Exam 1: An Introduction to Taxation and Understanding the Federal Tax Law
Exam 1: An Introduction to Taxation and Understanding the Federal Tax Law195 Questions
Exam 2: Working With the Tax Law86 Questions
Exam 3: Computing the Tax185 Questions
Exam 4: Gross Income: Concepts and Inclusions124 Questions
Exam 5: Gross Income: Exclusions115 Questions
Exam 6: Deductions and Losses: in General150 Questions
Exam 7: Deductions and Losses: Certain Business Expenses and Losses90 Questions
Exam 8: Depreciation, Cost Recovery, Amortization, and Depletion116 Questions
Exam 9: Deductions: Employee and Self-Employed-Related Expenses198 Questions
Exam 10: Deductions and Losses: Certain Itemized Deductions104 Questions
Exam 11: Investor Losses108 Questions
Exam 12: Tax Credits and Payments117 Questions
Exam 13: Property Transactions: Determination of Gain or Loss, Basis Considerations, and Nontaxable Exchanges273 Questions
Exam 14: Property Transactions: Capital Gains and Losses, 1231, and Recapture Provisions145 Questions
Exam 15: Alternative Minimum Tax127 Questions
Exam 16: Accounting Periods and Methods87 Questions
Exam 17: Corporations: Introduction and Operating Rules106 Questions
Exam 18: Corporations: Organization and Capital Structure90 Questions
Exam 19: Corporations: Distributions Not in Complete Liquidation177 Questions
Exam 20: Corporations: Distributions in Complete Liquidation and an Overview of Reorganizations72 Questions
Exam 21: Partnerships193 Questions
Exam 22: S Corporations156 Questions
Exam 23: Exempt Entities178 Questions
Exam 24: Multistate Corporate Taxation169 Questions
Exam 25: Taxation of International Transactions162 Questions
Exam 26: Tax Practice and Ethics172 Questions
Exam 27: The Federal Gift and Estate Taxes221 Questions
Exam 28: Income Taxation of Trusts and Estates168 Questions
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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.
(Multiple Choice)
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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.
(True/False)
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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?
(Essay)
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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)
(Multiple Choice)
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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.
(Essay)
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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?
(Essay)
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Like the Federal counterpart, the amount of the state excise taxes on gasoline varies from state to state.
(True/False)
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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.
(True/False)
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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.
(Essay)
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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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