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Unformatted text preview: ACCTG 321 Spring 2010 Quiz #2 Version B 1. The goal of tax planning is to maximize after tax wealth. a. T rue b. False 2. A taxpayer paying his 10 year old daughter $50,000 a year for consulting likely violates which doctrine? a. Constructive receipt doctrine b. Implicit tax doctrine c. Substance-over-form doctrine d. Step-transaction doctrine e. None of the above 3. A common income shifting strategy is to: a. Shift income from low tax rate taxpayers to high tax rate taxpayers b. Shift deductions from low tax rate taxpayers to high tax rate taxpayers c. Shift deductions from high tax rate taxpayers to low tax rate taxpayers d. Accelerate tax deductions e. None of the above 4. The basic tax formula is a. Tax=contents of your wallet b. Tax=contents of your wallet plus your savings ACCTG 321 Spring 2010 Quiz #2 Version B c. Tax=base x rate d. E=mc 2 5. According to the Regulations issued with regards to 61, gross income derived business is calculated as: a. Income from all sources b. Total sales less cost of goods sold plus income from investments and incidental operations [from Reg. 1.61-Total sales less cost of goods sold plus income from investments and incidental operations [from Reg....
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This note was uploaded on 11/03/2010 for the course ACCTG 321 taught by Professor Will during the Spring '08 term at San Diego State.
- Spring '08