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ACCT323 Final exam

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1. Which of the following represents the largest percentage of state tax revenue? Sales tax Individual income tax Other Property tax None of these 2. Congress recently approved a new, bigger budget for the IRS. What taxation concept evaluates the cost of administering our tax law? Convenience Economy Certainty Equity None of these 3. The city of Granby, Colorado recently enacted a 1.5% surcharge on vacation cabin rentals that will help pay for the city’s new elementary school. This surcharge is an example of _______. A sin tax to discourage undesirable behavior A government fine An earmarked tax Both A and C None of these 4. If Susie earns $750,000 in taxable income, how much tax will she pay as a single taxpayer for year 2012? $231,639.50 $262,500.00 $239,261.00 $236,435.00 None of these 5. Which of the following is not considered a primary authority? Tax Court case. Regulation. Revenue Ruling. Tax service. None of these. 6. Which of the following is not a factor that determines whether a taxpayer is required to file a tax return? Filing status. Taxpayer’s gross income. Taxpayer’s occupation. Taxpayer’s age. None of these. 7. Corporations are required to file a tax return only if their taxable income is greater than: $0. $1,000. $600. $750. None of these. Corporations are always required to file a tax return. 8. Lavonda discovered that the U.S. Circuit Court of Appeals for the Federal Circuit has recently issued a favorable opinion with respect to an issue that she is going to litigate with the IRS. Lavonda should choose which of the following trial courts to hear her case: Tax Court only. U.S. Court of Federal Claims only. U.S. District Court only. Tax Court or the U.S. District Court. Tax Court or the U.S. Court of Federal Claims. 9. Jason’s employer pays year-end bonuses each year on December 31. Jason, a cash basis taxpayer, would prefer to not pay tax on his bonus this year (and actually would prefer his daughter to pay tax on the bonus). So, he leaves town on December 31, 2011 and has his daughter, Julie, pick up his check on January 2nd, 2012. Who reports the income and when? Julie in 2011 Julie in 2012 Jason in 2011 Jason in 2012 None of these 10. Investing in municipal bonds to avoid paying tax on interest earned and to earn a higher after-tax yield is an example of: conversion tax evasion timing income shifting None of these 11. Which of the following increases the benefits of income deferral? increasing tax rates smaller after-tax rate of return larger after-tax rate of return smaller magnitude of transactions None of these 12. Which of the following is an example of the timing strategy? A corporation paying its shareholders a $20,000 dividend A parent employing her child in the family business A taxpayer gifting stock to his children A cash-basis business delaying billing its customers until after year end None of these 13. Which of the following shows the correct relationship among standard deduction amounts for the respective filing statuses? Single > Head of Household > Married Filing Jointly Married Filing Jointly > Married Filing Separately > Head of Household Married Filing Jointly > Head of Household > Single Head of Household > Married Filing Separately > Married Filing Jointly 14. Which of the following is NOT a from AGI deduction? Standard deduction Itemized deduction Personal exemption None of these. All of the above are from AGI deductions 15. Jamison’s gross tax liability is $7,000. Jamison had $2,000 of available credits and he had $4,000 of taxes withheld by his employer. What is Jamison’s taxes due (or taxes refunded) with his tax return? $5,000 taxes due. $1,000 taxes due. $1,000 tax refund. $3,000 taxes due. 16. All of the following are for AGI deductions except Moving expenses. Rental and royalty expenses. Business expenses. Charitable contributions. 17. This year Henry realized a gain on the sale of an

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