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When property is transferred, the gift tax is based on




1. When property is transferred, the gift tax is based on;a. replacement cost of the transferred property.;b. fair market value on the date of transfer.;c. the transferor's original cost of the transferred property.;d. the transferor's depreciated cost of the transferred property.;2. Which of the following taxes is regressive?;a. Federal Insurance Contributions Act (FICA);b. excise tax;c. property tax;d. gift tax;3. All of the following are classified as flow-through entities for tax purposes except;a. partnerships;b. c corporations;c. s corporations;d. limited liability companies;4. The term "tax law" includes;a. Internal Revenue Code.;b. Treasury Regulations.;c. Judicial decisions.;d. all of the above;5. Which of the following serves as the highest authority for tax research, planning, and compliance activities?;a. Internal Revenue Code;b. Income Tax Regulations;c. Revenue Rulings;d. Revenue Procedures;6. Which of the following steps, related to a tax bill, occurs first?;a. signature or veto by the President of the United States;b. consideration by the Senate Finance Committee;c. consideration by the House Ways and Means Committee;d. consideration by the Joint Conference Committee;Prentice Hall?s Federal Taxation 2008 edition (Pope, Anderson, & Kramer);Chapter 15 - Tax Research;7. Investigation of a tax problem that involves a closed-fact situation means that;a. future events may be planned and controlled.;b. the statute of limitations on the client's tax return is still open.;c. the client's transactions have already occurred and the tax questions must now be resolved.;d. research is primarily concerned with applying the law to the facts as they exist.;8. When Congress passes a statute with language such as, "The Secretary shall prescribe such regulations as he may deem necessary," the regulations ultimately issued for that statute are;a. legislative regulations.;b. statutory regulations.;c. congressional regulations.;d. interpretative regulations.;9. Which of the following is issued by the IRS to indicate the tax consequences of a particular transaction in which several taxpayers may engage such as whether or not a stop smoking program is tax deductible?;a. letter rulings;b. revenue rulings;c. revenue procedures;d. treasury regulations;10. The taxpayer need not pay the disputed tax in advance when the suit is initiated in;a. U.S. Tax Court.;b. U.S. District Court.;c. U.S. Court of Federal Claims.;d. both a and c;11. A tax case cannot be appealed when initiated in the;a. U.S. Tax Court.;b. U.S. Court of Federal Claims.;c. U.S. Tax Court using the small case procedures.;d. all cases may be appealed.;12. Which of the following is a true statement regarding primary authority of tax law?;a. Articles in The Tax Adviser are always viewed as primary authority.;b. The Daily Tax Reporter is the only source of primary tax authority.;c. Tax services are the only sources of primary tax authority.;d. Primary authority includes the Code, as well as administrative and judicial interpretations.;Managerial Accounting: Tools for Business Decision Making 4th;Chapter 1 - MANAGERIAL ACCOUNTING;13. Managerial accounting applies to each of the following types of businesses except;a. service firms.;b. merchandising firms.;c. manufacturing firms.;d. Managerial accounting applies to all types of firms.;14. Financial and managerial accounting are similar in that both;a. have the same primary users.;b. produce general-purpose reports.;c. have reports that are prepared quarterly and annually.;d. deal with the economic events of an enterpris


Paper#26237 | Written in 18-Jul-2015

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