1. There are both Primary and Secondary Tax Law Sources Which of the following is a...
1. There are both Primary and Secondary Tax Law Sources
Which of the following is a Primary Source?
A. General Counsel Memorandum
B. U.S. Circuit Court of Appeals Decision
C. Technical Advice Memorandum
D. Harvard Law Review article
2. Which of the following is a false statement?
A. Taxation is an important and exciting topic due to constant change by the three branches of our Federal government.
B. All states tax the sale of gasoline and tobacco products. However, the rates vary significantly.
C. Basic tax formula is: Tax base × Tax rate = Tax liability
D. The goal of studying taxation is being able to recognize issues (or transactions) that have tax implications and, when possible, trying to understand the justification for them.
E. Income taxes are levied by the Federal government and all State governments.
3. For Tax Law which of the follow is not a source of authority?
A. Statutory Authority
B. Judicial Authority
C. Political Authority
D. Administrative Authority
4. Daniel and Sarah are married couple, filing join.
Their Gross Income for the year is $120,000 and adjustments and deductions to their gross income on their tax return total $55,000.
First Calculate Daniel and Sarah Taxable Income and than calculate Daniel and Sarah's tax due for 2019.
What is their tax liability?
Rate table for Married Filing Joint:
0-9% - on income below $45,000
15% - on income up to $75,000
20% - on income up to $125,000
25% - on income over $125,000
A. 0
B. 5,850
C. 24,000
D. 7,050
E. 9,750
Homework Answers
1. The correct option is (A).
General Counsel Memorandum is the primary source of tax law.
All other options are incorrect because they are secondary sources of tax law.
Add Answer to:
1. There are both Primary and Secondary Tax Law Sources
Which of the following is a...
Daniel and Sarah are a married couple, filing join. Their Gross Income for the year is...
Daniel and Sarah are a married couple, filing join. Their Gross Income for the year is $120,000 and adjustments and deductions to their gross income on their tax return total $55,000. First Calculate Daniel and Sarah Taxable Income and then calculate Daniel and Sarah's tax due for 2019. What is their tax liability? Round up!! Rate table for Married Filing Joint: 0-9% - on income below $45,000 15% - on income up to $75,000 20% - on income up to...
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Question 3 (3 points) Which of the following is a TRUE statement about federal tax law? Secondary sources of federal tax law come from the three branches of government. 11 Treasury Regulations are a primary source of federal tax law. Primary sources of tax law help a tax practitioner locate secondary sources. IV RIA Checkpoint's Federal Tax Coordinator is a secondary source of federal tax law. a) Only I and II are true. b) Only III and IV are true....
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Linette, a single taxpayer, had the following income and deductions for the tax year 2018 EEB...
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Which one of the following is not a primary authority of tax law? A) Code §...
Which one of the following is not a primary authority of tax law? A) Code § 1245(b)(3) B) Regulations § l.47-3(f)(2) C) May v. U.S., 81-1 USTC )[9286, 47 AFTR2d 81-1124, 644 F.2d 578 (CA-6, 1981) D) Bailey, "Using Voting Preferred Stock to Avoid CFC Status," The International Tax Journal 2 (January 1976) pp. 101-13 E) Revenue Rul. 80-219, 1980-2 C.B. 18
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QI:1-17 (book/static) Question Help Distinguish between taxpaying entities and flow through entities from the standpoint of the federal income tax law. entities, such as entities, such as merely pass the income on to a are required to pay income taxes on their taxable income generally do not directly pay income taxes on their taxable income but entity. QI:1-18 (book/static) Question Help Sally and Tom are married, have three dependent children, and file a joint return in 2019. If they have...
Loriann, a single taxpayer, had the following income and deductions for the tax year 2018: ick...
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Linette, a single taxpayer, had the tollowing income and deductions tor the tax year 2018: C...
Linette, a single taxpayer, had the tollowing income and deductions tor the tax year 2018: C ck the icon to view the income and deductions. Click the icon to v ew the standard deduction amounts 을 (Cick the con to ew the 2018 tax rate schedule or he Single ng status. Read the requirements Requirement a. Compute Linette's taxable income and federal tax liability for 2018. First calculate the gross income, then calculate taxable income and the federal tax liability....
Question 3 (3 points) Which of the following is a TRUE statement about federal tax law? Secondary sources of federal tax law come from the three branches of government. 11 Treasury Regulations are a primary source of federal tax law. Primary sources of tax law help a tax practitioner locate secondary sources. IV RIA Checkpoint's Federal Tax Coordinator is a secondary source of federal tax law. a) Only I and II are true. b) Only III and IV are true....
Linette, a single taxpayer, had the following income and deductions for the tax year 2018 EEB (Click the icon to view the income and deductions.)(Click the icon to view the standard deduction amounts.) (Click the icon to view the 2018 tax rate schedule for the Single filing status.) Read the requirements Requirement a. Compute Linette's taxable income and federal tax liability for 2018 First calculate the gross income, then calculate taxable income and the federal tax lability. (Calculate the tax...
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Loriann, a single taxpayer, had the following income and deductions for the tax year 2018: ick he icon to view he income and deductions Click the con towe w the standard deduction amounts ick the con to view the 2018 tax rate schedule for the Single ling status Read the requirements Requirement a. Compute Loriann's taxable income and federal tax liabilty for 2018 First calculate the gross income, then calculale taxable income and the federal tax iability. (Calculate the tax...
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