South-Western Federal Taxation 2025: Corporations, Partnerships, Estates and Trusts, 47th Edition – Nellen & Young – Complete Test Bank (Chapters 1–20)

TEST BANK


South-Western Federal Taxation 2025:
Corporations, Partnerships, Estates and Trusts 47th
Edition

by Nellen & Young Chapters 1 - 20




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,Page 2
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,TABLE OF CONTENTS hp hp hp




Part I: INTRODUCTION TO TAXATION AND BUSINESS ENTITIES.
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1. Understanding and Working with the Federal Tax Law.
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2. The Deduction for Qualified Business Income for Noncorporate Taxpayers.
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Part II: CORPORATIONS.
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3. Corporations: Introduction and Operating Rules.
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4. Corporations: Organization and Capital Structure.
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5. Corporations: Earnings & Profits and Dividend Distributions.
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6. Corporations: Redemptions and Liquidations.
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7. Corporations: Reorganizations.
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8. Consolidated Tax Returns.
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9. Taxation of International Transactions.
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Part III: FLOW-THROUGH ENTITIES.
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10. Partnerships: Formation, Operation, and Basis.
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11. Partnerships: Distributions, Transfer of Interests, and Terminations.
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12. S Corporations.
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Part IV: ADVANCED TAX PRACTICE CONSIDERATIONS.
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13. Comparative Forms of Doing Business.
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14. Taxes in the Financial Statements.
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15. Exempt Entities.
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16. Multistate Corporate Taxation.
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17. Tax Practice and Ethics.
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Part V: FAMILY TAX PLANNING.
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18. The Federal Gift and Estate Taxes.
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19. Family Tax Planning.
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20. Income Taxation of Trusts and Estates.
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, Chapter 01: Understanding and Working with the Federal Tax Law
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True / False
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1. Many states have balanced budgets because laws or constitutional amendments preclude deficit spending.
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a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
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HAS VARIABLES:
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LEARNING OBJECTIVES: CPET.SWFT.2025.LO: 1 01 - LO: 1-01
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NATIONAL STANDARDS: United States - BUSPROG: Comprehension - BUSPROG: Comprehension
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STATE STANDARDS: hp United States - TX - AICPA: FN-Measurement hp hp hp hp hp hp




United States - AK - AICPA: FN-Research hp hp hp hp hp hp




KEYWORDS: Bloom's: Remember hp




OTHER: Time: 2 min. hp hp




DATE CREATED:
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DATE MODIFIED:
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2. The U.S. Federal government has a provision in the Constitution that precludes deficit spending.
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a. True
b. False
ANSWER: False
RATIONALE: There is no such provision, and the national debt continues to grow. hp hp hp hp hp hp hp hp hp hp hp




POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
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HAS VARIABLES:
hp False
LEARNING OBJECTIVES: CPET.SWFT.2025.LO: 1 01 - LO: 1-01
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NATIONAL STANDARDS: United States - BUSPROG: Comprehension - BUSPROG: Comprehension
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STATE STANDARDS: hp United States - AK - AICPA: FN-Measurement hp hp hp hp hp hp




KEYWORDS: Bloom's: Remember hp




OTHER: Time: 2 min. hp hp




DATE CREATED:
hp 1/31/2024 10:55 AM hp hp




DATE MODIFIED:
hp 3/1/2024 1:43 PM hp hp




3. Revenue-neutral tax laws reduce deficits. hp hp hp hp




a. True
b. False
ANSWER: False
RATIONALE: They do not reduce deficits but do not aggravate the problem. hp hp hp hp hp hp hp hp hp hp




POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
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