Income Tax Fundamentals 2012 30th Edition

ISBN 13
978-1111529192
ISBN 10
1111529191
Authors
Gerald E. Whittenburg, Martha Altus-Buller
has exam prep Exam Prep  has homework help Homework Help
19 documents found.
659128
Exam Prep
Chapter 1 1 Which The Following Not Goal The
Chapter 1: The Individual Income Tax Return Key 1. A married person with a dependent child may choose to file as head of household if it reduces his or her tax liability. FALSE FALSE FALSE 2. A taxpayer who is living alone and is legally separated from his
Income Tax Fundamentals 2012 30th Edition
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Exam Prep
Chapter 1 2 Taxpayers Who Are Blind Get The
69. Taxpayers who are blind get the benefit of: A. An extra exemption B. An additional amount added to their standard deduction C. Two standard deductions D. None of the above A. An extra exemption B. An additional amount added to their standard deduction C. Two standard deductions D. None
Income Tax Fundamentals 2012 30th Edition
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Exam Prep
Chapter 10 1 Under Which The Following Circumstances Would
TRUE TRUE TRUE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE TRUE TRUE TRUE FALSE FALSE FALSE Chapter 10: Partnership Taxation Key 1. A partnership generally must adopt the same tax year as its majority partners. 2. A partnership reports its income on a
Income Tax Fundamentals 2012 30th Edition
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Exam Prep
Chapter 11 1 Which The Following Not Requirement For
FALSE FALSE FALSE FALSE FALSE FALSE TRUE TRUE TRUE TRUE TRUE TRUE FALSE FALSE FALSE TRUE TRUE TRUE TRUE TRUE TRUE Chapter 11: The Corporate Income Tax Key 1. Corporations are granted favorable tax treatment for short-term capital losses. 2. A corporation may carry forward capital losses for
Income Tax Fundamentals 2012 30th Edition
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Exam Prep
Chapter 12 1 Which The Following Locations Are
FALSE FALSE FALSE FALSE FALSE FALSE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE FALSE FALSE FALSE TRUE TRUE TRUE FALSE FALSE FALSE Chapter 12: Tax Administration and Tax Planning Key 1. The IRS has ten regional offices. 2. The tax law is administered by the Federal
Income Tax Fundamentals 2012 30th Edition
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Chapter 2 1 Roger Is Required Under A 2003 Divorce Decree To Pay $500 Of
Chapter 2: Gross Income and Exclusions Key 1. Noncash items received as income must be included in income at their fair market value. TRUE TRUE TRUE 2. A gift received for opening a bank account is not taxable income to the recipient. FALSE FALSE FALSE 3. Interest
Income Tax Fundamentals 2012 30th Edition
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Exam Prep
Chapter 2 2 For Divorces After 1984 Which The
62. For divorces after 1984, which of the following statements about alimony payments is not correct? A. The payments must be in cash and must be received by the spouse (or former spouse) B. Divorced or legally separated parties can be members of the same household at the time the
Income Tax Fundamentals 2012 30th Edition
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Exam Prep
Chapter 3 1 Which The Following Items Incurred While
Chapter 3: Business Income and Expenses, Part I Key 1. The cost of transportation from New York to London for a trip that is for both business and pleasure may be deducted in full as a travel expense. FALSE FALSE FALSE 2. If an employee is transferred to
Income Tax Fundamentals 2012 30th Edition
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Exam Prep
Chapter 3 2 Which The Following Would Business Debt
69. Ellen loans Nicole $45,000 to start a hair salon. Unfortunately, the business fails in 2011 and she is unable to pay back Ellen. In 2011, Ellen also had $20,000 of income from her part-time job and $12,000 of capital gain from the sale of stock. How much of the
Income Tax Fundamentals 2012 30th Edition
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Exam Prep
Chapter 4 1 All Taxpayers May Make Deductible
FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE FALSE FALSE FALSE Chapter 4: Business Income and Expenses, Part II Key 1. Passive losses are fully deductible as long as they do not exceed $50,000 during the
Income Tax Fundamentals 2012 30th Edition
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Exam Prep
Chapter 5 1 State Income Taxes May Deducted Itemized
Chapter 5: Itemized Deductions and Other Incentives Key 1. Premiums paid for life insurance policies are deductible as medical expenses. FALSE FALSE FALSE 2. The amount of a special assessment charged to residents for the installation of sidewalks on their street is not deductible on Schedule A as
Income Tax Fundamentals 2012 30th Edition
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Exam Prep
Chapter 5 2 Which The Following Miscellaneous Itemized Deduction
75. Which of the following is a miscellaneous itemized deduction? A. Casualty losses B. Job hunting expenses C. Auto registration fees D. Property taxes A. Casualty losses B. Job hunting expenses C. Auto registration fees D. Property taxes A. Casualty losses B. Job hunting expenses C. Auto registration fees D.
