ACCT 324 Week 1 Quiz

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ACCT 324 Week 1 Quiz

1. Question: (TCO 1) Which, if any, of the following would tend to decrease the ad valorem tax on real estate?

Student Answer:
● An abandoned church building is sold to a restaurant chain.
● A tax holiday issued to a manufacturing plant expires.
● An office building is converted into condominium units to be sold to senior citizens.
● A portion of a city park is sold to a car dealership.
● None of the above

2. Question: (TCO 1) Characteristics of a national sales tax include:

Student Answer:
● Like the VAT, it is levied on the producer rather than the consumer.
● It is not intended as a replacement for the income tax.
● As adopted by Russia, it is proving to be very successful.
● In terms of taxpayer compliance, it is easier to evade than the VAT.
● None of the above

3. Question: (TCO 1) Which statement is FALSE with respect to tax treaties?

Student Answer:
● There is a $1,000 penalty per failure to disclose on the tax return where there is a direct treaty conflict for an individual.
● There is a $10,000 penalty per failure to disclose on the tax return where there is a direct treaty conflict for a corporation.
● Treaties override the Code when in conflict.
● Treaties may override a Code section when in conflict.
● None of the above

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4. Question: (TCO 8) State income taxes generally can be characterized by:

Student Answer:
● a lack of withholding procedures.
● a different date for filing than the federal income tax.
● allowance of a deduction for federal income taxes paid.
● a deduction (or a credit) for personal and dependency exemptions.
● None of the above

5. Question: (TCO 8) Which, if any, of the following items is a deduction for AGI?

Student Answer:
● Moving expenses
● Union dues
● Child support payments
● Tax return preparation fee
● None of the above

6. Question: (TCO 8) In 2011, 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:

Student Answer:
● $55,000.
● $56,000.
● $65,000.
● $67,000.

7. Question: (TCO 8) Which, if any, of the following statements does NOT correctly describe the “kiddie tax”?

Student Answer:
● It does not apply to a child who reaches age 14 during the tax year.
● It does not apply to a child who has no unearned income.
● Any amount of unearned income will trigger the tax.
● If the tax applies, it may be computed on a return filed for the child or determined on that of the parents.
● None of the above

8. Question: (TCO 9) What are pitfalls in interpreting the Internal Revenue Code?

Student Answer:
● Defining too clauses carefully
● Giving more weight to certain language of the Code Section than what was intended
● Missing cross-referenced but interrelated sections
● None of the above
● All of the above

9. Question: (TCO 11) Which of the following indicates that a decision has precedential value for future cases?

Student Answer:
● Stare decisis
● Golsen doctrine
● En banc
● Reenactment doctrine
● None of the above

10. Question: (TCO 12) Which of the following is characteristic of the IRS audit procedure?

Student Answer:
● 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

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