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CHAPTER 1 AN INTRODUCTION TO TAXATION AND UNDERSTANDING THE FEDERAL TAX LAW Instructor: The test items in both the print Test Bank and ExamView test-creation software are numbered by question type within each chapter. Thus, users of ExamView can more easily preview their selections using the printed Test Bank in the same numbering system. Status: Q/P Question/ Present in Prior Problem Topic Edition Edition TRUE OR FALSE 1 Relationship of the 16th Amendment to the income New tax on corporations 2 Income taxes—revenues raised Unchanged 2 3 Adam Smith and canons of taxation Unchanged 3 4 Examples of proportional taxes New 5 Examples of progressive taxes Modified 5 6 Progressiveness of Federal income tax in point Modified 6 of time 7 Ad valorem tax: effect of residence conversion Modified 7 8 Ad valorem tax: fixtures Modified 8 9 Ad valorem tax: effect of conservation easement New 10 Ad valorem tax: taxpayer compliance in types Unchanged 10 of personalty 11 Ad valorem tax: imposed on intangibles Unchanged 11 12 Federal excise tax: transaction no longer covered Modified 12 13 Federal and state excise tax on tobacco products Modified 13 14 Federal gas guzzler tax Unchanged 14 15 Excise tax on gasoline: Federal/state contrast Modified 15 16 Hotel occupancy tax and car rental surcharge: Unchanged 16 current status 17 Sales tax and use tax Modified 17 18 Mail order sales and the sales or use tax Modified 18 19 Sales tax and local levies Unchanged 19 20 State sales tax and state income tax Unchanged 20 21 Sales tax holidays Unchanged 21 22 Local and state sales taxes: avoidance of Unchanged 22 23 Estate tax versus inheritance tax Unchanged 23 24 Incidence of the estate tax New 25 Federal estate tax and purpose thereof Unchanged 25 26 Effect of the marital and charitable deductions Unchanged 26 on the Federal estate tax 27 Mechanics of state inheritance tax Unchanged 27 28 Annual exclusions availability Modified 28 1-1
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1-2 2009 Annual Edition/Test Bank Status: Q/P Question/ Present in Prior Problem Topic Edition Edition 29 Disguised gift: bargain sale of property to family Unchanged 29 member 30 Election to split gift and annual exclusion Modified 30 31 Lifetime giving: motivation for Unchanged 31 32 Effect of the Tax Relief Reconciliation Act of 2001 Unchanged 32 on estate and gift taxes 33 Individual versus corporate income tax formula Modified 33 34 State income tax: jock tax New 35 State income tax and repeated amnesty programs New 36 Federal income tax and amnesty policy New 37 State income tax and amnesty provisions Unchanged 35 38 State income tax and effect of decoupling Unchanged 36 39 Objective of FUTA tax Unchanged 37 40 Medicare component of FICA and limitation Modified 38 41 FICA application to children Unchanged 39 42 FICA and FUTA compared: government regulatory Unchanged 40 bodies involved 43 Flat tax: disadvantage Unchanged 41 44 VAT: acceptance in other countries Modified 43 45 Selection of returns for audit: amount of charitable Unchanged
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