Income Tax Fundamentals 2012 30th Edition
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Exam Prep
Chapter 6 1 Taxpayer Has Net Taxable Income 30000
Chapter 6: Credits and Special Taxes Key 1. The individual alternative minimum tax liability may not exceed the regular tax liability of the taxpayer. FALSE FALSE FALSE 2. Unearned income of a 16-year-old child may be taxed at his or her parents' income tax rate. TRUE TRUE TRUE
Income Tax Fundamentals 2012 30th Edition
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Exam Prep
Chapter 6 2 For 2011 Wilson And Virginia Todd
63. For 2011, Wilson and Virginia Todd qualify for the earned income credit. They have two dependent children, ages 6 months and 4 years at the end of the year. a. Using the EIC tables, calculate the amount of Wilson and Virginia Todd's earned income credit assuming Wilson
Income Tax Fundamentals 2012 30th Edition
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Exam Prep
Chapter 7 1 Kate Accrual Basis Calendar Year Taxpayer November
Chapter 7: Accounting Periods and Methods and Depreciation Key 1. The hybrid method of accounting involves the use of both the accrual and cash methods of accounting. TRUE TRUE TRUE 2. In general, accrual basis taxpayers recognize income when it is earned, regardless of when it is received.
Income Tax Fundamentals 2012 30th Edition
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Exam Prep
Chapter 7 2 Mark The Correct Answer Section 197
62. Mark the correct answer. Section 197 intangibles: A. Are amortized based on current fair market value rather than their actual cost B. Must be amortized over a 15-year life, regardless of their actual life C. Include intangible assets created and not purchased by the taxpayer D. Do not include
Income Tax Fundamentals 2012 30th Edition
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Exam Prep
Chapter 8 1 Which The Following Capital Asset Literary
Chapter 8: Capital Gains and Losses Key 1. Accounts receivable are capital assets. FALSE FALSE FALSE 2. If property is received from a decedent, the taxpayer who receives the property has the same basis in the property as the decedent. FALSE FALSE FALSE 3. If a capital asset
Income Tax Fundamentals 2012 30th Edition
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Exam Prep
Chapter 8 2 For Purposes Determining The Adjusted Basis
66. For purposes of determining the adjusted basis of a capital asset at the time of its sale, A. Capital improvements are added to the basis B. Ordinary repairs reduce the adjusted basis C. Accumulated depreciation is added to the basis D. The basis does not include costs such as
Income Tax Fundamentals 2012 30th Edition
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Exam Prep
Chapter 9 1 For 2011 The Social Security Portion
TRUE TRUE TRUE FALSE FALSE FALSE TRUE TRUE TRUE FALSE FALSE FALSE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE Chapter 9: Withholding, Estimated Payments, and Payroll Taxes Key 1. If an employee does not complete a Form W-4, the employer must withhold tax as if the employee
Income Tax Fundamentals 2012 30th Edition

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