TEST BANK FOR South-Western Federal Taxation 2025: Individual Income Taxes 48th Edition by James Young , Annette Nellen ISBN:978-0357988954 ALL CHAPTERS COVERED YOUR ULTIMATE GUIDE 100% VERIFIED A+ GRADE ASSURED!!!!!! NEW LATEST UPDATE!!!!!!!

TEST BANK
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South-Western Federal Taxation 2025:
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Individual Income Taxes, 48th Edition
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by James Young Complete Chapters 1 -
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,TABLEOF CONTENTS HG




Chapter 1: An Introduction to Taxation and Understanding the Federal Tax Law
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Chapter 2: Working with the Tax Law
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Chapter 03: Tax Formula and Tax Determination Cha
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pter 04: Gross Income: Concepts and Inclusions Cha
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pter 05: Gross Income: Exclusions
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Chapter 06: Deductions and Losses: In General
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Chapter 07: Deductions and Losses: Certain Business Expenses Ch
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apter 08: Depreciation, Cost Recovery, Amortization, and Depletion
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Chapter 09: Deductions: Employee and Self-Employed-
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Related Expense Chapter 10: Deductions and Losses: Certain Itemiz
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ed Deductions Chapter 11: Investor Losses
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Chapter 12: Alternative Minimum Tax
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Chapter 13: Tax Credits and Payment Procedures
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Chapter 14: Property Transactions: Determination of Gain or Loss an
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d Chapter 15: Property Transactions: Nontaxable Exchanges
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Chapter 16: Property Transactions: Capital Gains and Losses C
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hapter 17: Property Transactions: 1231 and Recapture Provision
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s Chapter 18: Accounting Periods and Methods
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Chapter 19: Deferred Compensation Chapt
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er 20: Corporations and Partnerships
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, ChapterHG01HG20252HGIndividuals

Answers2at2the2end2of2each2chapter

IndicateHGwhetherHGtheHGstatementHGis2HGtrueHGorHGfalse.
1.HGSalesHGmadeHGoverHGtheHGinternetHGareHGnot2exempt2fromHGtheHGapplicationHGofHGaHGgeneralHGsalesHG(orHGuse)HGtax.
HG

a. True
b. False

2.HGUponHGauditHGbyHGtheHGIRS,HGFaithHGisHGassessedHGaHGdeficiencyHGofHG$40,000HGofHGwhichHG$25,000HGisHGattributableHGtoHGnegligence.
HG

The220%HGnegligenceHGpenaltyHGwillHGapplyHGtoHG$25,000.
a. True
b. False

3.HGUltimately,HGmostHGtaxesHGareHGpaidHGbyHGindividuals.
HG

a. True
b. False

HG4.HGEvenHGifHGpropertyHGtaxHGratesHGareHGnot2changed,HGtheHGamountHGofHGadHGvalorem 2taxesHGimposedHGonHGrealtyHGmayHGnotHGremaint

heHGsame.
a. True
b. False

5.HGTheHGprincipalHGobjectiveHGofHGtheHGFUTA2tax2isHGtoHGprovideHGsomeHGmeasureHGofHGretirementHGsecurity.
HG

a. True
b. False

HG6.HGIfHGmoreHGIRSHGauditsHGareHGproducingHGaHGhigherHGnumberHGofHGnoHGchangeHGresults,HGthisHGindicatesHGincreasedHGco

mplianceHGonthe2H G partHGofHGtaxpayers.
a. True
b. False

HG7.HGAHGsafe2andHGeasyHGwayHGforHGaHGtaxpayerHGtoHGavoidHGlocalHGandHGstateHGsalesHGtaxesHGisHGtoHGmakeHGtheHGpurchaseH

GinHGaHGstate2thatlevHGiesHGnoHGsuchHGtaxes.
a. True
b. False

HG8.HGA2calendarHGyearHGtaxpayerHGfilesHGhisHG2023HGFederalHGincomeHGtaxHGreturnHGonHGMarchHG4,HG2024.HGTheHGreturnHGrefle

cts2anHGoverpayHGment2ofHG$6,000,HGandHGtheHGtaxpayerHGrequestsHGaHGrefundHGofHGthisHGamount.HGTheHGrefundHGisHGpaidHGonHGMa
yHG16,HG2024.TheHGrefundHGneedHGnot2H G includeHGinterest.
a. True
b. False

9.HGAHGtax2cutHGenactedHGbyHGCongressHGthatHGcontainsHGaHG sunsetHGprovisionHGwillHGmake2theHGtaxHGcutHGtemporary.
HG

a. True
b. False


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3

, Name: Class: Date:HG

ChapterHG01HG2025HGIndividu
als
HG10.HGForHGFederalHGincomeHGtax2purposes,HGthereHGneverHGhasHGbeenHGaHGgeneralHGamn

estyHGperiod.
a. True
b. False

HG11.HGToHGlessenHGorHGeliminateHGtheHGeffectHGofHGmultipleHGtaxation,HGaHGtaxpayerHGwho2isHGsubject2toHGbothHGforeignHGandHGU

.S.HGincomeHGtaxeHGsHGonHGthe2sameHGincomeHGisHGallowedHGeitherHGaHGdeductionHGorHGaHGcredit2forHGtheHGforeignHGtaxHGpaid.
a. True
b. False

12.HGBecauseHGit2isHGconsistentHGwithHGtheHGwherewithalHGtoHGpayHGconcept,HGtheHGtaxHGlawHGrequiresHGaHGsellerHGtoHGrecog
HG

nizeHGaHGgainHGintheHGyearHGtheHGinstallmentHGsaleHGoccurs.
a. True
b. False

13.HGThe2amountHGofHGaHGtaxpayer’s2itemizedHGdeductionsHGwillHGincreaseHGtheHGchance2ofHGbeingHGauditedHGbyHGtheHGIRS.
HG


a. True
b. False

HG14.HGInHG2024,HGJosé,HGaHGwidower,HGsellsHGlandHG(fairHGmarketHGvalueHGofHG$100,000)HGtoHGhisHGdaughter,HGLinda,HGforHG$50,0

00.HGJoséHGhas2not2H G madeHGaHGtaxableHGgift.
a. True
b. False

HG15.HGForHGomissionsHGfromHGgrossHGincomeHGinHGexcessHGofHG25%HGofHGthat2reported,HGthereHGisHGno2statuteHGofHGli

mitationsHGonHGadHGditionalHGincomeHGtaxHGassessmentsHGbyHGtheHGIRS.
a. True
b. False

16.HGStealthHGtaxesHGhave2theHGeffect2ofHGgeneratingHGadditionalHGtaxesHGfromHGallHGtaxpayers.
HG

a. True
b. False

HGHG 17.HGJason’sHGbusinessHGwarehouseHGisHGdestroyedHGbyHGfire.HGBecauseHGtheHGinsuranceHGproceedsHGexceedHGtheHGbasis
HGof HGtheHGpropertHGy,HGaHGgainHGresults.HGIfHGJasonHGshortlyHGreinvestsHGtheHGproceedsHGinHGaHGnewHGwarehouse,HGno2gainHGisHGrec

ognizedHGdue2toHGtheHGapplicationHGofHGtHGheHGwherewithalHGto2payHGconcept.
a. True
b. False

18.HGAnHGinheritance2taxHGisHGaHGtax2onHGaHGdecedent’sHGrightHGto2passHGpropertyHGatHGdeath.
HG

a. True
b. False

19.HGWhenHGinterest2isHGchargedHGonHGaHGdeficiency,HGanyHGpart2ofHGaHGmonthHGcountsHGas2aHGfullHGmonth.
HG

a. True
b. False
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