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(TCO 4) Debbie Edwards, a U.S. citizen using the calendar year as her tax year and making Italy her tax home,

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1. (TCO 4) Debbie Edwards, a U.S. citizen using the calendar year as her tax year and making Italy her tax home, became a bona fide resident of Italy on November 3, 2013. Her salary in 2015 is 151,000. How much of her salary is susbject to U.S. tax? (Points : 5)

Question 2.2. (TCO 8) Mr. and Mrs. Jones filed a fraudulent return for 2013 on December 25, 2014. When will the statute of limitations expire for their 2013 return? (Points : 5)

Question 3.3. (TCO 9) Which of the following statements best describes the definition of taxable income from business operations? (Points : 5)

Question 4.4. (TCO 10) Which of the following statements about tax basis is false? (Points : 5)

Question 5.5. (TCO 3) Under the curent law, the child tax credit is refundable to families with children: (Points : 5)

Question 6.6. (TCO 1) Which of the following sources of tax law carries the least authority? (Points : 5)

Question 7.7. (TCO 1) Which of the following sources of tax law carries the most authority? (Points : 5)

Question 8.8. (TCO 2) The city of Chicago operated at an $100,000 surplus this year. The surplus suggests that the municipal tax system is _____. (Points : 5)

Question 9.9. (TCO 2) The city of Norland operated at a $12 billion deficit this year. The deficit suggests that Norland's tax system is _____. (Points : 5)

Question 10.10. (TCO 1) The Internal Revenue Code is an example of _____. (Points : 5)

Question 11.11. (TCO 1) An example of Treasury regulations are _____. (Points : 5)

Question 12.12. (TCO 2) A tax that is based on a person’s eye color does not meet the standard that a good tax should be _____. (Points : 5)

Question 13.13. (TCO 3) How would you explain the formula for computing individual taxable income. Why do you think this formula is so much more complicated than the formula for computing corporate taxable income? (Points : 30)

14. (TCO 1) Explain the three sources of tax law and the importance of each. Which source do you think is the most important? (Points : 30)

15. Explain the relationship between tax base and tax rate in determining the revenue collected by the government. Give an example of how a particular tax would fit into the various components of the equation

16. D Trucking uses the accrual method of accounting. Below is a reconciliation of D Trucking's allowance for bad debts for the current year.

17. (TCO 4) Mr. and Mrs. Adam moved from Chicago, IL to Detroit, MI so that Mrs. Adams could accept employment with Ultra Corporation. As part of her employment contract, Mrs. Adams received a $10,000 moving allowance. What is the effect of this $10,000 cash receipt on the couple's AGI assuming the following? 

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