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DeVry Chicago ACCT 346 week 1 Homework ES Federal tax Acct




1. (TCO 1) Which, if any, is NOT one of Adam Smith's canons of taxation? (Points: 2);? Economy;? Neutrality;? Equality;? Convenience;? None of the above;2. (TCO 1) Which, if any, of the following is a typical characteristic of an ad valorem tax on personality? (Points: 2);? Taxpayer compliance is greater for personal use property than for business use property.;? The tax on automobiles sometimes considers the age of the vehicle.;? Most states impose a tax on intangibles.;? The tax on intangibles generates considerable revenue since it is difficult for taxpayers to avoid.;? None of the above;3. (TCO 1) Federal tax legislation generally originates in what body? (Points: 2);? Internal Revenue Service;? Senate Finance Committee;? House Ways and Means Committee;? Senate floor;? None of the above;4. (TCO 8) Allowing excess capital losses to be carried over to other years can be justified (Points: 2);? on political considerations.;? as mitigating the effect of the annual accounting period concept.;? by social considerations.;? as promoting administrative feasibility.;? None of the above;5. (TCO 8) Which, if any, of the following items is a deduction for AGI? (Points: 2);? Moving expenses;? Union dues;? Child support payments;? Tax return preparation fee;? None of the above;6. (TCO 8) In 2012, Barney had the following transactions;Salary: $70,000;Capital loss from a stock investment: ($4,000);Moving expense to change jobs: ($10,000);Received repayment of an interest-free loan he made to his brother in 2003: $5,000;Property taxes on personal residence: $2,000;Barney's AGI is (Points: 2);? $55,000.;? $56,000.;? $65,000.;? $67,000.;? None of the above;7. (TCO 8) In which, if any, of the following situations may the individual NOT be claimed as a dependent of the taxpayer? (Points: 2);? A former spouse who lives with the taxpayer (divorce took place two years ago);? A stepmother who does not live with the taxpayer and is a citizen and resident of Peru;? A married daughter who lives with the taxpayer;? A half brother who does not live with the taxpayer and is a citizen and resident of Canada;? An unrelated party who lives with the taxpayer;8. (TCO 9) Aidan files his tax return 65 days after the due date. Along with the return, Aidan remits a check for $6,000, which is the balance of the tax owed. Disregarding the interest element, Aidan's total failure to file and to pay penalties is (Points: 2);? $90.;? $810.;? $900.;? $990.;? None of the above;9. (TCO 11) In ? 212(1), the number (1) stands for the (Points: 2);? section number.;? subsection number.;? paragraph designation.;? subparagraph designation.;? None of the above;10. (TCO 12) Which of the following is characteristic of the IRS audit procedure? (Points: 2);? The percentage of individual income tax returns that the IRS audits has significantly increased over the years.;? An office audit takes place at the office of the taxpayer.;? One of the factors that leads to an audit is the information provided by informants.;? Only IRS special agents can conduct field audits.;? None of the above


Paper#81058 | Written in 18-Jul-2015

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