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Solution Manual / Test Bank for South-Western Federal Taxation 2024 Individual Income Taxes 47th Edition by by James C. Young, Annette Nellen, Mark Persellin Chapter 1-20R280,08
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Solution Manual / Test Bank for South-Western Federal Taxation 2024 Individual Income Taxes 47th Edition by by James C. Young, Annette Nellen, Mark Persellin Chapter 1-20
Solution Manual / Test Bank for South-Western Federal Taxation 2024 Individual Income Taxes 47th Edition by by James C. Young, Annette Nellen, Mark Persellin Chapter 1-20 Chapter 1-20 Part I: INTRODUCTION AND BASIC TAX MODEL. Solution Manual for Chapter 1. An Introduction to Taxation and Understand...
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Solution Manual / Test Bank for South-Western Federal
Taxation 2024 Individual Income Taxes 47th Edition by by
James C. Young, Annette Nellen, Mark Persellin Chapter 1-20
True / False
1. Because the law is complicated, most individual taxpayers are not able to complete their Federal income tax returns
without outside assistance.
a. True
b. False
ANSWER: True
2. The ratification of the Sixteenth Amendment to the U.S. Constitution was necessary to validate the Federal income
tax on corporations.
a. True
b. False
ANSWER: False
3. Before the Sixteenth Amendment to the Constitution was ratified, there was no valid Federal income tax on
individuals.
a. True
b. False
ANSWER: False
4. The first income tax on individuals (after the ratification of the Sixteenth Amendment to the Constitution) levied tax
rates from a low of 2% to a high of 6%.
a. True
b. False
ANSWER: True
5. The Federal income tax on individuals generates more revenue than the Federal income tax on corporations.
a. True
b. False
ANSWER: True
6. The pay-as-you-go feature of the Federal income tax on individuals conforms to Adam Smith’s canon (principle) of
certainty.
a. True
b. False
ANSWER: False
, 7. The Medicare component of the FICA tax (1.45% on wages) is progressive since the tax due increases as wages
increase.
a. True
b. False
ANSWER: False
8. The Federal estate and gift taxes are examples of progressive taxes.
a. True
b. False
ANSWER: True
9. The Federal excise tax on gasoline is an example of a proportional tax.
a. True
b. False
ANSWER: False
10. Currently, the Federal corporate income tax is less progressive than the individual income tax.
a. True
b. False
ANSWER: True
11. Mona inherits her mother’s personal residence, which she converts to a furnished rental house. These changes
should affect the amount of ad valorem property taxes levied on the properties.
a. True
b. False
ANSWER: True
12. A fixture will be subject to the ad valorem tax on personalty rather than the ad valorem tax on realty.
a. True
b. False
ANSWER: False
13. Even if property tax rates are not changed, the amount of ad valorem taxes imposed on realty may not remain the
same.
a. True
b. False
ANSWER: True
,14. The ad valorem tax on personal use personalty is more often avoided by taxpayers than the ad valorem tax on
business use personalty.
a. True
b. False
ANSWER: True
15. An excise tax is often used to try to influence behavior.
a. True
b. False
ANSWER: True
16. There is a Federal excise tax on hotel occupancy.
a. True
b. False
ANSWER: False
17. The Federal gas-guzzler tax applies only to automobiles manufactured overseas and imported into the United States.
a. True
b. False
ANSWER: False
18. The amount of the state excise taxes on gasoline varies from state to state.
a. True
b. False
ANSWER: True
19. Not all of the states that impose a general sales tax also have a use tax.
a. True
b. False
ANSWER: False
20. Sales made by mail order are not exempt from the application of a general sales (or use) tax.
a. True
b. False
ANSWER: True
21. Two persons who live in the same state but in different counties may not be subject to the same general sales tax
rate.
a. True
b. False
ANSWER: True
, 22. States impose either a state income tax or a general sales tax, but not both types of taxes.
a. True
b. False
ANSWER: False
23. A safe and easy way for a taxpayer to avoid local and state sales taxes is to make the purchase in a state that levies
no such taxes.
a. True
b. False
ANSWER: False
24. On transfers by death, the Federal government relies on an estate tax, while states may impose an estate tax, an
inheritance tax, both taxes, or neither tax.
a. True
b. False
ANSWER: True
25. An inheritance tax is a tax on a decedent’s right to pass property at death.
a. True
b. False
ANSWER: False
26. One of the major reasons for the enactment of the Federal estate tax was to prevent large amounts of wealth from
being accumulated within a family unit.
a. True
b. False
ANSWER: True
27. Under Clint’s will, all of his property passes to either the Lutheran Church or to his wife. No Federal estate tax will
be due on Clint’s death in 2020.
a. True
b. False
ANSWER: True
28. Under the usual state inheritance tax, two heirs, a cousin and a son of the deceased, would not be taxed at the same
rate.
a. True
b. False
ANSWER: True
29. The annual exclusion, currently $15,000, is available for gift and estate tax purposes.
a. True
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