EXAM 2 21. Tax laws/bills are required by the Constitution to be handled in the
ID: 2409124 • Letter: E
Question
EXAM 2 21. Tax laws/bills are required by the Constitution to be handled in the following order A. Start in Senate; pass in both the House of Representatives and the Senate; go to the Joint Committee for reconciliation; go back to the House and Senate for passage; then back to the Joint Committee until identical bills are passed in both the House and Senate, then to the President for signature or veto. ACT3 Summer Semester, 20 B. Start in Supreme Court; pass in both the House of Representatives and the Senate; go to the Joint Committee for reconciliation; go back to the House and Senate for passage; then back to the Joint Committee until identical bills are passed in both the House and Senate, then to the President for signature or veto C. Start in House of Representatives; pass in both the House of Representatives and the Senate; go to the Joint Committee for reconciliation: go back to the House and Senate for passage: then back to the Joint Commite until identical bills are passed in both the House and Senate; then to the President for signature or veto. D. Start in House of Representatives; be approved by the Supreme Court; go to the Joint Committee for reconciliation; go back to the House and Senate for passage, then back to the Joint Committece until identical bills are passed in both the House and Senate; then to the President for signature or veto. E. All are incorrect 22. Which of the following is a true statement? A taxpayer filing a fraudulent tax return A. is potentially subject to criminal penaltics. B. is potentially subject to civil penalties C. is potentially subject to fines and a prison sentence D. will have an unlimited statute of limitations for the fraudulent tax return E. All of these. 23. If the President vetoes tax legislation, Congress: A. cannot override the President's veto B. can override the President's veto with a 51 percent positive vote in the House and Senate C. can override the President's veto with a 2/3rd positive vote in the House and Senate D, can override the President's veto with a 75 percent positive vote in the House and Senate E. None of these. 24. When starting a business, the most important consideration is A. Income taxes B. Location C. Local taxes and regulations D. Federal and state regulations for the industry E. All of the above 25. The "Rule of 72's" can be used to estimate how long an investment/ debt will take to: A. increase by 500% B. increase by 72% C. increase by 1000% D, increase by 200% E. None of the above 26. Transfer taxes are handled under the following tax topics? a. Ad valorem taxes d. Federal income tax b. Federal estate taxes e. Both b. and c. above. c. Federal gift taxes 27. In general, estimated tax payments are due on the following dates for individuals at the federal level: a. January 15, April 15, June 15, September 15 b. January 30, April 30, June 30, September 30 c. April 15, June 15, September 15, January 15. d. April 15, June 30, September 30, January 30 e. All of the above are incorrect 28. The due dates for flow through entities on a calendar year end at the federal level are a. April 15, extension until September 15 b. April 15, extension until October 15 c. March 15, extension until September 15, . March 15, extension until October 15 All of the above are incorrectExplanation / Answer
Answer to 22.
Righ answer is A.
Filing of a fradulent tax return attracts criminal penelties under 26 U.S. Code $ 7206- Fraud and false statements.
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