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indicate whatever the statement is true or false Section 1: T/F - Indicate whether the statement is true or false. 1. All exclusions from gross

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indicate whatever the statement is true or false

Section 1: T/F - Indicate whether the statement is true or false. 1. All exclusions from gross income are reported on Form 1040. 2. The Federal income tax on individuals generates more revenue than the Federal income tax on corporations. 3. Butch and Minerva are divorced in December of 2018. Since they were married for more than one-half of the year, they are considered as married for 2018. 4. The FICA tax (Medicare component) on wages is progressive since the tax due increases as wages increase 5. Even if property tax rates are not changed, the amount of ad valorem taxes imposed on realty may not remain the same. 6. Under the income tax formula, a taxpayer must choose between deductions for AGI and the standard deduction. 7. During any month in which both the failure to file penalty and the failure to pay penalty apply, the failure to file penalty is increased by the amount of the failure to pay penalty. If fraud is involved, there is no time limit on the assessment of a deficiency by the IRS. 9. After Ellie moves out of the apartment she had rented as her personal residence, she recovers her damage deposit of $1,000. The $1,000 is not income to Ellie. 10. Before the Sixteenth Amendment to the Constitution was ratified, there was no valid Federal income tax on individuals

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