Question 1

In late June 2018, Art is audited by the state and a large deficiency is assessed. In November of the same year, his Federal income tax return is audited by the IRS. What has probably happened?

Accepted Answer

The IRS has been not...

Question 2

The Federal income tax is based on a pay-as-you-go system and has become a "mass tax." Explain this statement.

Accepted Answer

The pay-as-you-go system is present in t...

Question 3

A tax cut enacted by Congress that contains a sunset provision will make the tax cut temporary.

Accepted Answer

A) True 
 B)False

Question 4

Which, if any, of the following transactions will increase a taxing jurisdiction's revenue from the ad valorem tax imposed on real estate?

Accepted Answer

A)   A resident dies and leaves his farm to his church.
B)   A large property owner issues a conservation easement as to some of her land.
C)   A tax holiday issued 10 years ago has expired.
D)   A bankrupt motel is acquired by the Red Cross and is to be used to provide housing for homeless persons.
E)   None of these.F) None of the above
G) A) and B)

Exam 1: An Introduction to Taxation and Understanding the Federal Tax Law

In late June 2018, Art is audited by the state and a large deficiency is assessed. In November of the same year, his Federal income tax return is audited by the IRS. What has probably happened?

Correct Answer
verified
The IRS has been not...
View Answer

A tax cut enacted by Congress that contains a sunset provision will make the tax cut temporary.

Correct Answer
verified

The Federal income tax is based on a pay-as-you-go system and has become a "mass tax." Explain this statement.

Correct Answer
verified
The pay-as-you-go system is present in t...
View Answer

Which, if any, of the following transactions will increase a taxing jurisdiction's revenue from the ad valorem tax imposed on real estate?

Correct Answer
verified

Exam 1: An Introduction to Taxation and Understanding the Federal Tax Law

In late June 2018, Art is audited by the state and a large deficiency is assessed. In November of the same year, his Federal income tax return is audited by the IRS. What has probably happened?

Correct AnswerverifiedThe IRS has been not...View AnswerShow Answer

A tax cut enacted by Congress that contains a sunset provision will make the tax cut temporary.

Correct AnswerverifiedShow Answer

The Federal income tax is based on a pay-as-you-go system and has become a "mass tax." Explain this statement.

Correct AnswerverifiedThe pay-as-you-go system is present in t...View AnswerShow Answer

Which, if any, of the following transactions will increase a taxing jurisdiction's revenue from the ad valorem tax imposed on real estate?

Correct AnswerverifiedShow Answer

Correct Answer
verified
The IRS has been not...
View Answer

Correct Answer
verified

Correct Answer
verified
The pay-as-you-go system is present in t...
View Answer

Correct Answer
verified