ACC 307 Tax Law complete Test Bank Document Content and Description Below 1. CHAPTER 1UNDERSTANDING AND WORKING WITH THE FEDERAL TAX LAW Que Many states have balanced budgets because laws or constitutional amendments preclude deficit spending. *a. True b. False 2. CHAPTER 1UNDERSTANDING AND WORKING WITH THE FEDERAL TAX LAW Q 2 The U.S. Federal government has a provision in the Constitution which precludes deficit spending. a. True *b. False 3. CHAPTER 1UNDERSTANDING AND WORKING WITH THE FEDERAL TAX LAW Q 3 Revenue-neutral tax laws reduce deficits. a. True *b. False 4. CHAPTER 1UNDERSTANDING AND WORKING WITH THE FEDERAL TAX LAW Q 4 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. *a. True b. False 5. CHAPTER 1UNDERSTANDING AND WORKING WITH THE FEDERAL TAX LAW Q 5 The Internal Revenue Code is a compilation of Federal tax legislation that appears in Title 28 of the Internal Revenue Code. a. True *b. False 6. CHAPTER 1UNDERSTANDING AND WORKING WITH THE FEDERAL TAX LAW

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