2. The following are requisites of a valid tax, EXCEPT A. tax must not encroach upon inherent and Constitutional limitations B. the rule of taxation should be uniform C. tax should be used for public purpose
Q: One of the bases that the legislator must take into consideration when developing tax legislation in…
A: Developing a tax legislation in any countryhas very wide scope and definition, therefore
Q: discuss eac
A: The three primary sources of tax law are statutory sources, administrative sources, and judicial…
Q: You and Sunny are arguing whether tax laws can be retroactive in its application. Sunny noted that…
A: Retroactive in the taxation system Retroactive in the taxation to the taxpayer which was allowed in…
Q: Taxation is an inherent power being an attribute of sovereignty. The following are manifestations of…
A: Taxation is an inherent power being an attribute of sovereignty. The following are manifestations of…
Q: Which of the following would result in the recognition of deferred tax liabilities? Select one: A.…
A: DTT (Deferred tax liability) which is recorded in the balance sheet (BS) of company and it reports…
Q: e effect of financial distress and taxation on gearing? A. Both constrain gearing B. The…
A: Gearing in accounting means how much is the debt against the equity in the capital structure of the…
Q: True or false is regulatory tax is intended to achieve some social or economic end?
A: Regulatory tax: Regulatory taxes are the charge or levy of taxes by the government on the general…
Q: Which of the following is a characteristic of tax? b. a. The amount to be collected is limited to…
A: Here discuss about the details of the characteristic of the taxes as well. There are some district…
Q: Explain each of the following statements independently: a. Tax systems should be fair. b. The…
A: SOLUTION A- The Fair Tax Plan is a sales tax proposal to replace the current U.S. income tax…
Q: What is the correct term for the above document and what would need to be included for it to qualify…
A: An invoice is a documentary evidence for the occurrence of a transaction.
Q: The power to decide tax cases of the CIR are subject to appeal to the Court of Appeals a. True b.…
A: Court of Appeals represents the original jurisdiction for criminal and civil cases related to the…
Q: Which of the following state tax scenarios violates the commerce clause? Multiple Choice…
A: Tax: It is a compulsory contribution to the state revenue that levied by the government on the…
Q: Which of the following statements is (are) correct? (x) Part of the administrative burden of a tax…
A: A mortgage is a contract between borrower and a lender that provides the lender the right to take…
Q: All are characteristics of the power of taxation, EXCEPT? a. It is an inherent power, b. It is…
A: The power of taxation is Compulsory, Comprehensive & Involuntary.
Q: Real property tax is an example of a national tax. * A. True B. False
A: In United States, US taxes are generally levied by local government authority. This property tax is…
Q: Philippine tax laws are: a. Civil, not political, not penal b. Civil, not political, penal c. Civil,…
A: Philippine Tax laws are civil, not penal and not political in nature. But there are penalties…
Q: If there is a conflict between a BIR Ruling and a Revenue Memorandum Ruling, which will prevail?
A: The Bureau of Internal Revenue work under the department of finance and all the duties and…
Q: A deductible temporary difference leads to the payment of: Select one: A. less tax in the…
A: The question is related to Taxes on Income.There are two types of deferred tax- (i) Deferred tax…
Q: enient in terms of timing and payment
A: Introduction : In simple words, tax refers to the amount that an individual or an entity has to pay…
Q: Which is NOT a constitutional limitation on the power of taxation? a. Application of the same law…
A: Constitutional Limitation on the power of taxation:- It means in the eyes of law and taxation…
Q: f ambiguity, tax exemptions shall be interpreted liberally in favor of the government. Group of…
A: Tax exemptions are given for the benefits of assessee.
Q: It is the place where an authority has the right to impose and collect taxes. * a. Source…
A: Tax: It refers to a mandatory financial levy imposed by the government on the taxpayer including…
Q: The following are the reserved powers of Congress in exercising taxation, except: a. Determination…
A: There are few power reserved for the congress for exercising taxation. Tax means the mandatory…
Q: Briefly explain the recognition criteria of deferred tax assets and deferred tax liability and the…
A: Both deferred tax liabilities and assets should be recognized gross in the balance sheet unless the…
Q: earnings below a certain threshold are taxed. What is your opinion on the fairness of this tax?
A: social security tax is such type of tax in which a percentage of the gross wages that most of the…
Q: What are the constitutional limitations on the State's power to tax
A: Constitution of the United States: The Constitution of the United States is the preeminent law of…
Q: Should the IRS and the Department of the Treasury consider alternative tax systems, such as Flat…
A: Taxes refers to the money or amount of sum that the government requires people or businessman as…
Q: Discuss how a deferred tax provision can arise under IAS 12, Income Taxes, and the available methods…
A: the above requirement are discussed below
Q: An entity shall offset a deferred tax asset and deferred tax liability A. When income taxes are…
A: As per IAS 12 - Income Taxes, An entity shall offset a deferred tax asset and deferred tax liability…
Q: Which of the following is false? (a) Under GAAP, deferred taxes are reported based on the…
A: Liabilities that may occur in the future depending on the outcome of the future event are termed as…
Q: Which one of the following is not deductible when itemizing a, State income tax b, Real property…
A: Itemized deductions are used by the taxpayers if they are higher than standard deductions so that…
Q: The Code is the final authority on most tax issues. True or false 2.Primary sources of…
A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…
Q: What Is A Deferred Tax Liability And What Is Its Purpose?
