Question 1

When new tax legislation is being considered by Congress,

Accepted Answer

A) the tax bill will usually originate in the Senate. 
B) different versions of the House and Senate bills are reconciled by the Speaker of the House and the President of the Senate. 
C) different versions of the House and Senate bills are reconciled by a Joint Conference Committee. 
D) after the President of the U.S.approves a tax bill,the Joint Conference Committee must then vote on passage of the bill. 
A) the tax bill will usually originate in the Senate. 
B) different versions of the House and Senate bills are reconciled by the Speaker of the House and the President of the Senate. 
C) different versions of the House and Senate bills are reconciled by a Joint Conference Committee. 
D) after the President of the U.S.approves a tax bill,the Joint Conference Committee must then vote on passage of the bill.

Question 2

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 3

Which of the following is not a social objective of the tax law?

Accepted Answer

A) prohibition of a deduction for illegal bribes,fines and penalties 
B) a deduction for charitable contributions 
C) an exclusion for interest earned by large businesses 
D) creation of tax-favored pension plans 
A) prohibition of a deduction for illegal bribes,fines and penalties 
B) a deduction for charitable contributions 
C) an exclusion for interest earned by large businesses 
D) creation of tax-favored pension plans

Question 4

The various entities in the federal income tax system may be classified into two general categories,taxpaying entities (such as individuals and C [regular] corporations)and flow-through entities such as sole proprietorships,partnerships,S corporations,and limited liability companies.

Accepted Answer

A) True 
 B)False

When new tax legislation is being considered by Congress,

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,

Which of the following is not a social objective of the tax law?

The various entities in the federal income tax system may be classified into two general categories,taxpaying entities (such as individuals and C [regular] corporations)and flow-through entities such as sole proprietorships,partnerships,S corporations,and limited liability companies.

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

Filters

Exam 2 an Introduction to Taxation

When new tax legislation is being considered by Congress,

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,

Which of the following is not a social objective of the tax law?

The various entities in the federal income tax system may be classified into two general categories,taxpaying entities (such as individuals and C [regular] corporations)and flow-through entities such as sole proprietorships,partnerships,S corporations,and limited liability companies.

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

Filters