew,vwhovisvnotvhervdependent,vshevmayvusevthevheadvofvhouseholdvfilingvsta
tus.
FALSE
14. Thevmaximumvofficialvindividualvincomevtaxvratevforv2012visv35vpercent.
TRUE
15. Allvtaxpayersvmayvusevthevtaxvratevschedulevtovdeterminevtheirvtaxvliability.
FALSE
16. Thevheadvofvhouseholdvtaxvratesvarevhighervthanvthevratesvforvavsinglevtaxpayer.
FALSE
17. Mostv statesv arev communityv propertyv states.
FALSE
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