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Question;1Que;Many states have balanced budgets because laws or constitutional amendments;preclude deficit spending.;true false;2Q 2;The U.S. Federal government has a provision in the Constitution which precludes;deficit spending.;3Q 3;Revenue-neutral tax laws reduce deficits.;4Q 4;Longer class lives for depreciable property and the required use of;straight-line method of depreciation should dampen the tax incentive for;purchasing capital assets.;5Q 5;The Internal Revenue Code is a compilation of Federal tax legislation that;appears in Title 28 of the Internal Revenue Code.;6Q 6;Income from patents can qualify for capital gain treatment.;7Q 7;Saving leads to capital formation and thus makes funds available to finance;home construction and industrial expansion.;8Q 8;The corporate tax rate of 34 percent applies only to taxable income in excess;of $75,000.;9Q 9;The earned income tax credit is refundable.;10Q10;The deduction for charitable contributions can be explained by social;considerations.;11Q11;The Hope scholarship credit can be explained by economic considerations.;12Q12;The adoption tax credit can be explained by social considerations.;13Q13;Allowing a taxpayer to choose either a credit or a deduction for foreign taxes;paid can be explained by equity considerations.;14Q14;Neither the 1939 nor the 1954 Code substantially changed all the tax law;existing on the date of its enactment.;15Q15;Federal tax legislation generally originates in the Senate Finance Committee.;16Q16;Subchapter K refers to the ?Partners and Partnerships? section of the Code.;17Q17;Subchapter C refers to the ?Corporate Distributions and Adjustments? section of;the Code.;18Q18;Some Regulations are arranged in different sequence than the Code.;19Q19;Proposed Regulations have the force and effect of law.;20Q20;Temporary Regulations have the same authoritative value as Finalized;Regulations.;21Q21;Proposed Regulations are not published in the Federal Register.;22Q22;Regulations are issued by the Treasury Department.;23Q23;Revenue Rulings carry the same legal force and effect as Regulations.;24Q24;A Revenue Ruling is a legislative source of Federal tax law.;25Q25;Revenue Procedures deal with the internal management practices and procedures;of the IRS.;26Q26;Treasury Decisions are issued by the Treasury Department to promulgate new;Regulations.;27Q27;Determination letters usually involve proposed transactions.;28Q28;Unlike determination letters, letter rulings are issued by the National Office;of the IRS.;29;A taxpayer must pay any tax deficiency assessed by the IRS and sue for a refund;to bring suit in the U.S. District Court..


Paper#59201 | Written in 18-Jul-2015

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