A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…
Q: If a government wants to obtain the maximum tax revenue it should A. use static tax analysis. B.…
A: Answer: C) The government should strive to assess and increase tax rate to maximize the revenue. The…
Q: The power to tax is provided for by the Constitution, the National Internal Revenue Code, Special…
A: Solution: True, The power to tax is provided for by the Constitution, the National Internal Revenue…
Q: plication? Tax laws imposing business tax Tax implementing rules and regulations that are remedial…
A: Explanation of concept Tax:- A tax is the compulsory payment which is imposed by the government on…
Q: hich is not a requisite for deductibility in general? Group of answer choices subjected to withh
A: Deductible expenses are expenses a company can subtract from its income before it is subject to…
Q: RUE OR FALSE? Tax assessments made by the BIR must be in writing containing the law and facts as…
A: Taxation- Taxation refers to the imposition of a tax on persons and other types of organizations, as…
Q: Which of the following is not an administrative remedy available to the government?
A: Answer: C. Tax Avoidance
Q: According to PAS 12, this do not give rise to deferred tax asset or liability because they have no…
A: PAS 12 provides provisions relating to Accounting for Income taxes.
Q: Settled is the rule that in tax matters, the government is not estopped by the errors or mistakes…
A: Taxes Taxes are the compulsory obligations imposed by the government agency on individuals and…
Q: You and Jackie are arguing whether tax laws can be retroactive in its application. Jackie noted that…
A: Each tax laws framed under mischief Rules, There are several mischief rules to interpreted, - Tax…
Q: Tax avoidance is deliberately ignoring a specific provision in the Income Tax Ac True or False
A: Tax avoidance is the term which is defined as the legal use of the tax regime within the single…
Q: Explain two main reasons why expenses may not be deductible for income tax/corporation tax purposes
A: Deductible expenses: These include all the expenses that are allowed to be deducted from the gross…
Step by step
Solved in 2 steps
- If an item is excluded from income taxation, it would follow that the same islikewise exempt from other internal revenue taxes. TRUE OR FALSE?A tax is invalid, except one? a. Theory of taxation and its purpose are disregarded b. Basis of taxation is not recognized c. Inherent and constitutional limitations are not observed d. It results to double taxation..I. Multiple Choice: Choose the correct answer. 1. The levying and imposition of tax and the collection of tax are processes which constitute the taxation system. a. Basis of Taxation b. Aspects of Taxation 2. No person shall be imprisoned for the non-payment of this. c. Nature of Taxation d. Theory of Taxation c. Income Tax d. Property Tax a. Excise Tax b. Poll Tax 3. Tax which is demanded from the persons whom the law intends or desires to pay it. a. Income 4. Tax where the rate increases as the tax base increases. b. Direct c. Indirect d. Excise c. Regressive d. Proportional a. Indirect 5. Catriona Grace, a taxpayer, gives the following reasons for refusing to pay a tax. Which of her reasons is not acceptable for legally refusing to pay the tax? a. That she has been deprived of due process of law. b. The she will derive no benefit from the tax. c. That there is lack of territorial jurisdiction. d. That the prescriptive period for the tax has lapsed. 6. Wiley Cyprus, a Canadian…
- 16. Which of the following is NOT correct? a.Tax credits may be refundable or non-refundable. b. Income from capital related transactions is an example of an exempt income for income tax purposes. c.Tax credits are tax previously paid, or an amount used to reduce tax liability if certain conditions are met. d.Tax Relief is income that is not subject to tax.Which of the following statements is / are correct?1. Some tax credits are refundable.2. Some tax credits are nonrefundable.a. 1 only.b. 2 only.c. Both 1 and 2.d. Neither 1 nor 2.Which of the following is correct? a) An item of gross income that is subject to tax in one scheme will not be taxed by the other schemes. b) An item of income that is exempt from regular income taxation may be subject to capital gains taxation. c) In final income taxation, the taxpayer remits the tax to the government. d) All capital gains from capital assets are subject to capital gains tax.
- An income tax is an example of which of the following?a. Derived tax revenue.b. Imposed nonexchange revenue.c. Government-mandated nonexchange revenue.d. Voluntary nonexchange transactionWhich is not a primary source of tax law? A. Tax Court Case O B. All of these are. C. Proposed Regulation O D. Revenue Ruling E. None of these are. OF. IRS NoticeAn income tax is an example of which of the following? Derived tax revenue. Imposed nonexchange revenue. Government-mandated nonexchange revenue. Voluntary nonexchange transaction.
- It is the place where an authority has the right to impose and collect taxes. * a. Source b. Situs c. Both a and b d. None of the aboveWhich of the following refunds is not subject to income tax a, Local tax expense b.Special assessment c.Foreign tax previously claimed as deduction d.Previously claimed bad debt expenseA “tax” has been defined as a compulsory payment which is made to a governmental authority and a. Which is not penalty or fine b. Which is paid in exchange for specific benefit to the taxpayer c. Which is to be used for the public good. d. Two of the above.