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Chapter 1 Quiz Questions - Chapter 1 Quiz Questions 1 An...

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Chapter 1 Quiz Questions 1. An inheritance tax is a tax on the right to receive property by death. A True B False 2 Under Theodore's will, all of his property passes to Susan, his daughter. No federal estate tax will result upon Theodore's death since his property passes to a family member. A. True B. False 3 David, a widower, gives land to his daughter. The amount of the taxable gift is the fair market value of the land less the amount allowed as the annual exclusion. A. True B. False 4 The formula for the Federal income tax on individuals is the same as that applicable to corporations. A. True B. False 5 Currently, the IRS audits more individual income tax returns than it has in the past. A. True B. False 6 The Tax Relief Reconciliation Act of 2001: a. Repeals the estate tax as of 2003 but retains the gift tax. b. Repeals both the estate and gift taxes on a phaseout basis by 2011. c. Repeals the gift tax on a phaseout basis by 2011 but retains the estate tax.
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d. Reinstates the estate tax in 2011.
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