Questions from General Taxation

Q: What is the difference between tax avoidance and tax evasion?

What is the difference between tax avoidance and tax evasion?

Q: What are three characteristics of a sole proprietorship? Do these characteristics

What are three characteristics of a sole proprietorship? Do these characteristics differ from those of a partnership? What are three characteristics of a limited liability company that differ from tho...

Q: Statement on Standards for Tax Services No. 4 states that a

Statement on Standards for Tax Services No. 4 states that a CPA may use estimates in completing a tax return. When would using estimates be appropriate in tax return preparation?

Q: What is a use tax?

What is a use tax?

Q: Name three sources of guidance for tax professionals.

Name three sources of guidance for tax professionals.

Q: Beta Corporation anticipates $800,000 of taxable income for the

Beta Corporation anticipates $800,000 of taxable income for the year before considering additional projects. What marginal tax rate should it use in evaluating a project that may generate $200,000 of...

Q: Maria is a single individual with taxable income of $75,

Maria is a single individual with taxable income of $75,000 in 2017. What marginal tax rate should she use to determine the tax savings from a $2,000 deductible expense?

Q: What tax rates apply to an individual’s capital gains and to which

What tax rates apply to an individual’s capital gains and to which tax brackets do each of these rates apply?

Q: Explain the business purpose doctrine.

Explain the business purpose doctrine.

Q: Differentiate horizontal from vertical equity.

Differentiate horizontal from vertical equity.