TEST BANK INCOME TAX FUNDAMENTALS 38th EDITION BY GERALD E. WHITTENBURG, MARTHA ALTUS BULLER AND STEVEN GILL ALL CHAPTERS COVERED LATEST UPDATE 2023/2024.

TEST BANK INCOME TAX FUNDAMENTALS 38th EDITION BY GERALD E. WHITTENBURG, MARTHA ALTUS BULLER AND STEVEN GILL ALL CHAPTERS COVERED LATEST UPDATE 2023/2024. Chapter 1: The Individual Income Tax Return 1. A corporation is a reporting entity but not a tax-paying entity. True False 2. Partnership capital gains and losses are allocated separately to each of the partners. True False 3. Married taxpayers may double their standard deduction amount by filing separate returns. True False 4. An item is not included in gross income unless the tax law specifies that the item is subject to taxation. True False 5. For taxpayers who do not itemize deductions, the standard deduction amount is subtracted from the taxpayer's adjusted gross income. True False 6. A taxpayer with self-employment income of $600 must file a tax return. True False 7. A dependent child with earned income in excess of the available standard deduction amount must file a tax return. True False 8. A single taxpayer, who is not blind and who is under age 65, with income of $8,750 must file a tax return. True False 9. If a taxpayer is due a refund, it will be mailed to the taxpayer regardless of whether he or she files a tax return. True False 10. Taxpayers with self-employment income of $400 or more must file a tax return. True False 11. If your spouse dies during the tax year and you do not remarry, you must file as single for the year of death. True False 12. Taxpayers who do not qualify for married, head of household, or qualifying widow or widower filing status must file as single. True False 13. If an unmarried taxpayer paid more than half the cost of keeping a home which is the principal place of residence of a nephew, who is not her dependent, she may use the head of household filing status. True False 14. The maximum official individual income tax rate for 2012 is 35 percent. True False 15. All taxpayers may use the tax rate schedule to determine their tax liability. True False 16. The head of household tax rates are higher than the rates for a single taxpayer. True False 17. Most states are comm