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TEST BANK FOR INTRODUCTION TO TAXATION AND UNDERSTANDING THE FEDERAL TAX LAW

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Institution INTRODUCTION TO TAXATION AND UNDERST
Course INTRODUCTION TO TAXATION AND UNDERST
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Preview 4 out of 508 pages

TEST BANK FOR INTRODUCTION TO TAXATION AND UNDERSTANDING THE FEDERAL TAX LAW

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TestXbankXIncomeXTax




TEST BANK FOR INTRODUCTION TO TAXATION AND UNDERSTANDING
X X X X X X X X X



THE FEDERAL TAX LAW
X X X




1. TheXratificationXofXtheXSixteenthXAmendmentXtoXtheXU.S.XConstitutionXwasXnecessaryXtoXvalidateXtheX
FederalXincomeXtaxXonXcorporations.
a. True
b. False


ANSWER: False
RATIONALE:X TheXSixteenthXAmendmentXvalidatedXonlyXtheXtaxXonXindividuals.XTheXincomeXtaxXonXcorporationsXha
dXbeenXpreviouslyXsanctionedXbyXtheXcourts.


2. BeforeXtheXSixteenthXAmendmentXtoXtheXConstitutionXwasXratified,XthereXwasXnoXvalidXFederalXincomeX
taxXonXindividuals.
a. True
b. False


ANSWER: False
RATIONALE:
ThereXexistedXaXFederalXincomeXtaxXduringXtheXCivilXWarXthatXwasXsanctionedXbyXtheXU.S.X
SupremeXCourt.


3. TheXfirstXincomeXtaxXonXindividualsX(afterXtheXratificationXofXtheXSixteenthXAmendmentXtoXtheX
Constitution)XleviedXtaxXratesXfromXaXlowXofX2%XtoXaXhighXofX6%.
a. True
b. False

1X

,TestXbankXIncomeXTax

ANSWER: True


4. TheXFederalXincomeXtaxXonXindividualsXgeneratesXmoreXrevenueXthanXtheXFederalXincomeXtaxXonX
corporations.




2X

,TestXbankXIncomeXTax


a. True
b. False


ANSWER: True


5. TheXpayasyougoXfeatureXofXtheXFederalXincomeXtaxXonXindividualsXconformsXtoXAdamXSmith’sXcanonXofX
certainty.
a. True
b. False


ANSWER: False
RATIONALE:X Pay-as-you-
goXrefersXtoXtheXwithholdingXprovisionsXapplicableXtoXwagesXandXotherXtypesXofXincomeXandXaddsXconvenienceXtoX
theXtaxXsystem.


6. BecauseXtheXlawXisXcomplicated,XmostXindividualXtaxpayersXareXnotXableXtoXcompleteXtheirXFederalXi
ncomeXtaxXreturnsXwithoutXoutsideXassistance.
a. True
b. False


ANSWER: True
RATIONALE:X ApproximatelyX60%XuseXtaxXreturnXpreparers,XwhileXslightlyXmoreXthanX32%XpurchaseXtaxXreturnXsoftwa
re.
7. TheXFICAXtaxX(MedicareXcomponent)XonXwagesXisXprogressiveXsinceXtheXtaxXdueXincreasesXasXwagesXi
ncrease.
a. True
b. False


ANSWER: False
RATIONALE:X TheXFICAXtaxX(MedicareXcomponent)XisXproportionalXbecauseXtheXrateXisXconstantXregardlessXofXtheXwag
esXearned.


3X

, TestXbankXIncomeXTax


8. TheXFederalXestateXandXgiftXtaxesXareXexamplesXofXprogressiveXtaxes.
a. True
b. False


ANSWER: True


9. TheXFederalXexciseXtaxXonXcigarettesXisXanXexampleXofXaXproportionalXtax.
a. True
b. False


ANSWER: True
RATIONALE:X TheXtaxXisXaXflatX$1.01XperXpack.


10. Currently,XtheXFederalXincomeXtaxXisXlessXprogressiveXthanXitXeverXhasXbeenXinXtheXpast.
a. True
b. False


ANSWER: False
RATIONALE:X Currently,XtheXFederalXincomeXtaxXhasXsixXrates.XAtXoneXtime,XitXhadXtwoXrates.


11. MonaXinheritsXherXmother’sXpersonalXresidence,XwhichXsheXconvertsXtoXaXfurnishedXrentXhouse.XTheseX
changesXshouldXaffectXtheXamountXofXadXvaloremXpropertyXtaxesXleviedXonXtheXproperties.
a. True
b. False


ANSWER: True
RATIONALE:XConversionXfromXresidentialXtoXrentalXuseXwillXincreaseXtheXtaxes.XFurthermore,XMona’sXmotherX
mayXhaveXhadXaXseniorXcitizenXexemptionXonXtheXproperty,XwhichXwillXnoXlongerXbeXappropriate.XLastly,XtheXf
urnishingsXinXtheXrentXhouseXcouldXnowXbeXsubjectXtoXanXadXvaloremXtaxXonXpersonalty.



4X

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