TEST BANK
South-Western Federal Taxation 2026:
ST
Individual Income Taxes
James Young, Annette Nellen, Mark Persellin, Sharon Lassar, Andrew Cuccia, Brad Cripe
UV
────────────────────────────────────────────────────
49th Edition
IA
?_
AP
PR
TEST BANK
OV
ED
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, TEST BANK
South-Western Federal Taxation 2026
Individual Income Taxes • 49th Edition
By Young, Persellin, Nellen, Cuccia, Maloney, Lassar, Cripe
ST
TABLE OF CONTENTS
UV
PART I: INTRODUCTION AND BASIC TAX MODEL
Chapter 1 An Introduction to Taxation and Understanding the Federal Tax Law 1-1
Chapter 2 Working with the Tax Law 2-1
Chapter 3 Tax Formula and Tax Determination: An Overview of Property Transactions 3-1
IA
PART II: GROSS INCOME
Chapter 4 Gross Income: Concepts and Inclusions 4-1
?_
Chapter 5 Gross Income: Exclusions 5-1
PART III: DEDUCTIONS
AP
Chapter 6 Deductions and Losses: In General 6-1
Chapter 7 Deductions and Losses: Certain Business Expenses and Losses 7-1
Chapter 8 Depreciation, Cost Recovery, Amortization, and Depletion 8-1
PR
Chapter 9 Deductions: Employee and Self-Employed-Related Expenses 9-1
Chapter 10 Deductions and Losses: Certain Itemized Deductions 10-1
Chapter 11 Investor Losses 11-1
OV
PART IV: SPECIAL TAX COMPUTATIONS METHODS, TAX CREDITS, AND PAYMENT
PROCEDURES
Chapter 12 Alternative Minimum Tax 12-1
Chapter 13 Tax Credits and Payment Procedures 13-1
ED
PART V: PROPERTY TRANSACTIONS
Chapter 14 Property Transactions: Determination of Gain or Loss, and Basis Considerations 14-1
Chapter 15 Property Transactions: Nontaxable Exchanges 15-1
??
Chapter 16 Property Transactions: Capital Gains and Losses 16-1
Chapter 17 Property Transactions: Section 1231, and Recapture Provisions 17-1
1
, PART VI: ACCOUNTING PERIODS, ACCOUNTING METHODS, AND DEFERRED
COMPENSATION
Chapter 18 Accounting Periods and Methods 18-1
Chapter 19 Deferred Compensation 19-1
ST
PART VII: CORPORATIONS AND PARTNERSHIPS
Chapter 20 Corporations and Partnerships 20-1
UV
IA
?_
AP
PR
OV
ED
??
2
, Name: Class: Date:
Ch01: An Introduction to Taxation and Understanding the Federal Tax Law
True / False
ST
1. The ratification of the Sixteenth Amendment to the U.S. Constitution was necessary to validate the Federal
income tax on corporations.
a. True
b. False
UV
ANSWER: False
RATIONALE: The Sixteenth Amendment validated the tax only on individuals. The income tax
on corporations had been previously sanctioned by the courts.
DIFFICULTY: Easy
LEARNING OBJECTIVES: IITX.SWFT.2026.LO: 1-02 - LO: 1-02
IA
NATIONAL STANDARDS: BUSPROG: Technology
STATE STANDARDS: AICPA: FN-Research
KEYWORDS: Bloom's: Remember
?_
OTHER: Time: 2 min.
2. Before the Sixteenth Amendment to the Constitution was ratified, there was no valid Federal income tax on
individuals.
AP
a. True
b. False
ANSWER: False
RATIONALE: A Federal income tax during the Civil War was sanctioned by the U.S. Supreme
Court.
PR
DIFFICULTY: Easy
LEARNING OBJECTIVES: IITX.SWFT.2026.LO: 1-02 - LO: 1-02
NATIONAL STANDARDS: BUSPROG: Technology
STATE STANDARDS: AICPA: FN-Research
OV
KEYWORDS: Bloom's: Remember
OTHER: Time: 2 min.
ED
??
