24. Economists and accountants measure income differently. What is a key difference in the way an accountant measures income vs. how an economist measures net income? A. The economic event. B. The recognized event C. The expectation event. D. The realization event 25. What is the significance of the 1930 Supreme Court landmark case, Lucus v. Earl? A. The issuing source for Determination Letters is an IRS Area Direct, rather than the national IRS office. B. An individual is taxed on the earnings from his or her personal services. C. Income from property is taxed to the owner of the property. D. Letter rulings apply to all taxpayers, while Determination Letters only apply to a specific taxpayer. 26. What is the significance of the 1940 Supreme Court case, Helvering v. Horst? A. Income from property is taxed to the owner of the property. B. An individual is taxed on the earnings from his or her personal services C. Community income is considered to belong equally to the spouses. D. The 16th amendment to the U.S. Constitution was declared to be legally binding. 27. Which of the following is NOT an example of a federal excise tax? A. Real estate taxes. B. Gas guzzler tax on automobiles. C. Wagering D. Alcohol. 28. Social Security benefits are taxable up to A. 15% B. 50% C. 85% D. 100% 29. Section 529 plans (so-called "qualified tuition plans") can be used to assist students with education costs. Assuming all the requirements are met, when amounts are withdrawn from these plans A. The taxpayer is subject to an excise tax of 10%. B. The amounts are tax-free. C. The IRS must be notified. D. Any contributions to the 529 plan made before 2002 are considered a return of capital