Test Bank for McGraw-Hill’s Essentials of Federal Taxation, 2023 (14th Edition) by Spilker | Chapters 1–17

TEST BANK
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,McGraw-Hill's Essentials of Federal Taxation 2024 Edition, 15th EditionBy Brian
Spilker, Benjamin Ayers, Chapters 1 - 17

TABLE OF CONTENTS
Part I: Introduction to Taxation
Chapter 1: An Introduction to Tax
Chapter 2: Tax Compliance, the IRS, and Tax Authorities
Chapter 3: Tax Planning Strategies and Related Limitations


Part II: Individual Taxation
Chapter 4: ndividual Income Tax Overview, Dependents, and Filing Status
Chapter 5: Gross Income and Exclusions
Chapter 6: Individual For AGI Deductions
Chapter 7: Individual From AGI Deductions
Chapter 8: Individual Income Tax Computation and Tax Credits


Part III: Business-Related Transactions
Chapter 9: Business Income, Deductions, and Accounting Methods
Chapter 10: Property Acquisition and Cost Recovery
Chapter 11: Property Dispositions


Part IV: Entity Overview and Taxation of C Corporations
Chapter 12: Business Entities Overview
Chapter 13: Corporate Formations and Operations
Chapter 14: Corporate Nonliquidating and Liquidating Distributions


Part V: Taxation of Flow-Through Entities
Chapter 15: Forming and Operating Partnerships
Chapter 16: Dispositions of Partnership Interests and Partnership Distributions
Chapter 17: S Corporations




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, ANSWERS AT THE END OF EVERY CHAPTERS

Chapter 1: An Introduction to Tax

1) The following are a series of tables that may be referred to in several
questions throughout your test. Please refer to these tables as needed or as
directed. 2023 Tax RateSchedules Individuals Schedule X-Single

If taxable income is But not The tax is:
over: over:
$0 $ 9,950 10% of taxable income
$ 9,950 $ 40,525 $995 plus 12% of the excess over
$9,950
$ 40,525 $ 86,375 $4,664 plus 22% of the excess over
$40,525
$ 86,375 $ 164,925 $14,751 plus 24% of the excess over
$86,375
$ 164,925 $ 209,425 $33,603 plus 32% of the excess over
$164,925
$ 209,425 $ 523,600 $47,843 plus 35% of the excess over
$209,425
$ 523,600 — $157,804.25 plus 37% of the excessover
$523,600
Schedule Y-1-Married Filing Jointly or Qualifying Widow(er)

If taxable income is But not The tax is:
over: over:
$0 $ 19,900 10% of taxable income
$ 19,900 $ 81,050 $1,990 plus 12% of the excess over
$19,900
$ 81,050 $ 172,750 $9,328 plus 22% of the excess over
$81,050
$ 172,750 $ 329,850 $29,502 plus 24% of the excess over
$172,750
$ 329,850 $ 418,850 $67,206 plus 32% of the excess over
$329,850
$ 418,850 $ 628,300 $95,686 plus 35% of the excess over
$418,850
$ 628,300 — $168,993.50 plus 37% of the excessover
$628,300


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, Schedule Z-Head of Household
If taxable income is But not The tax is:
over: over:
$0 $ 14,200 10% of taxable income
$ 14,200 $ 54,200 $1,420 plus 12% of the excess over
$14,200
$ 54,200 $ 86,350 $6,220 plus 22% of the excess over
$54,200
$ 86,350 $ 164,900 $13,293 plus 24% of the excess over
$86,350
$ 164,900 $ 209,400 $32,145 plus 32% of the excess over
$164,900
$ 209,400 $ 523,600 $46,385 plus 35% of the excess over
$209,400
$ 523,600 — $156,355 plus 37% of the excessover
$523,600
Schedule Y-2-Married Filing Separately

If taxable income is But not The tax is:
over: over:
$0 $ 9,950 10% of taxable income
$ 9,950 $ 40,525 $995 plus 12% of the excess over
$9,950
$ 40,525 $ 86,375 $4,664 plus 22% of the excess over
$40,525
$ 86,375 $ 164,925 $14,751 plus 24% of the excess over
$86,375
$ 164,925 $ 209,425 $33,603 plus 32% of the excess over
$164,925
$ 209,425 $ 314,150 $47,843 plus 35% of the excess over
$209,425
$ 314,150 — $84,496.75 plus 37% of the excessover
$314,150




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