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---------------------------------- is a catch-all term for the rules, regulations, and procedures implemented and enforced by the Treasury Department.
Administrative tax law is a catch-all term for the rules, regulations, and procedures implemented and enforced by the Treasury Department.
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--------------------- is common law that originates from the federal court system and is primarily comprised of court opinions.
Judicial law is common law that originates from the federal court system and is primarily comprised of court opinions.
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A ---------------------------- is an order by the Supreme Court to hear a case.
A writ of certiorari is an order by the Supreme Court to hear a case.
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Individuals who earn income not subject to withholding must pay --------------------------------------------------------------.
Individuals who earn income not subject to withholding must pay estimated tax on that income in quarterly installments.
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Each installment must be at least 25% of the lowest of the following amounts:
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Each installment must be at least 25% of the lowest of the following amounts:
100% [110% for taxpayers whose prior year’s AGI exceeds $150,000 ($75,000 for married filing separately)] of the prior year’s tax (if a return was filed)
90% of the current year’s tax
90% of the annualized current year’s tax (applies when income is uneven)
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Each installment must be at least 25% of the lowest of the following amounts:
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Each installment must be at least 25% of the lowest of the following amounts:
100% [110% for taxpayers whose prior year’s AGI exceeds $150,000 ($75,000 for married filing separately)] of the prior year’s tax (if a return was filed)
90% of the current year’s tax
90% of the annualized current year’s tax (applies when income is uneven)
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An individual must file a federal income tax return if gross income is above a threshold, net earnings from self-employment is ------------- or more, or (s)he is a dependent (i.e., listed on another person’s tax return) with more gross income than the standard deduction or with unearned income over -------------
An individual must file a federal income tax return if gross income is above a threshold, net earnings from self-employment is $400 or more, or (s)he is a dependent (i.e., listed on another person’s tax return) with more gross income than the standard deduction or with unearned income over $1,100.
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corporations (including S corporations) must file an income tax return ----------------------------------------.
corporations (including S corporations) must file an income tax return regardless of gross income.
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--------------------------- is all taxable income other than earned income
Unearned income is all taxable income other than earned income
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Exempt organizations are generally required to file annual information returns by the 15th day of the -------------------- following the close of the taxable year.
Exempt organizations are generally required to file annual information returns by the 15th day of the 5th month following the close of the taxable year.
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Individual tax returns must be filed (postmarked) no later than the ----------------------------------------------following the close of the tax year.
Individual tax returns must be filed (postmarked) no later than the 15th day of the 4th month (or 3 months and 15 days) following the close of the tax year.
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C corporations will have original due dates on the-------------------------------------------- following the end of the tax year,
C corporations will have original due dates on the 15th day of the 4th month following the end of the tax year,
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S corporation tax returns must be filed (postmarked) no later than the 15th day of the -------------------- following the close of the tax year.
S corporation tax returns must be filed (postmarked) no later than the 15th day of the 3rd month following the close of the tax year.
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Partnership tax returns must be filed (postmarked) no later than the 15th day of the ------------------- following the close of the tax year.
Partnership tax returns must be filed (postmarked) no later than the 15th day of the 3rd month following the close of the tax year.
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Estate and trust tax returns must be filed (postmarked) no later than the 15th day of the -------------------- following the close of the tax year.
Estate and trust tax returns must be filed (postmarked) no later than the 15th day of the 4th month following the close of the tax year.
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A tax position may not be adopted without------------------------------ for the position.
A tax position may not be adopted without substantial authority for the position.
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A claim for refund must be made within the statute of limitations period for refunds. In general, most refund claims must be filed by the later of -------------------------------------------------------------------------------------------------------
A claim for refund must be made within the statute of limitations period for refunds. In general, most refund claims must be filed by the later of 3 years from the due date (April 15, plus the filing extension time) or 2 years after the tax was paid.
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If the claim relates to worthless securities or bad debts, and the fact of worthlessness was not discovered until after the original return was filed, the period of limitation is increased to -------
If the claim relates to worthless securities or bad debts, and the fact of worthlessness was not discovered until after the original return was filed, the period of limitation is increased to 7 years.
