TEST BANK
South-Western Federal Taxation 2025: Comprehensive,
48th Edition by Young Complete 30 Chapters
TEST BANK
Pageq1
,TABLE OF CONTENTS
q q q
Chapterq1:qAnqIntroductionqtoqTaxationqandqUnderstandingqtheqFederalqTaxqLawq
Chapterq2:qWorkingqwithqtheqTaxqLawq
Chapterq3:qTaxqFormulaqandqTaxqDeterminationq
Chapterq4:qGrossqIncome:qConceptsqandqInclusionsq
Chapterq5:qGrossqIncome:qExclusionsq
Chapterq6:qDeductionsqandqLosses:qInqGeneralq7-1qBadqDebtsq
Chapterq8:qDepreciation,qCostqRecovery,qAmortization,qandqDepletionq
Chapterq9:qDeductions:qEmployeeqandqSelf-Employed-RelatedqExpensesq
Chapterq10:qDeductionsqandqLosses:qCertainqItemizedqDeductionsq
Chapterq11:qInvestorqLossesq
Chapterq12:qTaxqCreditsqandqPaymentsq
Chapterq13:qPropertyqTransactions:qDeterminationqofqGainqorqLoss,qBasisqConsiderations,qandqNontaxabq
Chapterq14:qPropertyqTransactions:qCapitalqGainsqandqLosses,q§q1231,qandqRecaptureqProvisionsq
Chapterq15:qTheqDeductionqforqQualifiedqBusinessqIncomeqforqNoncorporateqTaxpayersq
Chapterq16:qAccountingqPeriodsqandqMethodsq
Chapterq17:qCorporations:qIntroductionqandqOperatingqRulesq
Chapterq18:qCorporations:qOrganizationqandqCapitalqStructureq
Chapterq19:qCorporations:qDistributionsqNotqinqCompleteqLiquidationq
Chapterq20:qCorporations:qDistributionsqinqCompleteqLiquidationqandqanqOverviewqofqReorganizationsq
Chapterq21:qPartnerships:qFormation,qOperation,qandqBasisq
Chapterq22:qPartnerships:qDistributions,qTransferqofqInterests,qandqTerminationsq
Chapterq23:qSqCorporationsq
Chapterq24:qTaxesqinqtheqFinancialqStatementsq
Chapterq25:qExemptqEntitiesq
Chapterq26:qMultistateqCorporateqTaxationq
Chapterq27:qTaxationqofqInternationalqTransactionsq
Chapterq28:qTaxqPracticeqandqEthicsq
Chapterq29:qTheqFederalqGiftqandqEstateqTaxesq
Chapterq30:qIncomeqTaxationqofqTrustsqandqEstates
Pageq2
,Chapterq 01q 2025q -q Comprehensive
Answersqareqatqtheqendqof
qeachqchapter
Indicateq whetherq theq statementq isq trueq orq false.
q 1.qIfqmoreqIRSqauditsqareqproducingqaqhigherqnumberqofqnoq changeqresults,qthisqindicatesqincreasedqcomplianceqonqt
heqpartqofqtaxpayers.
True
False
q 2.qTheqfirstqincomeqtaxqonqindividualsq(afterqtheqratificationqofqtheqSixteenthqAmendmentqtoqtheqConstitution)qleviedqt
axqratesqfromqaqlowqofq1%qtoqaqhighqofq6%.
True
False
q 3.qStealthqtaxesqhaveqtheqeffectqofqgeneratingqadditionalqtaxesqfromqallqtaxpayers.
True
False
q 4.qIfqfraudqisqinvolved,qthereqisqnoqtimeqlimitqonqtheqassessmentqofqaqdeficiencyqbyqtheqIRS.
True
False
q 5.qUnderqstateqamnestyqprograms,qallqdelinquentqandqunpaidqincomeqtaxesqareqforgiven.
True
False
q 6.q Theq Federalq estateq andq giftq taxesqareq examplesq ofq progressiveq rateq taxes.
True
False
q 7.qTheqIRSqisqrequiredqtoqredetermineqtheqinterestqrateqonqunderpaymentsqandqoverpaymentsqonceqaqyear.
True
False
q 8.qTheqFederalqincomeqtaxqonqindividualsqgeneratesqmoreqrevenueqthanqtheqFederalqincomeqtaxqonqcorporations.
True
False
q 9.qToqmitigateqtheqeffectqofqtheqannualqaccountingqperiodqconcept,qtheqtaxqlawqpermitsqtheqcarryforwardqofqexce
ssqcharitableqcontributionsqofqaqparticularqyearqtoqotherqyears.
True
False
q 10.qUnlikeqFICA,qFUTAqrequiresqthatqemployersqcomplyqwithqstateqasqwellqasqFederalqrules.
True
False
Pageq3
, Name: Class: Date:
Chapterq 01q 2025q -q Comprehensive
q 11.qIfqaqspecialqagentqbecomesqinvolvedqinqtheqauditqofqaqreturn,qthisqindicatesqthatqtheqIRSqsuspectsqthatqfraudqis
qinvolved.
True
False
q 12.qTwoqpersonsqwhoqliveqinqtheqsameqstateqbutqinqdifferentqcountiesqmayqnotqbeqsubjectqtoqtheqsameqgeneralqsale
sqtaxqrate.
True
False
q 13.qUnderqthequsualqstateqinheritanceqtax,qtwoqheirs,qaqcousinqandqaqsonqofqtheqdeceased,qwouldqnotqbeqtaxedqatq
theqsameqrate.
True
False
q 14.qVariousqtaxqprovisionsqencourageqtheqcreationqofqcertainqtypesqofqretirementqplans.qSuchqprovisionsqcanqbe
qjustifiedqonqbothqeconomicqandqsocialqgrounds.
True
False
q 15.qAqparentqemploysqherqtwinqdaughters,qageq17,qinqherqsoleqproprietorship.qTheqdaughtersqareqnotqsubjectqtoqFIC
Aqcoverage.
True
False
q 16.qForqomissionsqfromqgrossqincomeqinqexcessqofq25%qofqthatqreported,qthereqisqnoqstatuteqofqlimitationsqonq
additionalqincomeqtaxqassessmentsqbyqtheqIRS.
True
False
q 17.qNotqallqofqtheqstatesqthatqimposeqaqgeneralqsalesqtaxqalsoqhaveqaquseqtax.
True
False
q 18.qStatesqimposeqeitherqaqstateqincomeqtaxq orqaqgeneralqsalesqtax,qbutqnotqbothqtypesqofqtaxes.
True
False
q 19.qTheqamountqofqtheqstateqexciseqtaxesqonqgasolineqvariesqfromqstateqtoqstate.
True
False
q 20.qUponqauditqbyqtheqIRS,qFaithqisqassessedqaqdeficiencyqofq$40,000qofqwhichq$25,000qisqattributableqtoqnegligence.
Theq20%qnegligenceqpenaltyqwillqapplyqtoq$25,000.
True
False
Pageq4
