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Test Bank for South Western Federal Taxation 2012 Corporations Partnerships Estates and Trusts, 35th Edition: Hoffman
South Western Federal Taxation 2012 Corporations Partnerships Estates and
Trusts, 35th
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Name CHAPTER 1--UNDERSTANDING AND WORKING WITH THE FEDERAL TAX LAW
Description
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Question Many states have balanced budgets because laws or constitutional amendments preclude deficit spending.
Answer True
False
Question Longer class lives for depreciable property and the required use of straight-line method of depreciation should dampen the tax incentive
for purchasing capital assets.
Answer True
False
Question The Internal Revenue Code is a compilation of Federal tax legislation that appears in Title 28 of the Internal Revenue Code.
Answer True
False
Correct Feedback Title 26 (not 28).
Incorrect Feedback Title 26 (not 28).
Add Question Here
Question Income from patents can qualify for capital gain treatment.
Answer True
False
Question Saving leads to capital formation and thus makes funds available to finance home construction and industrial expansion.
Answer True
False
Question The corporate tax rate of 34 percent applies only to taxable income in excess of $75,000.
Answer True
False
False
Correct Feedback The EIT credit is refundable.
Incorrect Feedback The EIT credit is refundable.
3 of 9
Question The deduction for charitable contributions can be explained by social considerations.
Answer True
False
Question Allowing a taxpayer to choose either a credit or a deduction for foreign taxes paid can be explained by equity considerations.
Answer True
False
Question Neither the 1939 nor the 1954 Code substantially changed all the tax law existing on the date of its enactment.
Answer True
False
Question Subchapter K refers to the “Partners and Partnerships” section of the Code.
Answer True
False
Question Subchapter C refers to the “Corporate Distributions and Adjustments” section of the Code.
Answer True
False
Question Temporary Regulations have the same authoritative value as Finalized Regulations.
Answer True
False
They reminded King James that he had renewed the patent on 22nd
January last past, and signified his royal pleasure that he would grant a new
and more effective patent, and no one should interfere with the Company.
They set to work 600 poor people on the spot, and helped 20,000 others of
the people. Notwithstanding this, one John Phillipps and Gwenllian his
wife, late wife of Thomas Welsh alias Irish, deceased, of Chapelhill,
being riotous and outrageous and evil disposed persons, and
intending the let and hindrance of the wire works at Tintern, the
utter undoing of the poor people therein working, and the
disturbance of the Company in its quiet proceedings, having gotten
into their hands the deeds of the lease made by the Earl and other
deeds belonging to the Company, have made forcible entry by
outrageous means, as by throwing of scalding water, and with spits
and other desperate weapons have forced out and kept out the
Company’s workmen out of their working places, and houses built
upon the ground for them
by the plaintiffs’ predecessors, to their great loss. These defendants also
stop the watercourses which issue from these works and work-
houses, so that the wheels of the other houses are so drowned in
water they cannot turn. This is to the great impoverishment of the
poor workmen and the many thousands who live by working the
wire to divers uses, which is first made by these workmen. If these
defendants are allowed to continue their oppressions, it will become
a general harm to the whole dominion, for many depend on wire to
make woolcards and many other things of great necessity, which
cannot elsewhere be so plentifully had, except from foreign parts.
In tender consideration of their difficulties, seeing they cannot sue at
common law because they have not the lease granted them by the Earl, and
do not remember the exact dates, and also for the present necessity of the
continuance and daily keeping up of the wire works and poor people at
work, and as the action of the defendants is an intolerable offence not only
to the plaintiffs, but to the commonwealth, and work may not be stayed or
hindered a week without great loss all round; they therefore pray a privy
seal to be sent to John Phillipps and Gwenllian his wife to appear
immediately, and also an injunction to them to stop all their proceedings
until they have answered this complaint.
Unfortunately the rest of the suit is not to hand, and we have no
“answer,” “replication,” or “depositions” to supply further details, but they
may be found yet. Meanwhile Dr. Owen might turn his researches to a
practical use and excavate the site—perhaps even find the Company’s
books, with the name of Bacon as a shareholder, a little further up the Wye,
where the Anjou Brook enters it.
“Athenæum,” 24th June 1911.
