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ACC-553 Federal Taxation Midterm Exam ( Keller )

ACC-553 Federal Taxation Midterm Exam ( Keller )

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ACC-553 Federal Taxation Midterm Exam ( Keller )

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ACC-553 Federal Taxation Midterm Exam ( Keller )

MULTIPLE CHOICE QUESTIONS Chapter 1

To be guilty of tax evasion, you must:

a. Try to maximize profits.

b. Try to minimize your tax liability.

c. Arrange your affairs so as to keep your taxes as low as possible.

d. Refuse to disclose a tax liability based on a completed transaction.

. The major source of federal tax revenue is:

a. Corporate income tax

b. Individual income tax

c. Excise tax

d. Estate tax

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