Exam 1: An Introduction to Taxation and Understanding the Federal Tax Law

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Using the choices provided below, show the justification for each provision of the tax law listed. -Contributions to charitable organizations are deductible.

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Even if property tax rates are not changed, the amount of ad valorem taxes imposed on realty may not remain the same.

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Several years ago, Logan purchased extra grazing land for his ranch at a cost of $240,000. In 2014, the land is condemned by the state for development as a highway maintenance depot. Under the condemnation award, Logan receives $600,000 for the land. Within the same year, he replaces the property with other grazing land. What is Logan's tax situation if the replacement land cost: a. $210,000? b. $360,000? c. $630,000? d. Why?

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Match the statements that relate to each other. Note: Some choices may be used more than once or not at all. -"Pay­as­you­go" (paygo)

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A characteristic of FUTA is that:

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A lack of compliance in the payment of use taxes can be resolved by several means. In this regard, comment on the following: a. Registration of automobiles. b. Reporting of Internet purchases on state income tax returns.

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In preparing an income tax return, the use of a client's estimates is not permitted.

(True/False)
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Logan dies with an estate worth $20 million. Under his will, $10 million passes to his wife while $10 million goes to his church. What is Logan's Federal estate tax result?

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Like the Federal counterpart, the amount of the state excise taxes on gasoline varies from state to state.

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Two persons who live in the same state but in different counties may not be subject to the same general sales tax rate.

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Match the statements that relate to each other. Note: Some choices may be used more than once. -Fraud and statute of limitations

(Multiple Choice)
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The Federal gas-guzzler tax applies only to automobiles manufactured overseas and imported into the U.S.

(True/False)
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Match the statements that relate to each other. Note: Some choices may be used more than once or not at all. -Mitigation of the annual accounting period concept

(Multiple Choice)
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Allowing a domestic production activities deduction for certain manufacturing income can be justified:

(Multiple Choice)
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Using the choices provided below, show the justification for each provision of the tax law listed. -A tax credit for amounts spent to furnish care for children while the parent is at work.

(Multiple Choice)
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Because the law is complicated, most individual taxpayers are not able to complete their Federal income tax returns without outside assistance.

(True/False)
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No state has offered an income tax amnesty program more than once.

(True/False)
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The tax law allows an income tax deduction (or a credit) for foreign income taxes. Explain why.

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The Federal excise tax on cigarettes is an example of a proportional tax.

(True/False)
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Using the choices provided below, show the justification for each provision of the tax law listed. -A small business corporation can elect to avoid the corporate income tax.

(Multiple Choice)
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