Study guides, Class notes & Summaries

Complete Test Bank for Income Tax Fundamentals 2023, 41st Edition by Gerald E. Whittenburg, Steven Gill ; ISBN13: 9780357719527. (Full Chapters included Chapter 1 to 12)....1. The Individual Income Tax Return. 2. Gross Income and Exclusions. 3. Business Income and Expenses, Part I. 4. Business Income and Expenses, Part II. 5. Itemized Deductions and Other Incentives. 6. Credits and Special Taxes. 7. Accounting Periods and Methods and Depreciation. 8. Capital Gains and Losses. 9. Withhold...

01. Taxes influence which of the following decisions? A. business decisions B. personal decisions C. political decisions D. investment decisions E. all of these - ***E. all of these 02. Margaret was issued a $150 speeding ticket. This is: A. A tax because payment is required by law B. A tax because the payment is not related to any specific benefit received from the government agency collecting the ticket C. Not a tax because it is considered a fine intended to punish illegal beha...

INCOME TAX EXAM #2 QUIZ QUESTIONS WITH 100% ANSWERS RATED A+ Do all corporations have to file income taxes? - CORRECT ANSWER-yes, regardless of their taxable income When do Estates & Trusts have to pay income taxes? - CORRECT ANSWER-when their gross income > $600 What 3 factors determine if an individual has to pay income taxes? - CORRECT ANSWER-1. Taxpayer's filing status 2. age 3. gross income When is the due date for individuals and C-corporations to file their tax returns? - CORRECT ...

FEDERAL INCOME TAX EXAM #3 QUESTIONS AND VERIFIED ANSWERS 100% CORRECT Sole Proprietorship - CORRECT ANSWER--Owners have liability for debts -Assets owned in name of the individual -Unincorporated Limitations associated with Sole Prop. - CORRECT ANSWER-Excess Business Loss Limitation and Passive Activity Business Income Deduction criteria - CORRECT ANSWER-Deductions must be directly connected to business activity -Ordinary and necessary(conducive to profit generation) -Reasonable in amount(no...

ACC 322 TAX EXAM CORRECTLY ANSWERED 2024 In some cases, Congress has enacted exclusions to rectify the effects of judicial decisions or IRS pronouncements - CORRECT ANSWER-True Sections 101 through 150 provide authority for excluding specific items from gross income - CORRECT ANSWER-True IRS & some courts can override Congress regarding what qualifies as an exclusion from gross income - CORRECT ANSWER-False Each Exclusion has its own legislative history and reason for enactment - CORRECT ANS...

Chapter 1 INCOME TAX (multiple choice) Well Answered 2024/2025 The point at which tax is levied is also called? a. Impact of Taxation b. Situs of Taxation c. Incidence of taxation d. Assessment - Correct Answer a. Impact of Taxation Which of the following inappropriately describes the nature of taxation? a. Inherent in sovereignty b. Essentially a legislative function c. Subject to inherent and constitutional limitation d. Generally for public purpose - Correct Answer d. Generall...

Federal Income Tax Problems/Solutions Exam Graded A+ 2B 1. Would the results to the taxpayers in the Cesarini case be different if, instead of discovering $4,467 in old currency the piano, they discovered that the piano, a Steinway, was the first Steinway piano ever built and it is worth $500,000? - ANSWERYes; Cesarini articulates the tax consequences of finding a treasure trove: it is taxable in the year in which it is reduced to undisputed possession. Here, the higher than expected valu...

Federal Income Tax Problems/Solutions 100% solved 2B 1. Would the results to the taxpayers in the Cesarini case be different if, instead of discovering $4,467 in old currency the piano, they discovered that the piano, a Steinway, was the first Steinway piano ever built and it is worth $500,000? - answerYes; Cesarini articulates the tax consequences of finding a treasure trove: it is taxable in the year in which it is reduced to undisputed possession. Here, the higher than expected value o...

Federal Income Tax 2023 Chapter 3 EXAM 100% SOLVED Select the two most important considerations that are necessary for effective tax planning for individuals. A) Minimizing taxes B) Maximizing government revenue C) Maximizing after-tax wealth D) Achieving non-tax related goals - ANSWERCorrect: C) Maximizing after-tax wealth D) Achieving non-tax related goals Incorrect: A) Minimizing taxes (Reason: Minimizing taxes is not the same as maximizing after-tax wealth. To minimize taxes, a ...

Fundamentals of Income Tax Exam 100% solved What part of the constitution gives congress the power to tax income? - answer181 **Article 1, Section 8, Clause 1 of the United States Constitution (Taxing and Spending Clause) Ratified in 1788. ◦ Specifically gives power to Congress to impose income tax When did congress first start to tax income? - answerCongress first used this power in the Revenue Act of 1861 to impose a personal income tax to help pay for the Civil War Pollock v. Fram...