1.(TCO A) Which is not a source of federal revenue?(Points : 6)

Income taxes on Individuals Income taxes on Corporations Estate and Gift Taxes Real Estate Taxes

Question 2.2.(TCO A) What law allows Congress to levy taxes on income from whatever source derived?(Points : 6)

Tax Levy Law of 1916 Internal Revenue Code 16th Amendment to the Constitution Tax and Election Bill of 1913

Question 3.3.(TCO A) Which of the following represents a fraudulent act under the IRC?(Points : 6)

Understatement of income Claiming fictitious or improper deductions Allocation of income to related taxpayers in lower income brackets Reporting income in excess of that reported on Information returns by 3rd parties.

Question 4.4.(TCO A) Which reference material is classified as a primary authoritative source?(Points : 6)

Internal Revenue Code Federal Tax Handbook Internal Revenue Service Circular 210

Question 5.5.(TCO A) Which is NOT a component of the Common Body of Tax Law:(Points : 6)

Presidential Veto Constitutional Authority Judicial Authority Administrative Authority

Question 6.6.(TCO B) What type of deductions is directly deducted from Gross Income?(Points : 6)

Above the line deductions Tax exempt income Tax Credits Itemized Deductions

Question 7.7.(TCO B) Which of the following represents an above the line deductions?(Points : 6)

Self-employment tax Personal Property Taxes IRA contributions Unreimbursed employee business expenses

Question 8.8.(TCO B) How much is the 2016 personal exemption?(Points : 6)

$4,500 $4,000 $4,050 If over 65 it is $6,500

Question 9.9.(TCO I) Please identify one of the most commonly used accounting methods?(Points : 6)

Accrual Basis Quick Books Bookkeeping Financial Accounting

Question 10.10.(TCO I) The UNICAP rules tell you what expenditures must be:(Points : 6)

Capitalized Expenses Written-off Reimbursed