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..
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: 2. The following are requisites of a valid tax, EXCEPT A. tax must not encroach upon inherent and…
A: Solution Tax Tax is the amount that is to be paid to the government or local…
Q: Which is an incorrect statement regarding taxes? * a. Taxes are necessary for the continued…
A: Taxes are the compulsory fees or financial charge imposed by the government on the taxpayers.
Q: temporary difference arises when an element of income is reported for tax purposes in the period:…
A: As per IFRS deferred tax assets and liabilities arises on temporary differences which can either…
Q: 1st statement – Tax exemptions are strictly construed against the government. 2nd Statement - When…
A: only statement second is correct, because whenever there is doubt regarding the taxability of an…
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: an item is excluded from income taxation, it would follow that the same is likewise exempt from…
A: Ans. In regard to tax laws various tax treatments are made while calculating tax liability.
Q: Which of the following is the least likely reason why the 6% capital gains tax is a final tax? " To…
A: capital gains are the type of gain which are of a capital nature. In other words, it is the gain…
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: Adopting wrongful means to show less profit to avoid tax is part of : a. Tax evasion b. Tax planning…
A: Tax is being the compulsory payment that is to be made to the government by the corporations,…
Q: 1st Statement Courts can review or inquire into the wisdom or advisability of a tax law under the…
A: 1st statement is true, 2nd statement is false
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: 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: Which of the following statements is NOT correct?
A: The answer for the multiple choice question and relevant explanation are presented hereunder :
Q: The amount of taxes generated is incorrect...
A: Section 1245 assets comprise personal property used in trade or business and held for over 12…
Q: All of the following statements are correct concerning PAS 12 Income Taxes. Which is the exception?…
A: Following statements are correct concerning PAS 12 Income Taxes:1. Tax assets and liabilities…
Q: the deciosion of court in Eisner v. Macomber tax case and why?
A: Eisner V. Macomber tax case : Case Insight No. : , 252 U.S. 189 (1920), presented before the U.S…
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: When DTA reverses, income tax payable is reduced, while when DTL reverses, income tax payable is…
A: Temporary differences are differences between book income and taxable income of the business. These…
Q: Identify which statement is incorrect: Sale of goods or services by any person or entity may…
A: Tax is the amount of duty payable to government upon the happening of certain business transactions,…
Q: In taxation: I. What is Inferior to the Non-Impairment Clause of the constitution and Superior to…
A: The income statement of the company will be prepared, and maintained by the management which will…
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: Тах potentially abusive of the spirit of the Income Tax Act. occurs when taxpayers legally apply tax…
A: Income tax is the legal obligation of taxpayers towards the tax authorities. It is levied on income…
Q: The purposes and objectives of taxation are as follows, except a. It is a means of reducing…
A: The objectives of taxation includes: resource allocation income distribution price stability…
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: A temporary difference that would not result in a deferred tax asset but not a permanent difference?…
A: Solution: A temporary difference that would not result in a deferred tax asset but not a permanent…
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: 18. The power of taxation is basically legisative in characer Which of the following is a…
A: The income statement of the company will be prepared and maintained by the management, which will…
Q: This refers to the process of taxation to determine the amount of tax based on existing tax laws.
A: Answer: b. Imposition
Q: In the case of conflict between the tax laws and generally accepted accounting standards (GAAP) for…
A: GAAP refers to Generally Accepted Accounting Principles which were issued by the accounting…
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: Which of the following statements is false?
A: Out of the given statements, A realized gain that is never recognized results in the temporary…
Q: Being legislative in nature, the power to tax may not be delegated, еxcept a. Tolocal gavemments or…
A: Taxes are the amount that are to be paid to government on account of income earned or on sale of…
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: Which of the following is not an administrative remedy available to the government?
A: Answer: C. Tax Avoidance
Q: ST. 1 The aspects of taxation are shared by the executive and legislative branches of the…
A: Income Tax Income Tax refers to the charge which is calculated on the salary of an individual or an…
Q: Which is NOT a remedy in double taxation?
A: Basically double taxation refers to the tax principle where the income tax are being paid twice for…
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: Which of the following statements is correct? I. Taxes are pecuniary in nature…
A: As per the guidelines, only one question is allowed to be solved. Please resubmit the remaining…
Q: Which of the following statements is correct with regard to IFRS and GAAP? a. Under GAAP, all…
A: Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create…
Q: Which of the following is a correct statement? O Tax avoidance includes failure to pay tax on…
A: Tax is the amount which the tax payer pays to the government when the income of an individual goes…
Q: Which of the following is a temporary difference that normally is recognized for accounting purposes…
A: Temporary difference is the difference between when the revenue and expenses are reported for…
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- Which of the following is an acceptable method of accounting under the tax law? The accrual method The hybrid method The cash method All of the above are acceptable None of the aboveBased solely on the definitions in the chapter, is the sales tax a proportional, regressive, or progressive tax? Explain, and state how the tax might be viewed differently.All are characteristics of the power of taxation, EXCEPT? a. It is an inherent power, b. It is legislative in character c. It is a civil in character.. d. It is a subject to inherent and constitutional limitations.
- 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 its obligation or contractual agreementsWhich is NOT a remedy in double taxation?a. Application of tax treaty reliefb. Payment of the taxc. Tax payment is an expensed. Treatment of the paid tax as creditWhich of the following is TRUE? When the tax law is vague or ambiguous, it is to be interpreted liberally in favor of the taxing authority When the tax law is vague or ambiguous, it is to be interpreted strictly against the taxpayer When the tax law is clear, it requires no interpretation As to exemption, the provision is to be interpreted liberally in favor of the taxpayer As to exemption, the provision is to be interpreted strictly against the favor of the taxing authority
- The following reasons may be given by a taxpayer in refusing to pay his tax liability. Which is not acceptable for legally refusing to pay the tax? o That he will derived no benefit from the tax. o That he has been deprived of due process of law o That the prescription period for the collection of tax has lapsed. o That there is lack of territorial jurisdiction (And please explain the reason why, thank you)This is a prerogative of escaping or diminishing a tax liability through availment of ways allowable by law or not contrary to law to mitigate tax liability * A. Tax exemption B. Tax avoidance C. Tax assessment D. Tax evasionTaxation is an inherent power being an attribute of sovereignty. The following are manifestations of taxation being an inherent power, EXCEPT? Courts cannot issue an injunction to enjoin the collection of taxes There should be no improper delegation of the power to tax. Taxes may be imposed even without a constitutional grant The State has the right to select the subjects and objects of taxation.
- Tax laws, being imposition of burden, shall be strictly construed against: * A person who refuses to pay the tax The taxpayer The government Either the taxpayer or the government, depending on the evidence presentedWhich of the following is NOT a power granted to the tax authority? a.The power to request information from third parties. b.The power to arrest. c.The power to audit. d.The power to enter, search and remove documents and recordSitus of taxation is the place of taxation. Which of the statement is not true about situs? a. Situs of persons is the residence of the taxpayer. b. