Financial Accounting > TEST BANK > South-Western Federal Taxation 2018 Comprehensive ED.41 by William H. Hoffman, David M. Maloney, Wil (All)

South-Western Federal Taxation 2018 Comprehensive ED.41 by William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young | Test Bank| Reviewed/Updated for 2021. All Chapters included 1-28(2731 pages)

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South-Western Federal Taxation 2018 Comprehensive ED.41 by William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young | Test Bank| Reviewed/Updated for 2021. All Chapters included 1-28(273... 1 pages) The Federal income tax on individuals generates more revenue than the Federal income tax on corporations. a. True b. False 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 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 Before the Sixteenth Amendment to the Constitution was ratified, there was no valid Federal income tax on individuals. a. True b. False 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 Which, if any, of the following statements best describes the history of the Federal income tax? a. It did not exist during the Civil War. b. The Federal income tax on corporations was held by the U.S. Supreme Court to be allowable under the U.S. Constitution. c. The Federal income tax on individuals was held by the U.S. Supreme Court to be allowable under the U.S. Constitution. d. Both the Federal income tax on individuals and on corporations was held by the U.S. Supreme Court to be contrary to the U.S. Constitution. e. None of these Which, if any, is not one of Adam Smith’s canons (principles) of taxation? a. Economy in collection b. Certainty c. Convenience of payment d. Simplicity e. Equality Which, if any, of the following taxes are proportional (rather than progressive)? a. State general sales tax b. Federal corporate income tax c. Federal estate tax d. Federal gift tax e. All of these Which, if any, of the following transactions will increase a taxing jurisdiction’s revenue from the ad valorem tax imposed on real estate? a. A resident dies and leaves his farm to his church. b. A large property owner issues a conservation easement as to some of her land. c. A tax holiday issued 10 years ago has expired. d. A bankrupt motel is acquired by the Red Cross and is to be used to provide housing for homeless persons. e. None of these [Show More]

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