Question 1

Dividends paid from most U.S.corporations are taxed at the same rate as the recipients' salaries and wages.

Accepted Answer

A) True 
 B)False

Question 2

Describe the nondeductible penalties imposed upon taxpayers for failure to comply.

Accepted Answer

a.A penalty of 5% per month subject to a

Question 3

The largest source of federal revenues is the corporate income tax.

Accepted Answer

A) True 
 B)False

Question 4

Anne,who is single,has taxable income for the current year of $38,000 while total economic income is $43,000 resulting in a total tax of $5,356.Anne's average tax rate and effective tax rate are,respectively,

Accepted Answer

A) 14.09% and 12.46%. 
B) 12.46% and 14.09%. 
C) 14.09% and 25%. 
D) 12.46% and 25%. 
A) 14.09% and 12.46%. 
B) 12.46% and 14.09%. 
C) 14.09% and 25%. 
D) 12.46% and 25%.

Question 5

All of the following statements are true except

Accepted Answer

A) the net income earned by a sole proprietorship is reported on the owner's individual income tax return. 
B) the net income of an S corporation is subject to double taxation because it is taxed at the entity level and dividends paid from the S corporation to individual shareholders are also taxed. 
C) the net income of C corporation is subject to double taxation because it is taxed at the entity level and dividends paid from the C corporation to individual shareholders is also taxed. 
D) LLCs are generally taxed as partnerships. 
A) the net income earned by a sole proprietorship is reported on the owner's individual income tax return. 
B) the net income of an S corporation is subject to double taxation because it is taxed at the entity level and dividends paid from the S corporation to individual shareholders are also taxed. 
C) the net income of C corporation is subject to double taxation because it is taxed at the entity level and dividends paid from the C corporation to individual shareholders is also taxed. 
D) LLCs are generally taxed as partnerships.

Question 6

Kate files her tax return 36 days after the due date.When she files the return,she sends a check for $2,000 which is the balance of the tax owed by her.Kate's penalty for failure to file a return will be

Accepted Answer

A) 0)5% per month (or factor thereof)up to a maximum of 25%. 
B) 5% per month (or factor thereof)up to a maximum of 25%. 
C) 20% per month (or factor thereof). 
D) 25%. 
A) 0)5% per month (or factor thereof)up to a maximum of 25%. 
B) 5% per month (or factor thereof)up to a maximum of 25%. 
C) 20% per month (or factor thereof). 
D) 25%.

Dividends paid from most U.S.corporations are taxed at the same rate as the recipients' salaries and wages.

Describe the nondeductible penalties imposed upon taxpayers for failure to comply.

The largest source of federal revenues is the corporate income tax.

Anne,who is single,has taxable income for the current year of $38,000 while total economic income is $43,000 resulting in a total tax of $5,356.Anne's average tax rate and effective tax rate are,respectively,

All of the following statements are true except

Kate files her tax return 36 days after the due date.When she files the return,she sends a check for $2,000 which is the balance of the tax owed by her.Kate's penalty for failure to file a return will be

Tax Research

Corporate Formations and Capital Structure

Determination of Tax

The Corporate Income Tax

Gross Income: Inclusions

Corporate Nonliquidating Distributions

Gross Income: Exclusions

Other Corporate Tax Levies

Property Transactions: Capital Gains and Losses

Corporate Liquidating Distributions

Deductions and Losses

Corporate Acquisitions and Reorganizations

Itemized Deductions

Consolidated Tax Returns

Losses and Bad Debts

Partnership Formation and Operation

Employee Expenses and Deferred Compensation

Special Partnership Issues

Depreciation,cost Recovery,amortization,and Depletion

Corporations

Accounting Periods and Methods

The Gift Tax

Property Transactions: Nontaxable Exchanges

The Estate Tax

Property Transactions: Section 1231 and Recapture

Income Taxation of Trusts and Estates

Special Tax Computation Methods,tax Credits,and Payment of Tax

Administrative Procedures

Filters

Exam 2: an Introduction to Taxation

Dividends paid from most U.S.corporations are taxed at the same rate as the recipients' salaries and wages.

Describe the nondeductible penalties imposed upon taxpayers for failure to comply.

The largest source of federal revenues is the corporate income tax.

Anne,who is single,has taxable income for the current year of $38,000 while total economic income is $43,000 resulting in a total tax of $5,356.Anne's average tax rate and effective tax rate are,respectively,

All of the following statements are true except

Kate files her tax return 36 days after the due date.When she files the return,she sends a check for $2,000 which is the balance of the tax owed by her.Kate's penalty for failure to file a return will be

Tax Research

Corporate Formations and Capital Structure

Determination of Tax

The Corporate Income Tax

Gross Income: Inclusions

Corporate Nonliquidating Distributions

Gross Income: Exclusions

Other Corporate Tax Levies

Property Transactions: Capital Gains and Losses

Corporate Liquidating Distributions

Deductions and Losses

Corporate Acquisitions and Reorganizations

Itemized Deductions

Consolidated Tax Returns

Losses and Bad Debts

Partnership Formation and Operation

Employee Expenses and Deferred Compensation

Special Partnership Issues

Depreciation,cost Recovery,amortization,and Depletion

Corporations

Accounting Periods and Methods

The Gift Tax

Property Transactions: Nontaxable Exchanges

The Estate Tax

Property Transactions: Section 1231 and Recapture

Income Taxation of Trusts and Estates

Special Tax Computation Methods,tax Credits,and Payment of Tax

Administrative Procedures

Filters