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Solution Manual with Appendix For Income Tax Fundamentals 2025, 41st Edition By Gerald E. Whittenburg, Steven Gill

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Solution Manual with Appendix For Income Tax Fundamentals 2025, 41st Edition By Gerald E. Whittenburg, Steven Gill-1. D The income tax includes elements of social and economic policy (LO 1.1) 2. C T... he income tax was authorized by the 16th Amendment in 1913 (LO 1.1) 3. C The 1040A and 1040-EZ no longer exist and the 1120 is for corporations (LO1.2) 4. D Partnerships use Form 1065 to report income tax information. A partner will reporttheir share of income from a partnership on a Form1040 (LO 1.2) 5. D Capital gains and losses are reported directly on the face of the Form 1040 (from Schedule D) (LO 1.2) 6. D A partnership is not generally a tax-paying entity (LO 1.2) 7. C Studentloan interestis a for AGI deduction. The other responses are all itemized (from AGI) deductions (LO 1.3) 8. B The deduction for IRA contributions is a for AGI deduction (LO 1.3) 9. D $98,000 – $13,000 (standard deduction is less than itemized deductions)(LO 1.3) 10. D For AGI adjustments are deducted to get to AGI (LO 1.3) 11. B The larger ofthe two may be deducted (LO 1.3) 12. A An exclusion reduces gross income (LO 1.3) 13. B Filing thresholds generally are the same as the standard deduction amount(LO1.4) 14. D Ben’s income would need to exceed the standard deduction to require filing a tax return (LO 1.4) 15. D $25,900 + $1,400 (LO1.4) 16. C Single dependent over 65 and blind threshold is $4,500 for unearned income (LO 1.4) 17. C Joan qualifies as either single or head of household; however, head of household is more advantageous (LO 1.5) 18. D Although Dorothy does not live with Glenda, since Dorothy is a parent that Glenda supports, Glenda may file as head of household (LO 1.5) 19. D Taxpayer may file married filing jointly in year of spouse’s death (LO1.5) [Show More]

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