ACCT 324 Week 1 Quiz Federal Tax Law and Process

This file of ACCT 324 Week 1 Quiz Federal Tax Law and Process comprehends:

1. Question : (TCO 1) Which, if any, of the following would tend to decrease the ad valorem tax on real estate?2. Question : (TCO 1) Characteristics of a national sales tax include: 3. Question : (TCO 1) Which statement is FALSE with respect to tax treaties4. Question : (TCO 8) State income taxes generally can be characterized by:5. Question : (TCO 8) Which, if any, of the following items is a deduction for AGI?6. Question : (TCO 8) In 2011, Barney had the following transactions:Salary: $70,000Capital loss from a stock investment: ($4,000)Moving expense to change jobs: ($10,000)Received repayment of an interest-free loan he made to his brother in 2003: $5,000Property taxes on personal residence: $2,000Barney’s AGI is: 7. Question : (TCO 8) Which, if any, of the following statements does NOT correctly describe the “kiddie tax”? 8. Question : (TCO 9) What are pitfalls in interpreting the Internal Revenue Code? 9. Question : (TCO 11) Which of the following indicates that a decision has precedential value for future cases?10. Question : (TCO 12) Which of the following is characteristic of the IRS audit procedure?

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