e. None of these 10. A taxpayer who loses in a U.S. District Court may appeal directly to the a. U.S. Supreme Court b. U.S. Tax Court. c. U.S. Court of Federal Claims. d. U.S. Circuit Court of Appeals. e. All of these 11. A jury trial is available in the following trial court: a. U.S. Tax Court. b. U.S. Court of Federal Claims. c. U.S. District Court d. U.S. Circuit Court of Appeals. e. None of these 12. Which publisher offers the Standard Federal Tax Reporte a. Research Institute of America b. Commerce Clearing House c. Thomson Reuters d. LexisNexis c. None of these 13. When searching on an electronic (online) tax service, wh ich approach is more frequently used? a. Internal Revenue Code section approach b. Keyword approach c. Table of contents approach d. Index c. All are about the same 14. Create, Inc., a domestic corporation, owns 90% of Vinyl. Ltd., a foreign corporation and Digital, Inc., a domestic corporation. Create also owns 60% of Record, Inc., a do mestic corporation. Create receives no distributions from any of these corporations Which of these entities' net income is included in Create 's Federal income tax return for the current year, if Create clects to include all eligible entitie s in its consolidated Federal income tax return? a. Create, Vinyl, Digital, and Record b. Create, Vinyl, and Digital c. Create, Vinyl, and Record. d. Create and Digital 15. Which of the following taxes are included in the total ine ome tax expense of a corporation as reported on its GAAP financial statements? a. Federal income taxes. b. Foreign income taxes. c. State income taxes. d. All of these taxes are included. c. State income taxes. d. All of these taxes are included. 16. Gravel, Inc., eamns book net income before tax of $600,0 00. Gravel puts into service a depreciable asset this year, and its first- year tax depreciation exceeds book depreciation by $120,000. Gravel has recorded no other temporary or permanent book-tax differences. Assuming that the U.S. tax rate is 21%, what is Gravel's current income tax expense reported on its GAAP financial statements? a. S151,200 b. S126,000 c. $100.800 d. $25,200 17. On a particular Saturday, Tom had planned to paint a roo m in his house, but his employer gave him the opportunit y to work that day. If Tom works, he must hire a painter for 120. For Tom to have a positive cash flow from working and hiring the painter: a. Tom must earn more than $158 if he is in the 24% mar ginal tax bracket. b. Tom must earn at least 5158 if he is in the 32% margin al tax bracket c. Tom must earn at least $140 if he is in the 24% margin al tax bracket. d. Tom must earn at least $120 if he is in the 12% margin al tax bracket e. None of these 18. For purposes of determining gross income, which of the f ollowing is true? a. A mechanic completed repairs on an automobile durin g the year and collects money from the customer. The customer was not satisfied with the repairs and sued the mechanic for a refund. The mechanic can defer recognition of the income until the suit has been settled. b. A taxpayer who finds a wallet full of money is require d to recognize income even though someone may eventually ask for the return of the money. c. Embezzlement proceeds are not included in the embez zler's gross income because the embezzler has an obligation to repay the owner. d. All of these are false. e. All of these are true