TEST BANK ll
Income Tax Fundamentals 38th Edition
l ll ll l
By (WHITTENBURG) All Chapters (1-12) C0mpleted
l ll ll ll l
,TABLEOFCONTENTS l l
1. The Individual Income Tax Return.
ll ll ll ll
2. Gross Income and Exclusions.
ll ll ll
3. Business Income and Expenses, Part I.
ll ll ll ll ll
4. Business Income and Expenses, Part II.
ll ll ll ll ll
5. Itemized Deductions and Other Incentives.
ll ll ll ll
6. Credits and Special Taxes.
ll ll ll
7. Accounting Periods and Methods and Depreciation.
ll ll ll ll ll
8. Capital Gains and Losses.
ll ll ll
9. Withholding, Estimated Payments, and Payroll Taxes.
ll ll ll ll ll
10. Partnership Taxation. ll
11. The Corporate Income Tax.
ll ll ll
12. Tax Administration and Tax Planning.
ll ll ll ll
,Chapter1:TheIndividualIncomeTaxReturn
l l l l l l
1. A lcorporation llis lla llreporting lentity llbut lnot lla ltax-paying llentity.
FALSE
2. Partnership llcapital llgains lland llosses llare llallocated llseparately llto lleach llof llthe llpartners.
TRUE
3. Married lltaxpayers llmay lldouble lltheir llstandard lldeduction llamount llby llfiling
llseparatereturns.
FALSE
4. An llitem llis llnot llincluded llin llgross llincome llunless llthe lltax lllaw llspecifies llthat llthe llitem
llissubject lto l l taxation.
FALSE
5. For ltaxpayers llwho lldo llnot llitemize lldeductions, llthe llstandard lldeduction llamount
llissubtracted l l from llthe lltaxpayer's lladjusted llgross llincome.
TRUE
6. A lltaxpayer llwith llself-employment llincome llof ll$600 llmust llfile lla lltax llreturn.
TRUE
7. A lldependent llchild llwith llearned llincome l lin llexcess llof llthe llavailable llstandard
lldeductionamount l l must lfile lla ltax llreturn.
TRUE
8. A llsingle lltaxpayer, llwho l lis llnot llblind lland llwho l lis llunder llage ll65, llwith llincome llof
ll$8,750must lfile l l a ltax llreturn.
FALSE
, 9. If la lltaxpayer llis lldue lla llrefund, llit llwill llbe llmailed lto llthe lltaxpayer llregardless llof llwhether llheor
lshe l l files l l a l l tax l l return.
FALSE
10. Taxpayers llwith llself-employment llincome llof ll$400 llor llmore llmust llfile lla lltax llreturn.
TRUE
11. If llyour llspouse l ldies llduring llthe l l tax l lyear lland llyou lldo llnot llremarry, llyou llmust llfile
ll assingle llfor l l the llyear lof ldeath.
FALSE
12. Taxpayers llwho lldo llnot llqualify llfor llmarried, llhead llof llhousehold, llor llqualifying lwidow llorwidower
l l filing lstatus lmust lfile llas llsingle.
TRUE
13. If llan llunmarried lltaxpayer llpaid llmore llthan llhalf llthe llcost llof llkeeping lla llhome llwhich llis
lltheprincipal l l place llof llresidence llof lla llnephew, llwho llis llnot llher lldependent, llshe llmay lluse llthe llhead
lof lhousehold llfiling l l status.
