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South-Western Federal Taxation 2018: Comprehensive 41st Edition Test Bank

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    1. The Federal income tax on individuals generates more revenue than the Federal income tax on corporations. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: CMPV.SWFT.LO: 1 - 02 - LO: 1 - 02 NATIONAL STANDARDS: United States - BUSPROG: Technology: Technology: - BUSPROG: Technology STATE STANDARDS: United States - AK - AICPA: FN - Research KEYWORDS: Bloom's: Knowledge OTHER: Time: 2 min. DATE CREATED: 11/28/2016 3:10 PM DATE MODIFIED: 5/11/2017 12:50 PM 2. Because the law is complicated, most individual taxpayers are not able to complete their Federal income tax returns without outside assistance. a. True b. False ANSWER: True RATIONALE: More than 50% use tax return preparers and about 33% purchase tax return software. POINTS: 1 DIFFICULTY: Moderate QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: CMPV.SWFT.LO: 1 - 02 - LO: 1 - 02 NATIONAL STANDARDS: United States - BUSPROG: Technology: Technology: - BUSPROG: Technology STATE STANDARDS: United States - AK - AICPA: FN - Reporting KEYWORDS: Bloom's: Knowledge OTHER: Time: 2 min. DATE CREATED: 11/28/2016 3:10 PM DATE MODIFIED: 5/11/2017 12:50 PM

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    3. The ratification of the Sixteenth Amendment to the U.S. Constitution was necessary to validate the Federal income tax on corporations. a. True b. False ANSWER: False RATIONALE: The Sixteenth Amendment validated only the tax on individuals . The income tax on corporations had been previously sanctioned by the courts. POINTS: 1 DIFFICULTY: Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJEC TIVES: CMPV.SWFT.LO: 1 - 02 - LO: 1 - 02 NATIONAL STAND ARDS: United States - BUSPROG: Technology: Technology: - BUSPROG: Technology STATE STANDAR DS: United States - AK - AICPA: FN - Research KEYWORDS: Bloom's: Knowledge OTHER: Time: 2 min. DATE CREATED: 11/28/2016 3:10 PM DATE MODIFIED: 5/11/2017 12:50 PM 4. Before the Sixteenth Amendment to the Constitution was ratified, there was no valid Federal income tax on individuals. a. True b. False ANSWER: False RATIONALE: There existed a Federal income tax during the Civil War that was sanctioned by the U.S. Supreme Court. POINTS: 1 DIFFICULTY: Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVE S: CMPV.SWFT.LO: 1 - 02 - LO: 1 - 02 NATIONAL STANDARD S: United States - BUSPROG: Technology: Technology: - BUSPROG: Technology STATE STANDARDS: United States - AK - AICPA: FN - Research KEYWORDS: Bloom's: Knowledge OTHER: Time: 2 min. DATE CREATED: 11/28/2016 3:10 PM DATE MODIFIED: 5/11/2017 12:50 PM

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    5. The first income tax on individuals (after the ratification of the Sixteenth Amendment to the Constitution) levied tax rates from a low of 2% to a high of 6%. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: CMPV.SWFT.LO: 1 - 02 - LO: 1 - 02 NATIONAL STANDARDS: United States - BUSPROG: Technology: Technology: - BUSPROG: Technology STATE STANDARDS: United States - AK - AICPA: FN - Research KEYWORDS: Bloom's: Knowledge OTHER: Time: 2 min. DATE CREATED: 11/28/2016 3:10 PM DATE MODIFIED: 5/11/2017 12:50 PM 6. The pay - as - you - go feature of the Federal income tax on individuals conforms to Adam Smith’s canon (principle) of certainty. a. True b. False ANSWER: False RATIONALE: Pay - as - you - go refers to the withholding provisions applicable to wages and other types of income and adds convenience to the tax system. POINTS: 1 DIFFICULTY: Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJEC TIVES: CMPV.SWFT.LO: 1 - 03 - LO: 1 - 03 NATIONAL STAND ARDS: United States - BUSPROG: Technology: Technology: - BUSPROG: Technology STATE STANDAR DS: United States - AK - AICPA: FN - Reporting KEYWORDS: Bloom's: Comprehension OTHER: Time: 2 min. DATE CREATED: 11/28/2016 3:10 PM DATE MODIFIED: 5/11/2017 12:50 PM

