Proportionate nonliquidating distribution examples dating a girl taller than you

10-Feb-2017 12:06

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9) The marginal tax rate is useful in tax planning because it measures the tax effect of a proposed transaction.

10) A taxpayer’s average tax rate is the tax rate applied to an incremental amount of taxable income that is added to the tax base.

36) Generally, the statute of limitations is three years from the later of the date the tax return is filed or the due date. Charlotte’s marginal tax rate is 28%, effective tax rate is 22% and average rate is 25%. Anne’s average tax rate and effective tax rate are, respectively, A) 14.09% and 12.46%. C) imposes a single tax upon transfers of property only at an individual’s death. 47) When property is transferred, the gift tax is based on A) replacement cost of the transferred property. C) the transferor’s original cost of the transferred property. 49) Charlie makes the following gifts in the current year: ,000 to his spouse, ,000 to his church, ,000 to his nephew, and ,000 to a friend. B) taxpayers with larger amounts of income should pay more tax than taxpayer’s with lower amounts of income. B) taxpayers with larger amounts of income should pay more tax than taxpayer’s with lower amounts of income. A) Corporation B) Partnership C) Individual D) All of the above are taxpayers. Rocky contributes 0,000 into RC while Charlie contributes real estate with a fair market value of 0,000.

37) The largest source of revenues for the federal government comes from A) individual income taxes. Charlotte’s tax savings from paying the property tax is A) ,520. D) the transferor’s depreciated cost of the transferred property. Assuming Charlie does not elect gift splitting with his wife, his taxable gifts in the current year will be A) ,000. 64) All of the following are classified as flow-through entities for tax purposes except A) partnerships. During the current year, RC earned net income of 0,000. 66) AB Partnership earns 0,000 in the current year.

Answer: FALSE 7) A proportional tax rate is one where the rate of the tax is the same for all taxpayers, regardless of income levels.

18) An individual will be subject to gift tax on gifts made to a charity 19) Property is generally included on an estate tax return at its historical cost basis.20) Property transferred to the decedent’s spouse is exempt from the estate tax because of the estate tax marital deduction provision.21) Gifts made during a taxpayer’s lifetime may affect the amount of estate tax paid by the taxpayer’s estate.24) The primary objective of the federal income tax law is to achieve various economic and social policy objectives.