Question 1

The primary liability for payment of the gift tax is imposed upon the donee.

Accepted Answer

A) True 
 B)False

Question 2

Gifts between spouses are generally exempt from transfer taxes.

Accepted Answer

A) True 
 B)False

Question 3

An individual will be subject to gift tax on gifts made to a charity greater than $14,000.

Accepted Answer

A) True 
 B)False

Question 4

Kate files her tax return 36 days after the due date.When she files the return,she sends a check for $2,000 which is the balance of the tax owed by her.Kate's penalty for failure to file a return will be

Accepted Answer

A)  0) 5% per month (or factor thereof) up to a maximum of 25%.
B)  5% per month (or factor thereof) up to a maximum of 25%.
C)  20% per month (or factor thereof) .
D)  25%.E) None of the above
F) A) and D)

Question 5

The Internal Revenue Service is the branch of the Treasury Department responsible for administering the federal tax law.

Accepted Answer

A) True 
 B)False

Question 6

The largest source of federal revenues is the corporate income tax.

Accepted Answer

A) True 
 B)False

Question 7

List the steps in the legislative process for major tax reform.

Accepted Answer

1.Treasury studies are prepared on neede...

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

Charlie makes the following gifts in the current year: $40,000 to his spouse,$30,000 to his church,$18,000 to his nephew,and $25,000 to a friend.Assuming Charlie does not elect gift splitting with his wife,his taxable gifts in the current year will be

Accepted Answer

A)  $13,000.
B)  $15,000.
C)  $25,000.
D)  $41,000.E) A) and D)
F) A) and C)

Exam 17: An Introduction to Taxation

The primary liability for payment of the gift tax is imposed upon the donee.

Correct Answer
verified

Kate files her tax return 36 days after the due date.When she files the return,she sends a check for $2,000 which is the balance of the tax owed by her.Kate's penalty for failure to file a return will be

Correct Answer
verified

Gifts between spouses are generally exempt from transfer taxes.

Correct Answer
verified

List the steps in the legislative process for major tax reform.

Correct Answer
verified
1.Treasury studies are prepared on neede...
View Answer

Charlie makes the following gifts in the current year: $40,000 to his spouse,$30,000 to his church,$18,000 to his nephew,and $25,000 to a friend.Assuming Charlie does not elect gift splitting with his wife,his taxable gifts in the current year will be

Correct Answer
verified

The Internal Revenue Service is the branch of the Treasury Department responsible for administering the federal tax law.

Correct Answer
verified

An individual will be subject to gift tax on gifts made to a charity greater than $14,000.

Correct Answer
verified

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

Correct Answer
verified

The largest source of federal revenues is the corporate income tax.

Correct Answer
verified

Exam 17: An Introduction to Taxation

The primary liability for payment of the gift tax is imposed upon the donee.

Correct AnswerverifiedShow Answer

Kate files her tax return 36 days after the due date.When she files the return,she sends a check for $2,000 which is the balance of the tax owed by her.Kate's penalty for failure to file a return will be

Correct AnswerverifiedShow Answer

Gifts between spouses are generally exempt from transfer taxes.

Correct AnswerverifiedShow Answer

List the steps in the legislative process for major tax reform.

Correct Answerverified1.Treasury studies are prepared on neede...View AnswerShow Answer

Charlie makes the following gifts in the current year: $40,000 to his spouse,$30,000 to his church,$18,000 to his nephew,and $25,000 to a friend.Assuming Charlie does not elect gift splitting with his wife,his taxable gifts in the current year will be

Correct AnswerverifiedShow Answer

The Internal Revenue Service is the branch of the Treasury Department responsible for administering the federal tax law.

Correct AnswerverifiedShow Answer

An individual will be subject to gift tax on gifts made to a charity greater than $14,000.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The largest source of federal revenues is the corporate income tax.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
1.Treasury studies are prepared on neede...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified