South-Western Federal Taxation 2014: Corporations, Partnerships, Estates and Trusts, 37th Edition
William H. Hoffman, Jr., William A. Raabe, James E. Smith, David M. Maloney, James C. Young
ISBN-10: 1285424484
ISBN-13: 9781285424484
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Feel free to contact us: ggsmtb@gmail.com , I have the Book Resources for the above textbook. all the Book Resources is in pdf or doc files.
Additional Test Bank Items Angel 7.4 test bank Blackboard 6-9 test bank Corporations Practice Set Solutions Instructor PowerPoints Instructor's Guide Solutions Manual (PDF) Solutions Manual (in Word) the download link of the sample pf Solutions Manual (in Word)
http://www.mediafire.com/view/ld9kdx6kmypmuap/SWFT2014_Vol01_Ch02_SM_Final.doc
the download link of the sample pf test bank (in Word)
1. 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
2. Before the Sixteenth Amendment to the Constitution was ratified, there was no valid Federal income tax on individuals.
a. True
*b. False
3. 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
4. The Federal income tax on individuals generates more revenue than the Federal income tax on corporations.
*a. True
b. False
5. The pay-as-you-go feature of the Federal income tax on individuals conforms to Adam Smith’s canon of certainty.
a. True
*b. False
6. 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
7. The FICA tax (Medicare component) on wages is progressivesince the tax due increases as wages increase.
a. True
*b. False
8. The Federal estate and gift taxes are examples of progressivetaxes.
*a. True
b. False
9. The Federal excise tax on cigarettes is an example of a proportional tax.
*a. True
b. False
10. Currently, the Federal income tax is less progressivethan it ever has been in the past.
a. True
*b. False
11. Mona inherits her mother’s personal residence, which she converts to a furnished rent house. These changes should affect the amount of ad valorem property taxes levied on the properties.
*a. True
b. False
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
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
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
15. A Federal excise tax is no longer imposed on admission to theaters.
*a. True
b. False
16. There is a Federal excise tax on hotel occupancy.
a. True
*b. False
17. The Federal gas-guzzler tax applies only to automobiles manufactured overseas and imported into the U.S.
a. True
*b. False
18. Like the Federal counterpart, the amount of the state excise taxes on gasoline varies from state to state.
a. True
*b. False
19. Not all of the states that impose a general sales tax also have a use tax.
a. True
*b. False
20. Sales made by mail order are not exempt from the application of a general sales (or use) tax.
*a. True
b. False
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
22. States impose either a state income tax or a general sales tax, but not both types of taxes.
a. True
*b. False
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
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
25. An inheritance tax is a tax on a decedent’s right to pass property at death.
a. True
*b. False
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
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 2013.
*a. True
b. False
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
29. The annual exclusion, currently $14,000, is available for gift and estate tax purposes.
a. True
*b. False
30. In 2012, José, a widower, sells land (fair market value of $100,000) to his daughter, Linda, for $50,000. José has made a taxable gift of $50,000.
a. True
*b. False
31. Julius, a married taxpayer, makes gifts to each of his six children. A maximum of twelve annual exclusions could be allowed as to these gifts.
*a. True
b. False
32. One of the motivations for making a gift is to save on income taxes.
*a. True
b. False
33. The formula for the Federal income tax on corporations is the same as that applicable to individuals.
a. True
*b. False
34. A state income tax can be imposed on nonresident taxpayers who earn income within the state or on an itinerant basis.
*a. True
b. False
35. For state income tax purposes, a majority of states allow a deduction for Federal income taxes.
a. True
*b. False
36. Some states use their state income tax return as a means of collecting unpaid sales and use taxes.
*a. True
b. False
37. No state has offered an income tax amnesty program more than once.
a. True
*b. False
38. For Federal income tax purposes, there never has been a general amnesty period.
*a. True
b. False
39. Under state amnesty programs, all delinquent and unpaid income taxes are forgiven.
a. True
*b. False
40. When a state decouples from a Federal tax provision, it means that this provision will not apply for state income tax purposes.
*a. True
b. False
41. The principal objective of the FUTA tax is to provide some measure of retirement security.
a. True
*b. False
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