(Pearson's Federal Taxation 2026, Individuals, 37e Mitchell Franklin, Luke Richardson) (Test Bank all Chapters) (725pages)

Pearson’s Federal Taxation 2026: Individuals, 37e (Franklin) Chapter I1: An Introduction to Taxation LO1: History of Taxation in the United States 1) The federal income tax is the dominant form of taxation by the federal government. Answer: TRUE Explanation: The federal income tax provides more revenues than any other tax. Page Ref.: I:1-2 Objective: 1 2) The Sixteenth Amendment to the U.S. Constitution permits the passage of a federal income tax law. Answer: TRUE Explanation: The Sixteenth Amendment amended the Constitution to permit the imposition of an income tax. Page Ref.: I:1-2 Objective: 1 3) When a change in the tax law is deemed necessary by Congress, the entire Internal Revenue Code must be revised. Answer: FALSE Explanation: The federal income tax law is changed on an incremental basis. Page Ref.: I:1-3 Objective: 1 4) The largest source of federal revenues is the corporate income tax. Answer: FALSE Explanation: The largest source is the individual income tax. Page Ref.: I:1-3 Objective: 1 5) Until about 100 years ago, attempts to impose a federal income tax were ruled unconstitutional. The amendment to the U.S. Constitution allowing the imposition of a federal income tax is the A) Second Amendment. B) Thirteenth Amendment. C) Sixteenth Amendment. D) Nineteenth Amendment. Answer: C Explanation: The Sixteenth Amendment, ratified in 1913, gave Congress the power to impose a federal income tax. Page Ref.: I:1-2 Objective: 1