Wgu c239 ad - Study guides, Class notes & Summaries

An individual has taxable income of $60,000. The first $20,000 is taxed at 20%, the next $20,000 is taxed at 20%, and all income above $40,000 is taxed at 20%. Which tax structure is being applied to the individual's taxable income? - Proportional Which federal income tax structure imposes an increasing marginal tax rate as the tax base increases? - Progressive tax What describes a gift tax? - Tax on the fair market value of wealth transfers What is a key element of an economy tax structu...

WGU C239 Advanced tax Practice test Latest Version Already Passed 1. Why would a taxpayer need to include IRS Form 8332, Release/Revocation of Claim to Exemption of Child by Custodial Parent, in their personal income tax return? A. To allow a noncustodial ex-spouse permission to take the child's dependency exemption, or to revoke same. B. To disallow an ex-spouse permission from taking child's dependency exemption because they only provided 10% of child's support. C. To disallow an ex-spo...

WGU C239 Advanced Tax Practice Test –Qs & As

WGU C239 Advanced Tax Questions and Answers Already Graded A What qualifies as a tax? Is to fund the government agencies that's required, imposed by a government and not tied directly to the benefit received by the taxpayer. Earmarked tax a tax that is assessed for a specific purpose Tax base Is the item being taxed x the tax rate Flat tax A tax in which a single tax rate is applied throughout the tax base Graduated taxes taxes in which the tax base is divided into a series of monetary amou...

WGU C239 Advanced Tax Practice Test –Qs & As

WGU C239 Advanced Tax Concepts (2022/2023) Rated A Sec. 351 Transferor recognizes no gain/loss (deferred until sale or exchange) when they transfer property to a corporation solely in exchange for stock if they are in control immediately after transfer Sec. 351 Property Cash & almost any other assets (AR, Inventory, Equipment) Sec. 351 Property Exclusions Services exchanged for stock, indebtness not evidenced by security, interest accrued after holding period Sole Proprietorship Advantages No...

WGU C239 Advanced Tax Concepts – Qs And As

WGU C239 Advanced tax Practice test Questions and answers, 100% Accurate, VERIFIED

WGU C239 Advanced Tax Concepts Study Set – Complete Study Guide

1. Why would a taxpayer need to include IRS Form 8332, Release/Revocation of Claim to Exemption of Child by Custodial Parent, in their personal income tax return? A. To allow a noncustodial ex-spouse permission to take the child's dependency exemption, or to revoke same. B. To disallow an ex-spouse permission from taking child's dependency exemption because they only provided 10% of child's support. C. To disallow an ex-spouse permission from taking child's dependency exemption because...