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    7. The FICA tax (Medicare component) on wages is progressive since the tax due increases as wages increase. a. True b. False ANSWER: False RATIONALE: The FICA tax (Medicare component) is proportional because the rate is constant regardless of the wages earned. POINTS: 1 DIFFICULTY: Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIV ES: CMPV.SWFT.LO: 1 - 03 - LO: 1 - 03 NATIONAL STANDAR DS: United States - BUSPORG: Comprehension - BUSPORG:Comprehension STATE STANDARDS: United States - AK - AICPA: FN - Measurement - AICPA: FN - Measurement KEYWORDS: Bloom's: Comprehension OTHER: Time: 2 min. DATE CREATED: 11/28/2016 3:10 PM DATE MODIFIED: 5/11/2017 12:50 PM 8. The Federal estate and gift taxes are examples of progressive taxes. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: CMPV.SWFT.LO: 1 - 03 - LO: 1 - 03 NATIONAL STANDARDS: United States - BUSPORG: Comprehension - BUSPORG:Comprehension STATE STANDARDS: United States - AK - AICPA: FN - Measurement - AICPA: FN - Measurement KEYWORDS: Bloom's: Comprehension OTHER: Time: 2 min. DATE CREATED: 11/28/2016 3:10 PM DATE MODIFIED: 5/11/2017 12:50 PM

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    9. The Federal excise tax on cigarettes is an example of a proportional tax. a. True b. False ANSWER: True RATIONALE: The tax is a flat $1.01 per pack. POINTS: 1 DIFFICULTY: Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: CMPV.SWFT.LO: 1 - 03 - LO: 1 - 03 NATIONAL STANDARDS: United States - BUSPORG: Comprehension - BUSPORG:Comprehension STATE STANDARDS: United States - AK - AICPA: FN - Measurement - AICPA: FN - Measurement KEYWORDS: Bloom's: Comprehension OTHER: Time: 2 min. DATE CREATED: 11/28/2016 3:10 PM DATE MODIFIED: 5/11/2017 12:50 PM 10. Currently, the Federal income tax is less progressive than it ever has been in the past. a. True b. False ANSWER: False RATIONALE: Currently, the Federal income tax has six rates. At one time, it had two rates. POINTS: 1 DIFFICULTY: Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: CMPV.SWFT.LO: 1 - 03 - LO: 1 - 03 NATIONAL STANDARDS: United States - BUSPORG: Comprehension - BUSPORG:Comprehension STATE STANDARDS: United States - AK - AICPA: FN - Measurement - AICPA: FN - Measurement KEYWORDS: Bloom's: Comprehension OTHER: Time: 2 min. DATE CREATED: 11/28/2016 3:10 PM DATE MODIFIED: 5/11/2017 12:50 PM

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    11. Mona inherits her mother’s personal residence, which she converts to a furnished rental house. These changes should affect the amount of ad valorem property taxes levied on the properties. a. True b. False ANSWER: True RATIONA LE: Conversion from residential to rental use will increase the taxes. Furthermore, Mona’s mother may have had a senior citizen exemption on the property, which will no longer be appropriate. Lastly, the furnishings in the rent house could now be subject to an ad valorem tax on personalty. POINTS: 1 DIFFICUL TY: Easy QUESTIO N TYPE: True / False HAS VARI ABLES: False LEARNIN G OBJEC TIVES: CMPV.SWFT.LO: 1 - 04 - LO: 1 - 04 NATIONA L STAND ARDS: United States - BUSPORG: Comprehension - BUSPORG:Comprehension STATE ST ANDARD S: United States - AK - AICPA: FN - Measurement - AICPA: FN - Measurement KEYWOR DS: Bloom's: Comprehension OTHER: Time: 2 min. DATE CR EATED: 11/28/2016 3:10 PM DATE MO DIFIED: 5/11/2017 12:50 PM 12. A fixture will be subject to the ad valorem tax on personalty rather than the ad valorem tax on realty . a. True b. False ANSWER: False RATIONALE: By definition, a fixture becomes part of the real estate to which it is attached. POINTS: 1 DIFFICULTY: Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: CMPV.SWFT.LO: 1 - 04 - LO: 1 - 04 NATIONAL STANDARDS: United States - BUSPORG: Comprehension - BUSPORG:Comprehension STATE STANDARDS: United States - AK - AICPA: FN - Measurement - AICPA: FN - Measurement KEYWORDS: Bloom's: Comprehension OTHER: Time: 2 min. DATE CREATED: 11/28/2016 3:10 PM DATE MODIFIED: 5/11/2017 12:50 PM

