Test Bank for South-Western Federal Taxation 2025: Individual Income Taxes, 48th Edition by James C. Young, Complete Chapters
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Taxation
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Taxation
Test Bank for South-Western Federal Taxation 2025: Individual Income Taxes, 48th Edition by James C. Young, Complete Chapters
Test Bank for South-Western Federal Taxation 2025: Individual Income Taxes, 48th Edition 48e by James C. Young, Annette Nellen, Mark Persellin. All Chapters are included ...
Chapter 18: Accounting Periods and Methods
2 2 2 2 2 2
Chapter 19: Deferred Compensation
2 2 2 2
Chapter 20: Corporations and Partnerships
2 2 2 2
Page22
, Chapter2 012 20252 Individuals
Answers2at2the2end2of2each2chapter
Indicate2 whether2 the2 statement2 is2 true2 or2 false.
2 2 1.2Sales2made2over2the2internet2are2not2exempt2from2the2application2of2a2general2sales2(or2use)2tax.
a. True
b. False
2 2 2.2Upon2audit2by2the2IRS,2Faith2is2assessed2a2deficiency2of2$40,0002of2which2$25,0002is2attributable2to2negligence.
The220%2negligence2penalty2will2apply2to2$25,000.
a. True
b. False
2 2 3.2Ultimately,2most2taxes2are2paid2by2individuals.
a. True
b. False
2 2 4.2Even2if2property2tax2rates2are2not2changed,2the2amount2of2 ad2 valorem2taxes2imposed2on2realty2may2not2remain2the2same.
a. True
b. False
2 2 5.2The2principal2objective2of2the2FUTA2tax2is2to2provide2some2measure2of2retirement2security.
a. True
b. False
2
ment2of2$6,000,2and2the2taxpayer2requests2a2refund2of2this2amount.2The2refund2is2paid2on2May216,22024.2The2refund2need2not2
include2interest.
a. True
b. False
2 2 9.2 A2tax2cut2enacted2by2Congress2that2contains2a2 sunset2 provision2will2make2the2tax2cut2temporary.
a. True
b. False
Page23
, Name: Class: Date:2
Chapter2 012 20252 Individuals
2 2 10.2For2Federal2income2tax2purposes,2there2never2has2been2a2general2amnesty2period.
a. True
b. False
2
2 15.2For2omissions2from2gross2income2in2excess2of225%2of2that2reported,2there2is2no2statute2of2limitations2on2ad
ditional2income2tax2assessments2by2the2IRS.
a. True
b. False
2 2 16.2Stealth2taxes2have2the2effect2of2generating2additional2taxes2from2all2taxpayers.
a. True
b. False
2
y,2a2gain2results.2If2Jason2shortly2reinvests2the2proceeds2in2a2new2warehouse,2no2gain2is2recognized2due2to2the2application2of2t
he2wherewithal2to2pay2concept.
a. True
b. False
2 2 18.2An2inheritance2tax2is2a2tax2on2a2decedent’s2right2to2pass2property2at2death.
a. True
b. False
2 2 19.2When2interest2is2charged2on2a2deficiency,2any2part2of2a2month2counts2as2a2full2month.
a. True
b. False
Page24
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