WGU - C237 - TAXATION 1 STUDY GUIDE COMPLETE SOLUTION
UPDATE Western Governors University
Your answers
, Temporary Tax Rate
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2 of 292
Definition
Tangible personal property and intangible property subject to cost
recovery deductions. (Ch 11-10)
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deferred tax assets real estate investment trust
1245 Property tax-exempt Bonds
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, 3 of 292
Definition
A type of judicial doctrine in which the IRS is allowed to consider the
transaction's substance regardless of its form and, where appropriate,
reclassify the transaction according to its substance. (Ch 3-18)
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Involuntary Conversion Realized Income
Substance Over Form Specified Service
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4 of 292
Definition
A type of tax directly imposed by a government. (Ch 1-16)
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Explicit Implicit
, Criminal Primary
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5 of 292
Definition
A profit-motivated activity characterized by a sustained, continuous,
high level of individual involvement or effort. (Ch 6-2)
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Late Payment Penalty Trade or Business
Correspondence Late Filing Penalty
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6 of 292
Definition
The tax burden when an entity's income is subject to 2 levels of tax as
in a C Corporation. (Ch 15-3)
UPDATE Western Governors University
Your answers
, Temporary Tax Rate
Don't know?
2 of 292
Definition
Tangible personal property and intangible property subject to cost
recovery deductions. (Ch 11-10)
Give this one a try later!
deferred tax assets real estate investment trust
1245 Property tax-exempt Bonds
Don't know?
, 3 of 292
Definition
A type of judicial doctrine in which the IRS is allowed to consider the
transaction's substance regardless of its form and, where appropriate,
reclassify the transaction according to its substance. (Ch 3-18)
Give this one a try later!
Involuntary Conversion Realized Income
Substance Over Form Specified Service
Don't know?
4 of 292
Definition
A type of tax directly imposed by a government. (Ch 1-16)
Give this one a try later!
Explicit Implicit
, Criminal Primary
Don't know?
5 of 292
Definition
A profit-motivated activity characterized by a sustained, continuous,
high level of individual involvement or effort. (Ch 6-2)
Give this one a try later!
Late Payment Penalty Trade or Business
Correspondence Late Filing Penalty
Don't know?
6 of 292
Definition
The tax burden when an entity's income is subject to 2 levels of tax as
in a C Corporation. (Ch 15-3)
