Cecilia Sanchez

ACC 221 Chapter #1 Homework

#6 . The test is the intention to determine the difference.

#7 A few ways to lower your tax liabilities is by maxing out your 401k, use the gift tax or
contribute to flexible spending account.

#9 Some of the main bridges of fraud are accounting irregularities, understatement of income
and claiming fictious or improper deductions

#11 Its considered a major tax concept because its important concept in family, estate and
financial tax planning.

#19 A
#22 D
#24 B
#25 D
#26 C
#28 D
#29 D
#30 Two of the major provisions is the corporate tax lowered to 21 percent and it suspends the
personal exemption til 2026.