Exam 2 an Introduction to Taxation

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Alan files his 2014 tax return on April 1,2015.His return contains no misstatements or omissions of income.The statute of limitations for changes to the return expires

(Multiple Choice)

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Question 21

Which of the following taxes is proportional?

(Multiple Choice)

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Question 22

The Senate equivalent of the House Ways and Means Committee is the Senate

(Multiple Choice)

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Question 23

Which of the following serves as the highest authority for tax research,planning,and compliance activities?

(Multiple Choice)

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Question 24

What does the statute of limitations mean? Describe the different statutes of limitations that apply to tax returns.

(Essay)

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Question 25

Describe the types of audits that the IRS conducts.

(Essay)

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Question 26

The marginal tax rate is useful in tax planning because it measures the tax effect of a proposed transaction.

(True/False)

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Question 27

Which of the following is not an advantage of a limited liability company (LLC)?

(Multiple Choice)

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Question 28

Martha is self-employed in 2014.Her business profits are $140,000.What is her self-employment tax?

(Multiple Choice)

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Question 29

The terms "progressive tax" and "flat tax" are synonymous.

(True/False)

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Question 30

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

(Multiple Choice)

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Question 31

Eric dies in the current year and has a gross estate valued at $6,500,000.The estate incurs funeral and administrative expenses of $100,000 and also pays off Eric's debts which amount to $250,000.Eric bequeaths $600,000 to his wife.Eric made no taxable transfers during his life.Eric's taxable estate will be

(Multiple Choice)

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Question 32

The primary objective of the federal income tax law is to achieve various economic and social policy objectives.

(True/False)

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Question 33

A presidential candidate proposes replacing the income tax with a national sales tax.The sales tax would have a flat rate.Describe the impact of this change in terms of tax structure and equity.

(Essay)

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Question 34

Gifts between spouses are generally exempt from transfer taxes.

(True/False)

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Question 35

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

(True/False)

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Question 36

Which of the following steps,related to a tax bill,occurs first?

(Multiple Choice)

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Question 37

Limited liability companies may elect to be taxed as corporations.

(True/False)

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Question 38

All of the following are executive (administrative)sources of tax law except

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Question 39

Describe the components of tax practice.

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Question 40

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Exam 2 an Introduction to Taxation

Alan files his 2014 tax return on April 1,2015.His return contains no misstatements or omissions of income.The statute of limitations for changes to the return expires

Which of the following taxes is proportional?

The Senate equivalent of the House Ways and Means Committee is the Senate

Which of the following serves as the highest authority for tax research,planning,and compliance activities?

What does the statute of limitations mean? Describe the different statutes of limitations that apply to tax returns.

Describe the types of audits that the IRS conducts.

The marginal tax rate is useful in tax planning because it measures the tax effect of a proposed transaction.

Which of the following is not an advantage of a limited liability company (LLC)?

Martha is self-employed in 2014.Her business profits are $140,000.What is her self-employment tax?

The terms "progressive tax" and "flat tax" are synonymous.

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

The primary objective of the federal income tax law is to achieve various economic and social policy objectives.

A presidential candidate proposes replacing the income tax with a national sales tax.The sales tax would have a flat rate.Describe the impact of this change in terms of tax structure and equity.

Gifts between spouses are generally exempt from transfer taxes.

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

Which of the following steps,related to a tax bill,occurs first?

Limited liability companies may elect to be taxed as corporations.

All of the following are executive (administrative)sources of tax law except

Describe the components of tax practice.

Tax Research

Corporate Formations and Capital Structure

I: 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

S 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

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