Principles of Taxation for Business and Investment Planning 2018 Edition 21st Edition Test Bank

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1Copyright © 2018 McGraw-HillPrinciples of Tax for Bus and Invest Plan 2018 Ed , 21e(Jones)Chapter 1Taxes and Taxing Jurisdictions1) Payment of a tax entitles the payer to a specific good or service from the government.2) A user fee entitles the payer to aspecific good or service from the government.3) A tax is intended to deter or punish unacceptable behavior.4) A tax is a payment to support the cost of government.5) Under U.S. tax law, corporations are entities separate and distinct from their shareholders.6) The person who pays a tax directly to the government always bears the economic incidence ofthe tax.7) In some cases, the payer of a tax can shift the economic incidence of the tax to a third party.8) The U.S. government hasjurisdiction to tax individuals who are not U.S. citizens but who arepermanent U.S. residents.9) The U.S. government has jurisdiction to tax individuals who are not U.S. citizens but whoearn income from a source within the United States.10) The U.S. government does not have jurisdiction to tax individuals who are U.S. citizens butwho are permanent residents of another country.11) A tax with a graduated rate structure must have at least two brackets of tax base.12) A sales tax is an example of a transaction-based tax.13) A tax on net income is an example of a transaction-based tax.14) A sales tax is an example of an activity-based tax.15) Ad valorem property taxes are the major source of revenue for local governments.16) Taxes on personal property are more difficult to administer and enforce than taxes on realproperty.17) A state government may levy either a sales tax or a use tax on consumers but not both.18) Sellers of retail goods are responsible for collecting sales tax from their customers andremitting the tax to the state government.19) Purchasers of consumer goods through the mail are responsible for paying use tax on goodsfor which sales tax was not collected by the seller.

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Principles Of Taxation For Business...

Principles of Taxation for Business and Investment Planning 2018 Edition 21st Edition Test Bank

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