XXII
“MR. SHAKSPEARE ABOUT MY LORDE’S IMPRESO”
Dramatic records of Henry VIII’s reign are very scarce, and therefore it
may be of interest to some students to have the text of a little Chancery suit
to which I was guided through the studies of Mr. J. S. Young. It is undated
by the scribe, but a proximate date may be reckoned. The appeal was
addressed to “Sir Thomas Awdley,” who was appointed Chancellor in 1533,
and he was made Lord Audley of Walden, 29th November 1538. The
complaint states that the company were Queen Jane’s players, “late her
servants.” As she was married only in June 1536, and as the cause of the
dispute was referred back to “a year and three quarters past,” and she died
in 1537, the complaint must have been brought just before the Chancellor
was ennobled in 1538.
The document does not tell us much. It only gives the names of the chief
members of the company as John Young, John Sly, David Sotherne, and
John Mountfield (names that appear in the Lord Chamberlain’s books); and
shows that they had been travelling professionally in “the northern parts,”
and came to trouble over their packhorse.
The only earlier notice of “the Queen’s company” was in 1532, when it
must have been Queen Katherine’s, whose waning power may have
accounted for the trifling reward at Oxford “given to her players by the
President’s orders,” viz. 12d. (E. K. Chambers, ii, 249.)
Early Chancery Proceedings. Uncalendared
(Bundle 931, 11, Y., no date given.)
T S T A ,L C .
In most humble wise sheweth unto your goode Lordshippe your
dayly orator John Yonge mercer, that whereas he with one John
Slye, David Sotherne, and John Mounffeld, late servants unto the
most gracious Queene Jane, abought a yere and 3 quarters past, to
thentent for the further increase of lyvinge to travail into the north
partes in exercising theire usuall feates of playinge in interludes, he
your said orator, with his other companions aforesaid, hyred a
gelding of oon Randolphe Starkey to beare there playing garments,
paying for the use of the same gelding twenty pence weekley till
there comyng home ageyne, at which time the said Starkey well and
truly promysed to your said orator and other his said companions
that the said gelding should be goode, and able to performe there
journey where of trouthe the same geldinge was defectyve, and
skarsly servyed them in there said journey, by the space of four
wekes, by occasion whereof your said orator, with other his said
companyons, susteyned great damadge, as may evidently appere to
all that have experience in such travayles and affayres. Ageynst
whom they can attayne small redress onles they shuld leve other
their more necessary affayers to be undoon, yet nevertheless the said
Starkey, intending to have more for the hyer of the said geldinge
then of equitie is due, And also to charge your said orator of the
hoolle hyer, where of trought he made his bargayne and receyved
ernest for the hyer of the said geldinge, as well of thother thre
aforenamed as of your said orator. He late commenced a playnt of
det uppon the demande of twenty-four shillings only agaynst your
said orator before the Sheriffes of London, who uppon the same
caused hym to be arrested, in which accion he declared upon a
graunte of payment of forty shillings for the said geldinge to be
made by yor said orator sole, whereof he affyrmed hymself to be
satisfied of sixteen shillings, wherewith yor said orator, having no
lerned councill, pleaded that he owed him nothinge, &c.... In which
Accyon your said Orator is nowe lyke to be condempned onles yor
goode Lordshippes lefful favour be to hym shewed in this behalf. In
consideracion whereof it may please the same to graunte a writ of
Cerciorari to be directed unto the Lord Mayor and Sherevez of
London commandinge theym by the same to remove the tenor and
cause of youre saide orator’s arrest before your Lordship in the
King’s Highe Courte of the Chancery at a certaine daye by your
gracious Lordship to be lymytted, to thentent the cyrcumstances
thereof maye be by your saide Lordeship examined and ordered
according to equytie and good conscience. And your said orator
shall ever more praye to God for the prosperous preservation of
your goode Lordship in Honor.
A (attorney).
Further papers concerning this suit do not seem to have been preserved.
But it gives the earliest picture yet known of “the glorious vagabonds who
erstwhile carried fardels on their backs” under the title of “the Queen’s
players.”
“Athenæum,” 24th January 1914.
XXIV
MARY’S CHAPEL ROYAL AND HER CORONATION PLAY