Solution Manual with Appendix For Income Tax Fundamentals 2023, 41st Edition By Gerald E. Whittenburg, Steven Gill

Solution Manual with Appendix For Income Tax Fundamentals 2023, 41st Edition By Gerald E. Whittenburg, Steven Gill-1. D The income tax includes elements of social and economic policy (LO 1.1) 2. C The income tax was authorized by the 16th Amendment in 1913 (LO 1.1) 3. C The 1040A and 1040-EZ no longer exist and the 1120 is for corporations (LO1.2) 4. D Partnerships use Form 1065 to report income tax information. A partner will reporttheir share of income from a partnership on a Form1040 (LO 1.2) 5. D Capital gains and losses are reported directly on the face of the Form 1040 (from Schedule D) (LO 1.2) 6. D A partnership is not generally a tax-paying entity (LO 1.2) 7. C Studentloan interestis a for AGI deduction. The other responses are all itemized (from AGI) deductions (LO 1.3) 8. B The deduction for IRA contributions is a for AGI deduction (LO 1.3) 9. D $98,000 – $13,000 (standard deduction is less than itemized deductions)(LO 1.3) 10. D For AGI adjustments are deducted to get to AGI (LO 1.3) 11. B The larger ofthe two may be deducted (LO 1.3) 12. A An exclusion reduces gross income (LO 1.3) 13. B Filing thresholds generally are the same as the standard deduction amount(LO1.4) 14. D Ben’s income would need to exceed the standard deduction to require filing a tax return (LO 1.4) 15. D $25,900 + $1,400 (LO1.4) 16. C Single dependent over 65 and blind threshold is $4,500 for unearned income (LO 1.4) 17. C Joan qualifies as either single or head of household; however, head of household is more advantageous (LO 1.5) 18. D Although Dorothy does not live with Glenda, since Dorothy is a parent that Glenda supports, Glenda may file as head of household (LO 1.5) 19. D Taxpayer may file married filing jointly in year of spouse’s death (LO1.5)