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    13. Even if property tax rates are not changed, the amount of ad valorem taxes imposed on realty may not remain the same. a. True b. False ANSWER: True RATIONALE: Property taxes will vary in accordance with changes in the assessed value of the property. POINTS: 1 DIFFICULTY: Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: CMPV.SWFT.LO: 1 - 04 - LO: 1 - 04 NATIONAL STANDARDS: United States - BUSPORG: Comprehension - BUSPORG:Comprehension STATE STANDARDS: United States - AK - AICPA: FN - Measurement - AICPA: FN - Measurement KEYWORDS: Bloom's: Comprehension OTHER: Time: 2 min. DATE CREATED: 11/28/2016 3:10 PM DATE MODIFIED: 5/11/2017 12:50 PM 14. The ad valorem tax on personal use personalty is more often avoided by taxpayers than the ad valorem tax on business use personalty. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: CMPV.SWFT.LO: 1 - 04 - LO: 1 - 04 NATIONAL STANDARDS: United States - BUSPROG: Technology: Technology: - BUSPROG: Technology STATE STANDARDS: United States - AK - AICPA: FN - Reporting KEYWORDS: Bloom's: Comprehension OTHER: Time: 2 min. DATE CREATED: 11/28/2016 3:10 PM DATE MODIFIED: 5/11/2017 12:50 PM

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    15. A Federal excise tax is no longer imposed on admission to theaters. a. True b. False ANSWER: True RATIONALE: Such tax has been rescinded. POINTS: 1 DIFFICULTY: Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: CMPV.SWFT.LO: 1 - 04 - LO: 1 - 04 NATIONAL STANDARDS: United States - BUSPORG: Comprehension - BUSPORG:Comprehension STATE STANDARDS: United States - AK - AICPA: FN - Measurement - AICPA: FN - Measurement KEYWORDS: Bloom's: Knowledge OTHER: Time: 2 min. DATE CREATED: 11/28/2016 3:10 PM DATE MODIFIED: 5/11/2017 12:50 PM 16. There is a Federal excise tax on hotel occupancy. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: CMPV.SWFT.LO: 1 - 04 - LO: 1 - 04 NATIONAL STANDARDS: United States - BUSPORG: Comprehension - BUSPORG:Comprehension STATE STANDARDS: United States - AK - AICPA: FN - Measurement - AICPA: FN - Measurement KEYWORDS: Bloom's: Knowledge OTHER: Time: 2 min. DATE CREATED: 11/28/2016 3:10 PM DATE MODIFIED: 5/11/2017 12:50 PM

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    17. The Federal gas - guzzler tax applies only to automobiles manufactured overseas and imported into the U.S. a. True b. False ANSWER: False RATIONALE: No such restriction is imposed. Although many of the European luxury and sports car manufacturers were initially hit hard by the tax, the law is silent on this matter. POINTS: 1 DIFFICULTY: Easy QUESTION TYP E: True / False HAS VARIABLE S: False LEARNING OBJ ECTIVES: CMPV.SWFT.LO: 1 - 04 - LO: 1 - 04 NATIONAL STA NDARDS: United States - BUSPORG: Comprehension - BUSPORG:Comprehension STATE STANDA RDS: United States - AK - AICPA: FN - Measurement - AICPA: FN - Measurement KEYWORDS: Bloom's: Knowledge OTHER: Time: 2 min. DATE CREATED : 11/28/2016 3:10 PM DATE MODIFIED : 5/11/2017 12:50 PM 18. Like the Federal counterpart, the amount of the state excise taxes on gasoline varies from state to state. a. True b. False ANSWER: False RATIONALE: The Federal excise tax rate on gasoline remains constant. POINTS: 1 DIFFICULTY: Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: CMPV.SWFT.LO: 1 - 04 - LO: 1 - 04 NATIONAL STANDARDS: United States - BUSPORG: Comprehension - BUSPORG:Comprehension STATE STANDARDS: United States - AK - AICPA: FN - Measurement - AICPA: FN - Measurement KEYWORDS: Bloom's: Knowledge OTHER: Time: 2 min. DATE CREATED: 11/28/2016 3:10 PM DATE MODIFIED: 5/11/2017 12:50 PM

