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Income Tax Fundamentals 2023 41st Edition TEST BANK by Gerald E. Whittenburg, Steven Gill | Verified Chapter's 1 - 12

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Institution Income Tax Fundamentals
Course Income Tax Fundamentals
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Preview 4 out of 219 pages

This is a bank of tests (study questions) to help you prepare for the tests. To clarify, this is a test bank, not a textbook. You have immediate access to download your test bank. No delays, loading is fast and instant immediately after Purchase! You will receive a full bank of tests; in other words, all chapters will be there. Test banks are presented in PDF format; therefore, no special software is required to open them

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6

,TABLE6OF6CONTENTS6
1.6The6Individual6Income6Tax6Return.

2.6Gross6Income6and6Exclusions.

3.6Business6Income6and6Expenses,6Part6I.

4.6Business6Income6and6Expenses,6Part6II.

5.6Itemized6Deductions6and6Other6Incentives.

6.6Credits6and6Special6Taxes.

7.6Accounting6Periods6and6Methods6and6Depreciation.

8.6Capital6Gains6and6Losses.

9.6Withholding,6Estimated6Payments,6and6Payroll6Taxes.

10.6Partnership6Taxation.

11.6The6Corporate6Income6Tax.

12.6Tax6Administration6and6Tax6Planning.

,Chapter61:6The6Individual6Income6Tax6Return


1. A6corporation6is6a6reporting6entity6but6not6a6tax-paying6entity.
FALSE



2. Partnership6capital6gains6and6losses6are6allocated6separately6to6each6of6the6partners.
TRUE



3. Married6taxpayers6may6double6their6standard6deduction6amount6by6filing6separate6retu
rns.
FALSE



4. An6item6is6not6included6in6gross6income6unless6the6tax6law6specifies6that6the6item6is6
subject6to6taxation.
FALSE



5. For6taxpayers6who6do6not6itemize6deductions,6the6standard6deduction6amount6is6sub
tracted6from6the6taxpayer's6adjusted6gross6income.
TRUE



6. A6taxpayer6with6self-employment6income6of6$6006must6file6a6tax6return.
TRUE



7. A6dependent6child6with6earned6income6in6excess6of6the6available6standard6deduction6am
ount6must6file6a6tax6return.
TRUE



8. A6single6taxpayer,6who6is6not6blind6and6who6is6under6age665,6with6income6of6$8,75
06must6file6a6tax6return.
FALSE

, 9. If6a6taxpayer6is6due6a6refund,6it6will6be6mailed6to6the6taxpayer6regardless6of6whether6he6o
r6she6files6a6tax6return.
FALSE



10. Taxpayers6with6self-employment6income6of6$4006or6more6must6file6a6tax6return.
TRUE



11. If6your6spouse6dies6during6the6tax6year6and6you6do6not6remarry,6you6must6file6as
6single6for6the6year6of6death.
FALSE



12. Taxpayers6who6do6not6qualify6for6married,6head6of6household,6or6qualifying6widow6or6
widower6filing6status6must6file6as6single.
TRUE



13. If6an6unmarried6taxpayer6paid6more6than6half6the6cost6of6keeping6a6home6which6is6the6
principal6place6of6residence6of6a6nephew,6who6is6not6her6dependent,6she6may6use6the6head6
of6household6filing6status.
FALSE



14. The6maximum6official6individual6income6tax6rate6for620126is6356percent.
TRUE



15. All6taxpayers6may6use6the6tax6rate6schedule6to6determine6their6tax6liability.
FALSE



16. The6head6of6household6tax6rates6are6higher6than6the6rates6for6a6single6taxpayer.
FALSE



17. Most6states6are6community6property6states.
FALSE
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Gerald E. Whittenburg, Steven Gill Income Tax Fundamentals 2023
Publisher: 2022 ISBN: 9780357719527 Edition: Unknown

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