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ACC 555 WK 5 Midterm Exam

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ACC 555 WK 5 Midterm Exam

1) The federal income tax is the dominant form of taxation by the federal government.

2) The Sixteenth Amendment permits the passage of a federal income tax.

3) When a change in the tax law is deemed necessary by Congress, the entire Internal Revenue Code must be revised.

4) A progressive tax rate structure is one where the rate of tax increases as the tax base increases.

5) The terms "progressive tax" and "flat tax" are synonymous.

6) A proportional tax rate is one where the rate of the tax is the same for all taxpayers, regardless of income levels.

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18) Property transferred to the decedent's spouse is exempt from the estate tax because of the estate tax marital deduction provision.

19) Gifts made during a taxpayer's lifetime may affect the amount of estate tax paid by the taxpayer's estate.

20) While federal and state income taxes as well as the federal gift and estate taxes are generally progressive in nature, property taxes are proportional.

21) Adam Smith's canons of taxation are equity, certainty, convenience and economy.

22) The primary objective of the federal income tax law is to achieve various economic and social policy objectives.

23) Individuals are the principal taxpaying entities in the federal income tax system.

24) The various entities in the federal income tax system may be classified into two general categories, taxpaying entities (such as individuals and C [regular] corporations) and flow-through entities such as sole proprietorships, partnerships, S corporations, and limited liability companies.

25) In 2013, dividends paid from most U.S. corporations are taxed at the same rate as the recipients' salaries and wages.

26) Flow-through entities do not have to file tax returns since they are not taxable entities.

27) S Corporations result in a single level of taxation.

28) In a limited liability partnership, a partner is not liable for his partner's acts of negligence or misconduct.

29) Limited liability companies may elect to be taxed as

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