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    19. Not all of the states that impose a general sales tax also have a use tax. a. True b. False ANSWER: False RATIONALE: Every state that has a general sales tax also has a use tax. There are no states with only a sales or use tax. POINTS: 1 DIFFICULTY: Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVE S: CMPV.SWFT.LO: 1 - 04 - LO: 1 - 04 NATIONAL STANDARD S: United States - BUSPORG: Comprehension - BUSPORG:Comprehension STATE STANDARDS: United States - AK - AICPA: FN - Measurement - AICPA: FN - Measurement KEYWORDS: Bloom's: Knowledge OTHER: Time: 2 min. DATE CREATED: 11/28/2016 3:10 PM DATE MODIFIED: 5/11/2017 12:50 PM 20. Sales made by mail order are not exempt from the application of a general sales (or use) tax. a. True b. False ANSWER: True RATIONALE: They are not exempt but compliance is sporadic. POINTS: 1 DIFFICULTY: Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: CMPV.SWFT.LO: 1 - 04 - LO: 1 - 04 NATIONAL STANDARDS: United States - BUSPORG: Comprehension - BUSPORG:Comprehension STATE STANDARDS: United States - AK - AICPA: FN - Measurement - AICPA: FN - Measurement KEYWORDS: Bloom's: Knowledge OTHER: Time: 2 min. DATE CREATED: 11/28/2016 3:10 PM DATE MODIFIED: 5/11/2017 12:50 PM

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    21. Two persons who live in the same state but in different counties may not be subject to the same general sales tax rate. a. True b. False ANSWER: True RATIONALE: This possibility could exist if local jurisdictions exact additional sales taxes. POINTS: 1 DIFFICULTY: Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: CMPV.SWFT.LO: 1 - 04 - LO: 1 - 04 NATIONAL STANDARDS: United States - BUSPORG: Comprehension - BUSPORG:Comprehension STATE STANDARDS: United States - AK - AICPA: FN - Measurement - AICPA: FN - Measurement KEYWORDS: Bloom's: Knowledge OTHER: Time: 2 min. DATE CREATED: 11/28/2016 3:10 PM DATE MODIFIED: 5/11/2017 12:50 PM 22. States impose either a state income tax or a general sales tax, but not both types of taxes. a. True b. False ANSWER: False RATIONALE: Many states impose both. POINTS: 1 DIFFICULTY: Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: CMPV.SWFT.LO: 1 - 04 - LO: 1 - 04 NATIONAL STANDARDS: United States - BUSPORG: Comprehension - BUSPORG:Comprehension STATE STANDARDS: United States - AK - AICPA: FN - Measurement - AICPA: FN - Measurement KEYWORDS: Bloom's: Knowledge OTHER: Time: 2 min. DATE CREATED: 11/28/2016 3:10 PM DATE MODIFIED: 5/11/2017 12:50 PM

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    23. A safe and easy way for a taxpayer to avoid local and state sales taxes is to make the purchase in a state that levies no such taxes. a. True b. False ANSWER: False RATIONALE: A review of the Example 5 discussion shows that this may not always be successful. POINTS: 1 DIFFICULTY: Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: CMPV.SWFT.LO: 1 - 04 - LO: 1 - 04 NATIONAL STANDARDS: United States - BUSPORG: Comprehension - BUSPORG:Comprehension STATE STANDARDS: United States - AK - AICPA: FN - Measurement - AICPA: FN - Measurement KEYWORDS: Bloom's: Comprehension OTHER: Time: 2 min. DATE CREATED: 11/28/2016 3:10 PM DATE MODIFIED: 5/11/2017 12:50 PM 24. On transfers by death, the Federal government relies on an estate tax, while states impose an estate tax, an inheritance tax, both taxes, or neither tax. a. True b. False ANSWER: True RATIONALE: The Federal government relies on an estate tax while states impose an estate tax, an inheritance tax, both taxes, or neither tax. POINTS: 1 DIFFICULTY: Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECT IVES: CMPV.SWFT.LO: 1 - 04 - LO: 1 - 04 NATIONAL STANDA RDS: United States - BUSPORG: Comprehension - BUSPORG:Comprehension STATE STANDARD S: United States - AK - AICPA: FN - Measurement - AICPA: FN - Measurement KEYWORDS: Bloom's: Knowledge OTHER: Time: 2 min. DATE CREATED: 11/28/2016 3:10 PM DATE MODIFIED: 5/11/2017 12:50 PM

