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…