FALSE
14. The llmaximum llofficial llindividual llincome lltax llrate llfor ll2012 llis ll35 llpercent.
TRUE
15. All ltaxpayers llmay lluse llthe lltax llrate llschedule llto lldetermine lltheir ltax llliability.
FALSE
16. The llhead llof llhousehold lltax llrates llare llhigher llthan llthe llrates llfor lla llsingle lltaxpayer.
FALSE
17. Most llstates llare llcommunity llproperty l l states.
FALSE
Income Tax Fundamentals 38th Edition
l ll ll l
By (WHITTENBURG) All Chapters (1-12) C0mpleted
l ll ll ll l
,TABLEOFCONTENTS l l
1. The Individual Income Tax Return.
ll ll ll ll
2. Gross Income and Exclusions.
ll ll ll
3. Business Income and Expenses, Part I.
ll ll ll ll ll
4. Business Income and Expenses, Part II.
ll ll ll ll ll
5. Itemized Deductions and Other Incentives.
ll ll ll ll
6. Credits and Special Taxes.
ll ll ll
7. Accounting Periods and Methods and Depreciation.
ll ll ll ll ll
8. Capital Gains and Losses.
ll ll ll
9. Withholding, Estimated Payments, and Payroll Taxes.
ll ll ll ll ll
10. Partnership Taxation. ll
11. The Corporate Income Tax.
ll ll ll
12. Tax Administration and Tax Planning.
ll ll ll ll
,Chapter1:TheIndividualIncomeTaxReturn
l l l l l l
1. A lcorporation llis lla llreporting lentity llbut lnot lla ltax-paying llentity.
FALSE
2. Partnership llcapital llgains lland llosses llare llallocated llseparately llto lleach llof llthe llpartners.
TRUE
3. Married lltaxpayers llmay lldouble lltheir llstandard lldeduction llamount llby llfiling
llseparatereturns.
FALSE
4. An llitem llis llnot llincluded llin llgross llincome llunless llthe lltax lllaw llspecifies llthat llthe llitem
llissubject lto l l taxation.
FALSE
5. For ltaxpayers llwho lldo llnot llitemize lldeductions, llthe llstandard lldeduction llamount
llissubtracted l l from llthe lltaxpayer's lladjusted llgross llincome.
TRUE
6. A lltaxpayer llwith llself-employment llincome llof ll$600 llmust llfile lla lltax llreturn.
TRUE
7. A lldependent llchild llwith llearned llincome l lin llexcess llof llthe llavailable llstandard
lldeductionamount l l must lfile lla ltax llreturn.
TRUE
8. A llsingle lltaxpayer, llwho l lis llnot llblind lland llwho l lis llunder llage ll65, llwith llincome llof
ll$8,750must lfile l l a ltax llreturn.
FALSE
, 9. If la lltaxpayer llis lldue lla llrefund, llit llwill llbe llmailed lto llthe lltaxpayer llregardless llof llwhether llheor
lshe l l files l l a l l tax l l return.
FALSE
10. Taxpayers llwith llself-employment llincome llof ll$400 llor llmore llmust llfile lla lltax llreturn.
TRUE
11. If llyour llspouse l ldies llduring llthe l l tax l lyear lland llyou lldo llnot llremarry, llyou llmust llfile
ll assingle llfor l l the llyear lof ldeath.
FALSE
12. Taxpayers llwho lldo llnot llqualify llfor llmarried, llhead llof llhousehold, llor llqualifying lwidow llorwidower
l l filing lstatus lmust lfile llas llsingle.
TRUE
13. If llan llunmarried lltaxpayer llpaid llmore llthan llhalf llthe llcost llof llkeeping lla llhome llwhich llis
lltheprincipal l l place llof llresidence llof lla llnephew, llwho llis llnot llher lldependent, llshe llmay lluse llthe llhead
lof lhousehold llfiling l l status.
FALSE
14. The llmaximum llofficial llindividual llincome lltax llrate llfor ll2012 llis ll35 llpercent.
TRUE
15. All ltaxpayers llmay lluse llthe lltax llrate llschedule llto lldetermine lltheir ltax llliability.
FALSE
16. The llhead llof llhousehold lltax llrates llare llhigher llthan llthe llrates llfor lla llsingle lltaxpayer.
FALSE
17. Most llstates llare llcommunity llproperty l l states.
FALSE
