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TEST BANK FOR Income Tax Fundamentals 2020 (with Intuit ProConnect Tax Online) 38th Edition by Gerald Whittenburg, Martha Altus-Buller & Steven Gill , ISBN: 9780357108239 All Chapters Covered || Guide A+$19.99
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TEST BANK FOR Income Tax Fundamentals 2020 (with Intuit ProConnect Tax Online) 38th Edition by Gerald Whittenburg, Martha Altus-Buller & Steven Gill , ISBN: 9780357108239 All Chapters Covered || Guide A+
TEST BANK INCOME TAX FUNDAMENTALS 38th EDITION BY GERALD E. WHITTENBURG, MARTHA ALTUS BULLER AND STEVEN GILL ALL CHAPTERS COVERED LATEST UPDATE 2023/2024. Chapter 1: The Individual Income Tax Return 1. A corporation is a reporting entity but not a tax-paying entity. True False 2. Partnership capita...
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TEST BANK
Test Bank for Income Tax Fundamentals
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Authored by; Gerald Whittenburg, Martha Altus-Buller, Steven Gill
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38th Edition
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, Chapter 1: The Individual Income Tax Return
(ANSWERS AT THE END OF EVERY CHAPTER)
1. A corporation is a reporting entity but not a tax-paying entity.
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True False
2. Partnership capital gains and losses are allocated separately to each of the partners.
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True False
TB
3. Married taxpayers may double their standard deduction amount by filing separate
returns.
True False
A
4. An item is not included in gross income unless the tax law specifies that the item is
N
subject to taxation.
True False
KS
5. For taxpayers who do not itemize deductions, the standard deduction amount is
subtracted from the taxpayer's adjusted gross income.
True False
O
LU
6. A taxpayer with self-employment income of $600 must file a tax return.
True False
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7. A dependent child with earned income in excess of the available standard deduction
amount must file a tax return.
True False
O
8. A single taxpayer, who is not blind and who is under age 65, with income of $8,750
N
must file a tax return.
S
, 9. If a taxpayer is due a refund, it will be mailed to the taxpayer regardless of whether he
or she files a tax return.
True False
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10. Taxpayers with self-employment income of $400 or more must file a tax return.
True False
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11. If your spouse dies during the tax year and you do not remarry, you must file as
single for the year of death.
TB
True False
12. Taxpayers who do not qualify for married, head of household, or qualifying widow or
widower filing status must file as single.
A
True False
N
13. If an unmarried taxpayer paid more than half the cost of keeping a home which is the
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principal place of residence of a nephew, who is not her dependent, she may use the
head of household filing status.
True False
O
14. The maximum official individual income tax rate for 2012 is 35 percent.
True False
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15. All taxpayers may use the tax rate schedule to determine their tax liability.
True False
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16. The head of household tax rates are higher than the rates for a single taxpayer.
O
True False
N
17. Most states are community property states.
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, 18. If taxpayers are married and living together at the end of the year, they must file a
joint tax return.
True False
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19. A taxpayer who maintains a household with an unmarried child may qualify to file as
head of household even if the child is not the taxpayer's dependent.
True False
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20. A married person with a dependent child may choose to file as head of household if it
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reduces his or her tax liability.
True False
A
21. A taxpayer who is living alone and is legally separated from his or her spouse under a
separate maintenance decree at year-end should file as single.
True False
N
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22. An individual, age 22, enrolled on a full-time basis at a trade school, is considered a
student for purposes of determining whether a dependency exemption is permitted.
True False
O
23. A dependency exemption may be claimed by the supporting taxpayer in the year of
death of a dependent.
LU
True False
24. For 2012, personal and dependency exemptions are $3,800 each.
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True False
O
25. Scholarships received by a student may be excluded for purposes of the support test
for determining the availability of the dependency exemption.
True False
N
S
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