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Exam 1: An Introduction to Taxation and Understanding Federal Tax Law

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Question 101

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Match the statements that relate to each other. Note: Some choices may be used more than once or not at all. a.Deferral of gains from involuntary conversions b.Carryback and carryforward of net operating losses c."No change" is one possible result d.State income tax applied to visiting nonresident e.IRS special agent f.Undoing the "piggyback" result g.Ideal budget goal as to new tax legislation h.Every state that has a general sales tax has one i.Imposed by all states and the Federal government j.Imposed by some states but not the Federal government k.Imposed only by the Federal government l.No correct match provided -Revenue Agent's Report (RAR)

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Question 102

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In preparing an income tax return, the use of a client's estimates is not permitted.

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B) False

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Question 103

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Which, if any, is not one of Adam Smith's canons (principles) of taxation?

Which, if any, of the following statements best describes the history of the Federal income tax?

Burt and Lisa are married and live in a common law state. Burt wants to make gifts to their four children in 2017. What is the maximum amount of the annual exclusion they will be allowed for these gifts?

In an office audit, the audit by the IRS takes place at the office of the taxpayer.

A lack of compliance in the payment of use taxes can be resolved by several means. In this regard, comment on the following: a.Registration of automobiles. b.Reporting of Internet purchases on state income tax returns.

If a taxpayer files early (i.e., before the due date of the return), the statute of limitations on assessments begins on the date the return is filed.

Not all of the states that impose a general sales tax also have a use tax.

In cases of doubt, courts have held that tax relief provisions should be broadly construed in favor of taxpayers.

Regarding proper ethical guidelines, which (if any) of the following is correct?

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.

No state has offered an income tax amnesty program more than once.

Match the statements that relate to each other. Note: Some choices may be used more than once or not at all. a.Deferral of gains from involuntary conversions b.Carryback and carryforward of net operating losses c."No change" is one possible result d.State income tax applied to visiting nonresident e.IRS special agent f.Undoing the "piggyback" result g.Ideal budget goal as to new tax legislation h.Every state that has a general sales tax has one i.Imposed by all states and the Federal government j.Imposed by some states but not the Federal government k.Imposed only by the Federal government l.No correct match provided -Mitigation of the annual accounting period concept