Tax Class Essay Example
1. (TCO 1) Which, if any, of the following taxes is progressive (rather than proportional)? (Points : 2) A city's excise tax on hotel occupancy Medicare component of FICA and FUTA Federal gas guzzler tax Value added taxes None of the above
2. (TCO 1) Federal excise taxes that are no longer imposed include: (Points : 2) tax on the sale of jewelry and furs. tax on wagering. tax on telephone usage. tax on air travel. None of the above
3. (TCO 1) Which statement is FALSE with respect to tax treaties? (Points : 2) There is a $1,000 penalty per failure to disclose on the tax return where there is a direct treaty conflict for an individual. There is a $10,000 penalty per failure to disclose on the tax return where there is a direct treaty conflict for a corporation. Treaties override the Code when in conflict. Treaties may override a Code section when in conflict. None of the above
4. (TCO 8) Allowing excess capital losses to be carried over to other years can be justified: (Points : 2) on political considerations. as mitigating the effect of the annual accounting period concept. by social considerations. as promoting administrative feasibility. None of the above
5. (TCO 8) Which, if any, of the following items is a deduction for AGI? (Points : 2) Moving expenses Union dues Child support payments Tax return preparation fee None of the above
6. (TCO 8) Elton and Elsie are husband and wife and file a joint return for 2011. Both are under 65 years of age. They provide more than half of the support of their daughter, Kristie (age 25), who is a full-time medical student. Kristie receives a $3,400 scholarship covering her room and board at college. They furnish all of the support of Hattie (Elton's grandmother), who is age 70
2. (TCO 1) Federal excise taxes that are no longer imposed include: (Points : 2) tax on the sale of jewelry and furs. tax on wagering. tax on telephone usage. tax on air travel. None of the above
3. (TCO 1) Which statement is FALSE with respect to tax treaties? (Points : 2) There is a $1,000 penalty per failure to disclose on the tax return where there is a direct treaty conflict for an individual. There is a $10,000 penalty per failure to disclose on the tax return where there is a direct treaty conflict for a corporation. Treaties override the Code when in conflict. Treaties may override a Code section when in conflict. None of the above
4. (TCO 8) Allowing excess capital losses to be carried over to other years can be justified: (Points : 2) on political considerations. as mitigating the effect of the annual accounting period concept. by social considerations. as promoting administrative feasibility. None of the above
5. (TCO 8) Which, if any, of the following items is a deduction for AGI? (Points : 2) Moving expenses Union dues Child support payments Tax return preparation fee None of the above
6. (TCO 8) Elton and Elsie are husband and wife and file a joint return for 2011. Both are under 65 years of age. They provide more than half of the support of their daughter, Kristie (age 25), who is a full-time medical student. Kristie receives a $3,400 scholarship covering her room and board at college. They furnish all of the support of Hattie (Elton's grandmother), who is age 70