SWFT Individual Income Taxes
43rd Edition
ISBN: 9780357391365
Author: YOUNG
Publisher: Cengage
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What is not considered a tax base used by government agencies to collect tax?
Federal income taxes include a variety of different tax bases. What tax base is not a federal tax?
Like federal income taxes, state and local taxes include a variety of different tax bases. What tax base is neither a state nor local tax?
Which of the following statements is (are) correct?
(x) Part of the administrative burden of a tax is the cost of implementing and administering government
programs that use the tax revenue that is collected
(y) A tax loophole occurs when tax laws give preferential treatment to specific types of behavior.
(z) A mortgage interest deduction would be considered a tax loophole because it allows home purchasers to
reduce their tax liability when they pay mortgage interest.
A. (x), (y) and (z)
B. (x) and (y) only
C. (x) and (z) only
D. (y) and (z) only
E. (y) only
Congress chose to exempt certain income from taxation, such as scholarships, gifts, life insurance proceeds, and employee fringe benefits. Given the primary purpose of IRC is to raise revenue for the government, why do you think Congress would provide for these and other exceptions?
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- What is the issue with trying to abolish all property tax? Is property tax mandated by the government or the state?arrow_forwardWhich among the type of taxes (national or local) do you think can be reduced, removed, or revised to the benefit of both the government and the common individual? Cite relevant sources such as previous research studies, taxation reform programs, and the like.arrow_forwardWhat are some of the notable characteristics of tax? What is not considered a tax base used by government agencies to collect tax? Federal income taxes include a variety of different tax bases. What tax base is not a federal tax? Like federal income taxes, state and local taxes include a variety of different tax bases. What tax base is neither a state nor local tax? Even though transfer taxes do not affect all individuals, individuals affected by a transfer tax can experience a high tax liability. What taxes are not considered a transfer tax? Tangible personal property is taxed by state and local governments. What is an example of something that is not considered tangible personal property? What is an example of something that excise tax is not levied on? It is not unusual for people to make a mistake on their individual tax returns. When an individual taxpayer realizes that a mistake has been made, an amended tax return should be filed. Due to the statute of limitations in the…arrow_forward
- if the government should pursue the policies that have led to allowing the exclusion of certain income from US taxation. Examples of certain excluded income are child support, welfare payments and proceeds from life insurance policies. Please explain in a few sentences if you agree or disagree with these exclusions from income.arrow_forwardBriefly describe why the obligation to pay taxes for citizens who have taxable income is a form of state defense other than physical, give an example!arrow_forwardWhich one of the following statements is NOT correct about taxation? (A) Taxes produce revenue for government operations. (B) Itemized deductions provide a larger deduction amount than the standard deduction. (C) Taxation is used to influence the behavior of individuals, businesses, nonprofit entities, and even the government. (D) Tax rates and deductions are impacted by a taxpayer’s filing status.arrow_forward
- Which of the following is correct? a) An item of gross income that is subject to tax in one scheme will not be taxed by the other schemes. b) An item of income that is exempt from regular income taxation may be subject to capital gains taxation. c) In final income taxation, the taxpayer remits the tax to the government. d) All capital gains from capital assets are subject to capital gains tax.arrow_forwardWhich of the following tax remedies is both beneficial to the government and taxpayer? a. Tax lien b. Compromise C. Injunction D. Forfeiturearrow_forwardWhat are some ways taxpayers can stay up to date on the federal, state and local tax laws applicable to them?arrow_forward
- Which of the following is not an underlying objective of the income tax laws? A. Income tax laws enable the government to regulate the health of the economy. B. Income tax laws are designed to converge with U.S. GAAP rules. C. Income tax laws enable the government to assist certain members of society who are viewed as deserving help. D. Income tax laws are designed to raise money for the operation of the federal government.arrow_forwardWhat is the most common example of tax earmarking at the state level?arrow_forwardWhich of the following is not a true statement regarding revenues from various types of nonexchange transactions? Derived tax revenues occur as a result of sales and or income tax. Imposed nonexchange revenues consist of only fines and penalties assessed by the governing agency. Government mandated nonexchange transactions includes grants from the federal government to the local public-school system for a free lunch program. Voluntary nonexchange transactions can originate from a governmental agency or private citizen organization. Imposed nonexchange transactions revenue recognition is made in the time period when the resulting resources are required to be used or in the first period in which use is permitted.arrow_forward
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