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ED
OV
PR
AP
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IA
UV
ST
, TABLE OF CONTENTS
Test Bank: South-Western Federal Taxation 2027: Comprehensive,
50th Edition
Authors: James Young, Mark Persellin, Annette Nellen, Andrew Cuccia, David Maloney, Sharon
ST
Lassar, Brad Cripe
UV
Part I: INTRODUCTION AND BASIC TAX MODEL
1. An Introduction to Taxation and Understanding the Federal Tax Law
2. Working with the Tax Law
IA
3. Computing the Tax
Part II: GROSS INCOME
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4. Gross Income: Concepts and Inclusions
5. Gross Income: Exclusions
AP
Part III: DEDUCTIONS AND CREDITS
6. Deductions and Losses: In General
7. Deductions and Losses: Certain Business Expenses and Losses
PR
8. Depreciation, Cost Recovery, Amortization, and Depletion
9. Deductions: Employee and Self-Employed-Related Expenses
10. Deductions and Losses: Certain Itemized Deductions
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11. Investor Losses
12. Tax Credits and Payments
Part IV: PROPERTY TRANSACTIONS
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13. Property Transactions: Determination of Gain or Loss, Basis Considerations, and
Nontaxable Exchanges
14. Property Transactions: Capital Gains and Losses, Section 1231, and Recapture Provisions
?
Part V: SPECIAL TAX COMPUTATIONS AND ACCOUNTING PERIODS
?
AND METHODS
15. The Deduction for Qualified Business Income for Noncorporate Taxpayers
16. Accounting Periods and Methods
, Part VI: CORPORATIONS
17. Corporations: Introduction and Operating Rules
18. Corporations: Organization and Capital Structure
19. Corporations: Distributions Not in Complete Liquidation
20. Corporations: Distributions in Complete Liquidation and an Overview of Reorganizations
ST
Part VII: FLOW-THROUGH ENTITIES
21. Partnerships
22. S Corporations
UV
Part VIII: ADVANCE TAX PRACTICE CONSIDERATIONS
23. Exempt Entities
IA
24. Multistate Corporate Taxation
25. Taxation of International Transactions
26. Tax Practice and Ethics
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Part IX: FAMILY TAX PLANNING
27. The Federal Gift and Estate Taxes
AP
28. Income Taxation of Trusts and Estates
PR
OV
ED
? ?
, Name:
Ch01: Introduction to Taxation
True / False
1. Before the Sixteenth Amendment to the Constitution was ratified, there was no valid Federal income tax on
individuals.
a. True
ST
b. False
ANSWER: False
UV
2. 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
IA
ANSWER: False
3. The pay-as-you-go feature of the Federal income tax on individuals conforms to Adam Smith’s canon (principle) of
certainty.
?_
a. True
b. False
AP
ANSWER: False
4. Because the law is complicated, most individual taxpayers are not comfortable completing their Federal income tax
returns without outside assistance.
a. True
PR
b. False
ANSWER: True
5. The first income tax on individuals (after the ratification of the Sixteenth Amendment to the Constitution) levied tax
OV
rates from a low of 1% to a high of 6%.
a. True
b. False
ANSWER: True
ED
6. The Federal income tax on individuals generates more revenue than the Federal income tax on corporations.
a. True
b. False
??
ANSWER: True
Copyright Cengage Learning.
ED
OV
PR
AP
?_
IA
UV
ST
, TABLE OF CONTENTS
Test Bank: South-Western Federal Taxation 2027: Comprehensive,
50th Edition
Authors: James Young, Mark Persellin, Annette Nellen, Andrew Cuccia, David Maloney, Sharon
ST
Lassar, Brad Cripe
UV
Part I: INTRODUCTION AND BASIC TAX MODEL
1. An Introduction to Taxation and Understanding the Federal Tax Law
2. Working with the Tax Law
IA
3. Computing the Tax
Part II: GROSS INCOME
?_
4. Gross Income: Concepts and Inclusions
5. Gross Income: Exclusions
AP
Part III: DEDUCTIONS AND CREDITS
6. Deductions and Losses: In General
7. Deductions and Losses: Certain Business Expenses and Losses
PR
8. Depreciation, Cost Recovery, Amortization, and Depletion
9. Deductions: Employee and Self-Employed-Related Expenses
10. Deductions and Losses: Certain Itemized Deductions
OV
11. Investor Losses
12. Tax Credits and Payments
Part IV: PROPERTY TRANSACTIONS
ED
13. Property Transactions: Determination of Gain or Loss, Basis Considerations, and
Nontaxable Exchanges
14. Property Transactions: Capital Gains and Losses, Section 1231, and Recapture Provisions
?
Part V: SPECIAL TAX COMPUTATIONS AND ACCOUNTING PERIODS
?
AND METHODS
15. The Deduction for Qualified Business Income for Noncorporate Taxpayers
16. Accounting Periods and Methods
, Part VI: CORPORATIONS
17. Corporations: Introduction and Operating Rules
18. Corporations: Organization and Capital Structure
19. Corporations: Distributions Not in Complete Liquidation
20. Corporations: Distributions in Complete Liquidation and an Overview of Reorganizations
ST
Part VII: FLOW-THROUGH ENTITIES
21. Partnerships
22. S Corporations
UV
Part VIII: ADVANCE TAX PRACTICE CONSIDERATIONS
23. Exempt Entities
IA
24. Multistate Corporate Taxation
25. Taxation of International Transactions
26. Tax Practice and Ethics
?_
Part IX: FAMILY TAX PLANNING
27. The Federal Gift and Estate Taxes
AP
28. Income Taxation of Trusts and Estates
PR
OV
ED
? ?
, Name:
Ch01: Introduction to Taxation
True / False
1. Before the Sixteenth Amendment to the Constitution was ratified, there was no valid Federal income tax on
individuals.
a. True
ST
b. False
ANSWER: False
UV
2. 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
IA
ANSWER: False
3. The pay-as-you-go feature of the Federal income tax on individuals conforms to Adam Smith’s canon (principle) of
certainty.
?_
a. True
b. False
AP
ANSWER: False
4. Because the law is complicated, most individual taxpayers are not comfortable completing their Federal income tax
returns without outside assistance.
a. True
PR
b. False
ANSWER: True
5. The first income tax on individuals (after the ratification of the Sixteenth Amendment to the Constitution) levied tax
OV
rates from a low of 1% to a high of 6%.
a. True
b. False
ANSWER: True
ED
6. The Federal income tax on individuals generates more revenue than the Federal income tax on corporations.
a. True
b. False
??
ANSWER: True
Copyright Cengage Learning.
