Question 1

Which of the following taxes is progressive?

Accepted Answer

A)  sales tax 
B)  excise tax 
C)  property tax 
D)  federal income tax 
A)  sales tax 
B)  excise tax 
C)  property tax 
D)  federal income tax

Question 2

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

Accepted Answer

a. A penalty of 5% per month subject to

Question 3

An individual will be subject to gift tax on gifts made to a charity greater than $14,000.

Accepted Answer

A) True 
 B)False

Question 4

Generally, tax legislation is introduced first in the Senate and referred to the Senate Finance Committee.

Accepted Answer

A) True 
 B)False

Question 5

Briana, who is single, has taxable income for the current year of $78,000, resulting in a total tax of $15,271. Her total economic income is $98,000. Briana's average tax rate and effective tax rate are, respectively,

Accepted Answer

A)  19.58% and 15.58%. 
B)  25% and 28%. 
C)  19.58% and 25%. 
D)  15.58% and 19.58%. 
A)  19.58% and 15.58%. 
B)  25% and 28%. 
C)  19.58% and 25%. 
D)  15.58% and 19.58%.

Question 6

Charlie makes the following gifts in the current year: $40,000 to his spouse, $30,000 to his church, $18,000 to his nephew, and $25,000 to a friend. Assuming Charlie does not elect gift splitting with his wife, his taxable gifts in the current year will be

Accepted Answer

A)  $13,000. 
B)  $15,000. 
C)  $25,000. 
D)  $41,000. 
A)  $13,000. 
B)  $15,000. 
C)  $25,000. 
D)  $41,000.

Question 7

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%.

Question 8

Flow-through entities do not have to file tax returns since they are not taxable entities.

Accepted Answer

A) True 
 B)False

Question 9

Individuals are the principal taxpaying entities in the federal income tax system.

Accepted Answer

A) True 
 B)False

Which of the following taxes is progressive?

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

An individual will be subject to gift tax on gifts made to a charity greater than $14,000.

Generally, tax legislation is introduced first in the Senate and referred to the Senate Finance Committee.

Briana, who is single, has taxable income for the current year of $78,000, resulting in a total tax of $15,271. Her total economic income is $98,000. Briana's average tax rate and effective tax rate are, respectively,

Charlie makes the following gifts in the current year: $40,000 to his spouse, $30,000 to his church, $18,000 to his nephew, and $25,000 to a friend. Assuming Charlie does not elect gift splitting with his wife, his taxable gifts in the current year will be

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

Flow-through entities do not have to file tax returns since they are not taxable entities.

Individuals are the principal taxpaying entities in the federal income tax system.

Tax Research

Corporate Formations and Capital Structure

The Corporate Income Tax

Corporate Nonliquidating Distributions

Other Corporate Tax Levies

Corporate Liquidating Distributions

Corporate Acquisitions and Reorganizations

Consolidated Tax Returns

Partnership Formation and Operation

Special Partnership Issues

S Corporations

The Gift Tax

The Estate Tax

Income Taxation of Trusts and Estates

Administrative Procedures

Determination of Tax

Gross Income: Inclusions

Gross Income: Exclusions

Property Transactions: Capital Gains and Losses

Deductions and Losses

Itemized Deductions

Losses and Bad Debts

Employee Expenses and Deferred Compensation

Depreciation, Cost Recovery, Amortization, and Depletion

Accounting Periods and Methods

Property Transactions: Nontaxable Exchanges

Property Transactions: Section 1231 and Recapture

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

Filters

Exam 16: an Introduction to Taxation

Which of the following taxes is progressive?

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

An individual will be subject to gift tax on gifts made to a charity greater than $14,000.

Generally, tax legislation is introduced first in the Senate and referred to the Senate Finance Committee.

Briana, who is single, has taxable income for the current year of $78,000, resulting in a total tax of $15,271. Her total economic income is $98,000. Briana's average tax rate and effective tax rate are, respectively,

Charlie makes the following gifts in the current year: $40,000 to his spouse, $30,000 to his church, $18,000 to his nephew, and $25,000 to a friend. Assuming Charlie does not elect gift splitting with his wife, his taxable gifts in the current year will be

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

Flow-through entities do not have to file tax returns since they are not taxable entities.

Individuals are the principal taxpaying entities in the federal income tax system.

Tax Research

Corporate Formations and Capital Structure

The Corporate Income Tax

Corporate Nonliquidating Distributions

Other Corporate Tax Levies

Corporate Liquidating Distributions

Corporate Acquisitions and Reorganizations

Consolidated Tax Returns

Partnership Formation and Operation

Special Partnership Issues

S Corporations

The Gift Tax

The Estate Tax

Income Taxation of Trusts and Estates

Administrative Procedures

Determination of Tax

Gross Income: Inclusions

Gross Income: Exclusions

Property Transactions: Capital Gains and Losses

Deductions and Losses

Itemized Deductions

Losses and Bad Debts

Employee Expenses and Deferred Compensation

Depreciation, Cost Recovery, Amortization, and Depletion

Accounting Periods and Methods

Property Transactions: Nontaxable Exchanges

Property Transactions: Section 1231 and Recapture

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

Filters