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The -------------------------------------------------- for assessment of a deficiency is 3 years from the date the return was filed.
The general statute of limitations (S/L) for assessment of a deficiency is 3 years from the date the return was filed.
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The IRS generally has --------------- following the assessment to begin collection of tax by levy or a court proceeding.
The IRS generally has 10 years following the assessment to begin collection of tax by levy or a court proceeding.
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To avoid underpayment of taxes, each installment must be ------ of the least of the following amounts: ------------ for taxpayers whose prior year’s AGI exceeds $150,000 ($75,000 filing separately)] of the prior year’s tax (if a return was filed); -------of the current year’s tax; or -------- of the annualized current year’s tax (applies when income is uneven).
To avoid underpayment of taxes, each installment must be 25% of the least of the following amounts: 100% [110% for taxpayers whose prior year’s AGI exceeds $150,000 ($75,000 filing separately)] of the prior year’s tax (if a return was filed); 90% of the current year’s tax; or 90% of the annualized current year’s tax (applies when income is uneven).
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Taxes are assessed 90 days after the notice of deficiency is mailed, unless a -----------------------------------------.
Taxes are assessed 90 days after the notice of deficiency is mailed, unless a Tax Court petition is filed.
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The three most basic and common types of tax planning are
------------------------------,
------------------------------------------------- and
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The three most basic and common types of tax planning are
Timing of income recognition,
Shifting of income among taxpayers and jurisdictions, and
Conversion of income among high- and low-rate activities.
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----------------------------------- involves moving income from one taxpayer to another or to another tax jurisdiction.
Shifting income involves moving income from one taxpayer to another or to another tax jurisdiction.
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-------------------------------- to take advantage of future tax rates is a timing technique.
Delaying income recognition to take advantage of future tax rates is a timing technique.
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If a spouse dies and the surviving spouse does not remarry before the end of the tax year, -------------- may be filed.
If a spouse dies and the surviving spouse does not remarry before the end of the tax year, a joint return may be filed.
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To qualify for --------------------------- status, an individual must maintain a household that is the principal place of abode for a qualifying individual for at least half of the tax year.
To qualify for head of household status, an individual must maintain a household that is the principal place of abode for a qualifying individual for at least half of the tax year.
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To qualify for head of household status, an individual must maintain a household that is the principal place of abode for a qualifying individual for ------------------------- the tax year.
To qualify for head of household status, an individual must maintain a household that is the principal place of abode for a qualifying individual for at least half of the tax year.
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The qualifying widow(er) status is available for 2 years following the year of death of the spouse if the following conditions are satisfied:
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A qualifying widow(er) maintains a household for the entire taxable year. Maintenance means the widow(er) furnishes more than 50% of the costs to maintain the household for the tax year.
A widow(er) can file a joint return in the tax year of the death of the spouse.
The qualifying widow(er) status is available for 2 years following the year of death of the spouse if the following conditions are satisfied:
The taxpayer did not remarry during the tax year.
The widow(er) qualified (with the deceased spouse) for married filing joint return status for the tax year of the death of the spouse.
A qualifying widow(er) maintains a household for the entire taxable year. Maintenance means the widow(er) furnishes more than 50% of the costs to maintain the household for the tax year.
A widow(er) can file a joint return in the tax year of the death of the spouse.
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The qualifying widow(er) status is available for 2 years following the year of death of the spouse if the following conditions are satisfied:
The taxpayer did not remarry during the tax year.
The widow(er) qualified (with the deceased spouse) for married filing joint return status for the tax year of the death of the spouse.
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The qualifying widow(er) status is available for 2 years following the year of death of the spouse if the following conditions are satisfied:
The taxpayer did not remarry during the tax year.
The widow(er) qualified (with the deceased spouse) for married filing joint return status for the tax year of the death of the spouse.
A qualifying widow(er) maintains a household for the entire taxable year. Maintenance means the widow(er) furnishes more than 50% of the costs to maintain the household for the tax year.
A widow(er) can file a joint return in the tax year of the death of the spouse.
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Household maintenance expenses for head of household status include ---------------------------------, but not clothing and medical treatment.
