ACCT323 Final exam

Jun 17th, 2016
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1. Which of the following represents the largest percentage of state tax revenue? Sales tax Individual income tax Other Property tax None of these 2. Congress recently approved a new, bigger budget for the IRS. What taxation concept evaluates the cost of administering our tax law? Convenience Economy Certainty Equity None of these 3. The city of Granby, Colorado recently enacted a 1.5% surcharge on vacation cabin rentals that will help pay for the city's new elementary school. This surcharge is an example of _______. A sin tax to discourage undesirable behavior A government fine An earmarked tax Both A and C None of these 4. If Susie earns $750,000 in taxable income, how much tax will she pay as a single taxpayer for year 2012? $231,639.50 $262,500.00 $239,261.00 $236,435.00 None of these 5. Which of the following is not considered a primary authority? Tax Court case. Regulation. Revenue Ruling. Tax service. None of these. 6. Which of the following is no

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ACCT323 Final exam1. Which of the following represents the largest percentage of state tax revenue?Sales taxIndividual income taxOtherProperty taxNone of these2. Congress recently approved a new, bigger budget for the IRS. What taxation concept evaluatesthe cost of administering our tax law?ConvenienceEconomyCertaintyEquityNone of these3. The city of Granby, Colorado recently enacted a 1.5% surcharge on vacation cabin rentalsthat will help pay for the city's new elementary school. This surcharge is an example of _______.A sin tax to discourage undesirable behaviorA government fineAn earmarked taxBoth A and CNone of these4. If Susie earns $750,000 in taxable income, how much tax will she pay as a single taxpayer foryear 2012?$231,639.50$262,500.00$239,261.00$236,435.00None of these5. Which of the following is not considered a primary authority?Tax Court case.Regulation.Revenue Ruling.Tax service.None of these.6. Which of the following is not a factor that determines whether a taxpayer is required to file atax return?Filing status.Taxpayer's gross income.Taxpayer's occupation.Taxpayer's age.None of these.7. Corporations are required to file a tax return only if their taxable income is greater than:$0.$1,000.$600.$750.None of these. Corporations are always required to file a tax return.8. Lavonda discovered that the U.S. Circuit Court of Appeals for the Federal Circuit has recentlyissued a favorable opinion with respect to an iss

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