12. Nicanor failed to file his delinquent tax on time. The government collecting agencyhas commenced summary remedies to collect the tax. Nicanor's real property waslevied and taken by the government to satisfy his tax liabilities. This is an exercise of:a. Police powerb. Power of eminent domainc. Power of expropriationd. Power of taxation13.1st statement - The police power can only be exercised by theState. 2nd statement – The power to tax can only be exercised bythe State.3rd statement - The power of eminent domain can only be exercised by theState. Which is FALSE?a. Only the 1st statementb. Only the 2nd statementc. Only the 3rd statementd. None of the statements14.. Which is NOT a constitutional limitation on the power of taxation?a. Application of the same law with the same taxapayersb. No person shall be imprisoned for non-payment of taxc. The requirement of notice and hearing in assessmentd. The state, unless declared void by the courts, cannot renege on itsobligation or contractual agreements

Power of Taxation -:Modern constitutions of nations understand this ability by bringing about…

12. Nicanor failed to file his delinquent tax on time. The government collecting agency has commenced summary remedies to collect the tax. Nicanor's real property was levied and taken by the government to satisfy his tax liabilities. This is an exercise of: a. Police power b. Power of eminent domain c. Power of expropriation d. Power of taxation

12. Nicanor failed to file his delinquent tax on time. The government collecting agency has commenced summary remedies to collect the tax. Nicanor's real property was levied and taken by the government to satisfy his tax liabilities. This is an exercise of: a. Police power b. Power of eminent domain c. Power of expropriation d. Power of taxation

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter26: Tax Practice And Ethics

Section: Chapter Questions

Problem 9DQ

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If a U.S. Tax Court agrees with the taxpayer on appeal that the IRS position was largely unjustified, which of the following is correct? The taxpayer must still pay administrative and litigation costs. The taxpayer may recover administrative but not litigation costs. The taxpayer may recover litigation but not administrative costs. To be eligible to recover some of the administrative and litigation costs, the taxpayer must have tried to resolve the case administratively, including going through the appeals process, and must have given the IRS the information necessary to resolve the case. None of the above.
If the IRS owes a taxpayer a refund, the law generally provides that the IRS must pay interest on the refund if it is not paid within __________ days of the tax-payer filed his or her tax return or claim for refund. 30 45 60 90 None of the above
LO.3, 8, 9 The taxpayer has generated excess capital losses (both short-term and long-term) for the current year. Discuss the income tax ramifications of the losses if the taxpayer is: a. An individual. b. A C corporation. c. An S corporation. d. A partnership.
(1) Go to taxalmanac.org, and use the website to find 61(a). What is defined in this Code Section? Is the definition broad or narrow? (2) Go to legalbitstream.com, and find the case in which Mark Spitz, the former Olympic gold medalist, is the petitioner. Answer the following questions about the case: a. What tax years are at issue in the case? b. In what year was the case decided? c. Did the court decide in favor of Mr. Spitz or the IRS? d. Were any penalties imposed on Mr. Spitz? Why or why not?
14. If the taxpayer failed to pay the tax demanded per final assessment, the government may exercise several administrative remedies. Which of the following is not correct? Levy of real property of the taxpayer may be availed of only after distraint of personal property of taxpayer. Either distraint or levy may be pursued simultaneously once the assessment becomes final and demandable. If the tax assessed is P 100 and below, levy or distraint may not be availed of. The remedy of distraint of personal property may be repeated if necessary until the full amount due and all expenses are collected.
Please answer asap,i will rate u thanks! Settled is the rule that in tax matters, the government is not estopped by the errors or mistakes committed by its agents or officers. This should be construed to mean that: a) The state may still collect prescribed taxes. b) BIR can still present evidence to prove as¬sessment. c) The power to tax is plenary and compre¬hensive. d) The power to tax is supreme and unlimited.
1. The secondary authority should be cited in the analysis section of a tax file memo. Is true or false? 2. What is the title of Section 152? a.Dependent defined b.Allowance of deductions for personal exemptions (151) c.Allowance for deductions (161) d.None of the above 3.(True/False) Letter rulings are a source of tax law.
If the applicable statute of limitations on assessment of a tax deficiency has expired and a taxpayer signs a Form 872 extending the statute of limitations, the statute of limitations on assessment is extended. a). True b). False.