Reporting entity but not a tax-paying entity

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Reference no: EM13751162

1. A corporation is a reporting entity but not a tax-paying entity.

a. True
b. False

2. Partnership capital gains and losses are allocated separately to each of the partners.

a. True
b. False

3. Married taxpayers may double their standard deduction amount by filing separate returns.

a. True
b. False

4. An item is not included in gross income unless the tax law specifies that the item is subject to taxation.

a. True
b. False

5. For taxpayers who do not itemize deductions, the standard deduction amount is subtracted from the taxpayer's adjusted gross income.

a. True
b. False

6. A taxpayer with self-employment income of $600 must file a tax return.

a. True
b. False

7. A dependent child with earned income in excess of the available standard deduction amount must file a tax return.

a. True
b. False

8. A single taxpayer, who is not blind and who is under age 65, with income of $8,750 must file a tax return.

a. True
b. False

Reference no: EM13751162

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