TEST BANK for Income Tax Fundamentals 2024, 42nd Edition by Gerald Whittenburg; ISBN: 9780357900932, All 12 Chapters Covered, Verified Latest Edition

th

,TABLE OF CONTENTS th th th




1. The Individual Income Tax Return.
th th th th th




2. Gross Income and Exclusions.
th th th th




3. Business Income and Expenses, Part I.
th th th th th th




4. Business Income and Expenses, Part II.
th th th th th th




5. Itemized Deductions and Other Incentives.
th th th th th




6. Credits and Special Taxes.
th th th th




7. Accounting Periods and Methods and Depreciation.
th th th th th th




8. Capital Gains and Losses.
th th th th




9. Withholding, Estimated Payments, and Payroll Taxes.
th th th th th th




10. Partnership Taxation.
th th




11. The Corporate Income Tax.
th th th th




12. Tax Administration and Tax Planning.
th th th th th

,Chapter 1: The Individual Income Tax Return
th th th th th th




1. A thcorporation this tha threporting thentity thbut thnot tha thtax-paying thentity.
FALSE



2. Partnership thcapital thgains thand thlosses thare thallocated thseparately thto th each thof th the thpartners.
TRUE



3. Married t h taxpayers t h may t h double t h their t h standard t h deduction t h amount t h by t h filing
t h separater
th eturns.

FALSE



4. An thitem this thnot thincluded thin thgross thincome thunless th the th tax th law thspecifies th that th the thitem
th iss
th ubject thto thtaxation.

FALSE



5. For thtaxpayers th who thdo thnot t h itemize thdeductions, th the thstandard t h deduction t h amount
th iss
th ubtracted thfrom ththe thtaxpayer's thadjusted thgross thincome.

TRUE



6. A thtaxpayer thwith thself-employment thincome thof th$600 thmust thfile tha thtax threturn.
TRUE



7. A thdependent thchild th with thearned thincome t h in thexcess thof ththe thavailable thstandard
th deductiona
th mount thmust thfile tha thtax threturn.

TRUE



8. A thsingle thtaxpayer, th who th is t h not t h blind t h and th who t h is thunder th age th65, t h with t h income t h of
th $8,750m
th ust thfile tha thtax threturn.

FALSE

, 9. If tha thtaxpayer this thdue tha threfund, thit thwill thbe thmailed thto ththe thtaxpayer thregardless thof thwhether thheo
th r

thshe thfiles tha thtax threturn.

FALSE



10. Taxpayers thwith thself-employment thincome thof th$400 thor thmore thmust thfile tha thtax threturn.
TRUE



11. If th your t h spouse thdies t h during t h the t h tax thyear t h and t h you th do thnot t h remarry, t h you th must thfile
th ass
th ingle thfor ththe thyear thof thdeath.

FALSE



12. Taxpayers thwho thdo thnot thqualify thfor thmarried, thhead thof thhousehold, thor thqualifying thwidow
thorw
th idower thfiling thstatus thmust thfile thas thsingle.

TRUE



13. If than thunmarried thtaxpayer thpaid thmore ththan thhalf ththe thcost thof thkeeping tha thhome th which this
th thep
th rincipal th place th of th residence th of th a thnephew, th who th is th not th her th dependent, th she th may th use th the

thhead thof thhousehold thfiling thstatus.

FALSE



14. The thmaximum thofficial thindividual thincome thtax thrate thfor th2012 this th35 thpercent.
TRUE



15. All thtaxpayers thmay thuse ththe thtax thrate thschedule thto thdetermine ththeir thtax thliability.
FALSE



16. The thhead thof thhousehold thtax thrates thare thhigher ththan th the thrates thfor tha thsingle thtaxpayer.
FALSE



17. Most t h states t h are t h community t h property t h states.
FALSE