Household maintenance expenses for head of household status include upkeep and property tax, but not clothing and medical treatment.
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A widow(er) can file a joint return in the tax year of the death of the spouse.
True or False
True
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Filing status on the ------ day of the year determines filing status for the entire year.
Filing status on the last day of the year determines filing status for the entire year.
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Filing status on the first day of the year determines filing status for the entire year.
True or False
False
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-------------------- include any arrangement for which the principal purpose is avoidance of tax, any syndicates, and any enterprise in which the interests must be registered as a security.
Tax shelters include any arrangement for which the principal purpose is avoidance of tax, any syndicates, and any enterprise in which the interests must be registered as a security.
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Absent meeting a gross receipts exception, a taxpayer that maintains inventory must use the ---------------------------- with regards to purchases and sales.
Absent meeting a gross receipts exception, a taxpayer that maintains inventory must use the accrual method with regards to purchases and sales.
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Changes in the tax year of a taxpayer generally require the --------------------------------. In the year the change is made, a short tax year return is required.
Changes in the tax year of a taxpayer generally require the consent of the IRS. In the year the change is made, a short tax year return is required.
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Changes in the tax year of a taxpayer generally require the consent of the IRS. In the year the change is made, ------------------------------------------------.
Changes in the tax year of a taxpayer generally require the consent of the IRS. In the year the change is made, a short tax year return is required.
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All compensation for personal services (including fees, commissions, and similar items) is -------------------- regardless of form of payment.
All compensation for personal services (including fees, commissions, and similar items) is gross income regardless of form of payment.
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Scholarships or fellowships received for room, board, or incidental expenses are ------------------------------.
Scholarships or fellowships received for room, board, or incidental expenses are gross income.
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Alimony and separate maintenance payments are included in the gross income of the recipient (payee) and are deducted from the gross income of the payor for divorce decrees executed (i.e., established) prior to ----------.
Alimony and separate maintenance payments are included in the gross income of the recipient (payee) and are deducted from the gross income of the payor for divorce decrees executed (i.e., established) prior to 2019.
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Alimony and separate maintenance payments are included in the gross income of the --------------- and are deducted from the gross income of the --------------- for divorce decrees executed (i.e., established) prior to 2019.
Alimony and separate maintenance payments are included in the gross income of the recipient (payee) and are deducted from the gross income of the payor for divorce decrees executed (i.e., established) prior to 2019.
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------------------------------------ for the benefit of the payor’s ex-spouse are considered qualified alimony payments if all other requirements are met.
Payments to a third party for the benefit of the payor’s ex-spouse are considered qualified alimony payments if all other requirements are met.
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Child support payments are an --------------------------- of the recipient and are not deductible by the payor.
Child support payments are an exclusion from the gross income of the recipient and are not deductible by the payor.
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Prepaid rent, with no restriction as to its use, which is------------------------------------------------------------.
Prepaid rent, with no restriction as to its use, which is income when received regardless of the method of accounting.
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Bartered services or goods are included in gross income at the ----------------------------- of the item(s) received in exchange for the services.
Bartered services or goods are included in gross income at the fair market value of the item(s) received in exchange for the services.
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Annuity payments are included in ---------------------------- unless a statute provides for their exclusion.
Annuity payments are included in gross income unless a statute provides for their exclusion.
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Social Security Benefits (SSB) are generally not taxable unless -----------------------------------.
Social Security Benefits (SSB) are generally not taxable unless additional income is received.
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-------------------------- includes the cancellation of indebtedness when a debt is canceled in whole or part for a consideration.
Gross income includes the cancellation of indebtedness when a debt is canceled in whole or part for a consideration.
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In general, proceeds of a life insurance policy paid by reason of the death of the insured (i.e., death benefit) are--------------------------------------------------.
In general, proceeds of a life insurance policy paid by reason of the death of the insured (i.e., death benefit) are excluded from gross income.
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Proceeds of a life insurance policy paid by reason of the death of the insured are ------------------------ from gross income.
Proceeds of a life insurance policy paid by reason of the death of the insured are excluded from gross income.
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