Powered by Cognero
South-Western Federal Taxation 2026:
ST
Individual Income Taxes
James Young, Annette Nellen, Mark Persellin, Sharon Lassar, Andrew Cuccia, Brad Cripe
UV
────────────────────────────────────────────────────
49th Edition
IA
?_
AP
PR
TEST BANK
OV
ED
??
, TEST BANK
South-Western Federal Taxation 2026
Individual Income Taxes • 49th Edition
By Young, Persellin, Nellen, Cuccia, Maloney, Lassar, Cripe
ST
TABLE OF CONTENTS
UV
PART I: INTRODUCTION AND BASIC TAX MODEL
Chapter 1 An Introduction to Taxation and Understanding the Federal Tax Law 1-1
Chapter 2 Working with the Tax Law 2-1
Chapter 3 Tax Formula and Tax Determination: An Overview of Property Transactions 3-1
IA
PART II: GROSS INCOME
Chapter 4 Gross Income: Concepts and Inclusions 4-1
?_
Chapter 5 Gross Income: Exclusions 5-1
PART III: DEDUCTIONS
AP
Chapter 6 Deductions and Losses: In General 6-1
Chapter 7 Deductions and Losses: Certain Business Expenses and Losses 7-1
Chapter 8 Depreciation, Cost Recovery, Amortization, and Depletion 8-1
PR
Chapter 9 Deductions: Employee and Self-Employed-Related Expenses 9-1
Chapter 10 Deductions and Losses: Certain Itemized Deductions 10-1
Chapter 11 Investor Losses 11-1
OV
PART IV: SPECIAL TAX COMPUTATIONS METHODS, TAX CREDITS, AND PAYMENT
PROCEDURES
Chapter 12 Alternative Minimum Tax 12-1
Chapter 13 Tax Credits and Payment Procedures 13-1
ED
PART V: PROPERTY TRANSACTIONS
Chapter 14 Property Transactions: Determination of Gain or Loss, and Basis Considerations 14-1
Chapter 15 Property Transactions: Nontaxable Exchanges 15-1
??
Chapter 16 Property Transactions: Capital Gains and Losses 16-1
Chapter 17 Property Transactions: Section 1231, and Recapture Provisions 17-1
1
, PART VI: ACCOUNTING PERIODS, ACCOUNTING METHODS, AND DEFERRED
COMPENSATION
Chapter 18 Accounting Periods and Methods 18-1
Chapter 19 Deferred Compensation 19-1
ST
PART VII: CORPORATIONS AND PARTNERSHIPS
Chapter 20 Corporations and Partnerships 20-1
UV
IA
?_
AP
PR
OV
ED
??
2
, Name: Class: Date:
Ch01: An Introduction to Taxation and Understanding the Federal Tax Law
True / False
ST
1. The ratification of the Sixteenth Amendment to the U.S. Constitution was necessary to validate the Federal
income tax on corporations.
a. True
b. False
UV
ANSWER: False
RATIONALE: The Sixteenth Amendment validated the tax only on individuals. The income tax
on corporations had been previously sanctioned by the courts.
DIFFICULTY: Easy
LEARNING OBJECTIVES: IITX.SWFT.2026.LO: 1-02 - LO: 1-02
IA
NATIONAL STANDARDS: BUSPROG: Technology
STATE STANDARDS: AICPA: FN-Research
KEYWORDS: Bloom's: Remember
?_
OTHER: Time: 2 min.
2. Before the Sixteenth Amendment to the Constitution was ratified, there was no valid Federal income tax on
individuals.
AP
a. True
b. False
ANSWER: False
RATIONALE: A Federal income tax during the Civil War was sanctioned by the U.S. Supreme
Court.
PR
DIFFICULTY: Easy
LEARNING OBJECTIVES: IITX.SWFT.2026.LO: 1-02 - LO: 1-02
NATIONAL STANDARDS: BUSPROG: Technology
STATE STANDARDS: AICPA: FN-Research
OV
KEYWORDS: Bloom's: Remember
OTHER: Time: 2 min.
ED
??
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