Concepts in Federal Taxation 2014, 21st Edition Kevin E. Murphy, Mark Higgins solutions manual and test bank
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Concepts in Federal Taxation 2014, 21st Edition
Kevin E. Murphy, Mark Higgins
ISBN-10: 128518050X
ISBN-13: 9781285180502
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test bank
1. Match each term with the correct statement
below.A tax rate that increases as the tax base increases.A tax rate that
decreases as the tax base increases.Fraudulent methods are used to reduce the
actual tax liability.A tax rate that remains the same at all levels of the tax
base.Tax planning using legal methods to minimize the tax liability.The tax
rate that will apply to the next dollar of taxable income.The tax rate obtained
by dividing total tax liability by taxable income.The tax rate obtained by dividing
total tax liability by economic income.The result when two similarly situated
taxpayers are taxed the same.The result when two differently situated taxpayers
are taxed differently but fairly.Progressive rate structure Regressive rate
structure Tax evasion Proportional rate structure Tax avoidance Marginal tax
rate Average tax rate Effective tax rate Horizontal equity Vertical equity
[a] 1. A tax rate that increases as the tax
base increases.
[b] 2. A tax rate that decreases as the tax
base increases.
[c] 3. Fraudulent methods are used to reduce
the actual tax liability.
[d] 4. A tax rate that remains the same at
all levels of the tax base.
[e] 5. Tax planning using legal methods to
minimize the tax liability.
[f] 6. The tax rate that will apply to the
next dollar of taxable income.
[g] 7. The tax rate obtained by dividing
total tax liability by taxable income.
[h] 8. The tax rate obtained by dividing
total tax liability by economic income.
[i] 9. The result when two similarly
situated taxpayers are taxed the same.
[j] 10. The result when two differently
situated taxpayers are taxed differently but fairly.
a. Progressive rate structure
b. Regressive rate structure
c. Tax evasion
d. Proportional rate structure
e. Tax avoidance
f. Marginal tax rate
g. Average tax rate
h. Effective tax rate
i. Horizontal equity
j. Vertical equity
2. Match each term with the correct statement
below.Any asset that is not real estate.Based on a quantity of a product
sold.Based on the value of the property being taxed.The value or amount that is
subject to taxation.The excess of an asset’s tax basis over its selling
price.Land and any structures permanently attached to the land.The excess of
the selling price of an asset over its tax basis.Used by persons who do not
itemize deductions on their return.Subtractions from gross income specifically
allowed by the tax law.Current period expenditure incurred in order to earn
income.The payment of tax throughout the year as income is earned.The common,
customary, recurring type of income earned by taxpayers.A taxpayer is
responsible for determining his/her tax liability and timely paying the tax
due.Direct reduction in the income tax liability often created by Congress to
further a public purpose.The period of time during which a taxpayer and/or the
IRS can correct a taxpayer’s taxable income.Increases in wealth and recoveries
of capital that Congress has decided should not be subject to income
tax.Personal property Excise tax Ad valorem tax Tax base Loss Real property
Gain Standard deduction Deduction Expense Pay-as-you-go concept Ordinary income
Self-assessment Tax credit Statute of limitations Exclusion
[a] 1. Any asset that is not real estate.
[b] 2. Based on a quantity of a product
sold.
[c] 3. Based on the value of the property
being taxed.
[d] 4. The value or amount that is subject
to taxation.
[e] 5. The excess of an asset’s tax basis
over its selling price.
[f] 6. Land and any structures permanently
attached to the land.
[g] 7. The excess of the selling price of an
asset over its tax basis.
[h] 8. Used by persons who do not itemize
deductions on their return.
[i] 9. Subtractions from gross income
specifically allowed by the tax law.
[j] 10. Current period expenditure incurred
in order to earn income.
[k] 11. The payment of tax throughout the
year as income is earned.
[l] 12. The common, customary, recurring
type of income earned by taxpayers.
[m] 13. A taxpayer is responsible for
determining his/her tax liability and timely paying the tax due.
[n] 14. Direct reduction in the income tax
liability often created by Congress to further a public purpose.
[o] 15. The period of time during which a
taxpayer and/or the IRS can correct a taxpayer’s taxable income.
[p] 16. Increases in wealth and recoveries
of capital that Congress has decided should not be subject to income tax.
a. Personal property
b. Excise tax
c. Ad valorem tax
d. Tax base
e. Loss
f. Real property
g. Gain
h. Standard deduction
i. Deduction
j. Expense
k. Pay-as-you-go concept
l. Ordinary income
m. Self-assessment
n. Tax credit
o. Statute of limitations
p. Exclusion
3. A tax is an
enforced contribution used to finance the functions of government.
*a. True
b. False
4. Adam Smith
identified efficient, certainty, convenience, and economy as the four basic
requirements for a good tax system.
a. True
*b. False
5. Congress is
required to insure that the tax law has the following characteristics:
equality, certainty, convenience, and economy.
a. True
*b. False
6. Horizontal
equity exists when two similarly situated taxpayers are taxed the same.
*a. True
b. False
7. The marginal
tax rate is the rate of tax that will be paid on the next dollar of income or the
rate of tax that will be saved by the next dollar of deduction.
*a. True
b. False
8. A regressive
tax rate structure is defined as a tax in which the average tax rate decreases
as the tax base increases.
*a. True
b. False
9. Employers are
required to pay a Federal Unemployment Tax of 6.2% of the first $10,000 in
wages to each employee less a credit of up to 5.4% of state unemployment taxes
paid.
a. True
*b. False
10. A deferral is like an exclusion in that it does
not have a current tax effect, but it differs in that an exclusion is never
subject to taxation, whereas a deferral will be subject to tax at some point of
time in the future.
*a. True
b. False
11. An annual loss results from an excess of allowable
deductions for a tax year over the reported income.
*a. True
b. False
12.
Self-employed people are required to make quarterly payments of their estimated
tax liability.
*a. True
b. False
13. The statute of limitations is three years, six
years if the taxpayer omits gross income in excess of 25%, and there is no
statute of limitations if the taxpayer willfully defrauds the government.
*a. True
b. False
14. Gifts to
qualified charitable organizations may be deducted as a contribution, but not
to exceed 50% of an individual taxpayer’s adjusted gross income.
*a. True
b. False
15. Tax
avoidance occurs when a taxpayer uses fraudulent methods or deceptive behavior
to hide actual tax liability.
a. True
*b. False
16. All tax practitioners are governed by the AICPA’s
Code of Professional Conduct.
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