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    25. An inheritance tax is a tax on a decedent’s right to pass property at death. a. True b. False ANSWER: False RATIONALE: What is described is an estate tax. An inheritance tax is a tax on an heir’s right to receive property from a decedent. POINTS: 1 DIFFICULTY: Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIV ES: CMPV.SWFT.LO: 1 - 04 - LO: 1 - 04 NATIONAL STANDAR DS: United States - BUSPORG: Comprehension - BUSPORG:Comprehension STATE STANDARDS: United States - AK - AICPA: FN - Measurement - AICPA: FN - Measurement KEYWORDS: Bloom's: Knowledge OTHER: Time: 2 min. DATE CREATED: 11/28/2016 3:10 PM DATE MODIFIED: 5/11/2017 12:50 PM 26. One of the major reasons for the enactment of the Federal estate tax was to prevent large amounts of wealth from being accumulated within the family unit. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: CMPV.SWFT.LO: 1 - 04 - LO: 1 - 04 NATIONAL STANDARDS: United States - BUSPROG: Technology: Technology: - BUSPROG: Technology STATE STANDARDS: United States - AK - AICPA: FN - Measurement - AICPA: FN - Measurement KEYWORDS: Bloom's: Knowledge OTHER: Time: 2 min. DATE CREATED: 11/28/2016 3:10 PM DATE MODIFIED: 5/11/2017 12:50 PM

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    27. Under Clint’s will, all of his property passes to either the Lutheran Church or to his wife. No Federal estate tax will be due on Clint’s death in 2017. a. True b. False ANSWER: True RATIONALE: A combination of the charitable and marital deductions will eliminate Clint’s taxable estate. POINTS: 1 DIFFICULTY: Moderate QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: CMPV.SWFT.LO: 1 - 04 - LO: 1 - 04 NATIONAL STANDARDS: United States - BUSPORG: Comprehension - BUSPORG:Comprehension STATE STANDARDS: United States - AK - AICPA: FN - Measurement - AICPA: FN - Measurement KEYWORDS: Bloom's: Comprehension OTHER: Time: 2 min. DATE CREATED: 11/28/2016 3:10 PM DATE MODIFIED: 5/11/2017 12:50 PM 28. Under the usual state inheritance tax, two heirs, a cousin and a son of the deceased, would not be taxed at the same rate. a. True b. False ANSWER: True RATIONALE: The more closely related the heir is to the decedent, the larger the exemption allowed and/or the lower the tax rate imposed. POINTS: 1 DIFFICULTY: Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTI VES: CMPV.SWFT.LO: 1 - 04 - LO: 1 - 04 NATIONAL STANDA RDS: United States - BUSPORG: Comprehension - BUSPORG:Comprehension STATE STANDARDS : United States - AK - AICPA: FN - Measurement - AICPA: FN - Measurement KEYWORDS: Bloom's: Comprehension OTHER: Time: 2 min. DATE CREATED: 11/28/2016 3:10 PM DATE MODIFIED: 5/11/2017 12:50 PM

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    29. The annual exclusion, currently $14,000, is available for gift and estate tax purposes. a. True b. False ANSWER: False RATIONALE: The annual exclusion is not available for estate tax purposes. POINTS: 1 DIFFICULTY: Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: CMPV.SWFT.LO: 1 - 04 - LO: 1 - 04 NATIONAL STANDARDS: United States - BUSPORG: Comprehension - BUSPORG:Comprehension STATE STANDARDS: United States - AK - AICPA: FN - Measurement - AICPA: FN - Measurement KEYWORDS: Bloom's: Knowledge OTHER: Time: 2 min. DATE CREATED: 11/28/2016 3:10 PM DATE MODIFIED: 5/11/2017 12:50 PM 30. In 2017, José, a widower, sells land (fair market value of $100,000) to his daughter, Linda, for $50,000. José has not made a taxable gift. a. True b. False ANSWER: False RATIONALE: $100,000 (value of land) – $50,000 (consideration received) – $14,000 (per donee annual exclusion) = $36,000 (taxable gift). POINTS: 1 DIFFICULTY: Moderate QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTI VES: CMPV.SWFT.LO: 1 - 04 - LO: 1 - 04 NATIONAL STANDA RDS: United States - BUSPORG: Comprehension - BUSPORG:Comprehension STATE STANDARDS : United States - AK - AICPA: FN - Measurement - AICPA: FN - Measurement KEYWORDS: Bloom's: Comprehension OTHER: Time: 5 min. DATE CREATED: 11/28/2016 3:10 PM DATE MODIFIED: 5/11/2017 12:50 PM

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