Question

There are ten different types of Treasury regulations.

Select one:

True

False

All of the following federal income tax penalties are correct except:

Select one:

a. There is a 5% penalty per month for failure to file.

b. There is a 0.5% penalty per month for failure to pay.

c. There is a 20% penalty for accuracy related errors.

d. There is a 20% penalty per month for fraud up to 100% of under payment.

Question 16

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Question text

All of the following are excluded from the gross income of the recipient except:

Select one:

a. Alimony ordered by court.

b. Child support ordered by court.

c. A cash inheritance received.

d. A gift of property received

Which of the following statements is / are correct?

1. Some tax credits are refundable.

2. Some tax credits are nonrefundable.

Select one:

a. 1 only.

b. 2 only.

c. Both 1 and 2.

d. Neither 1 nor 2.

Answer 1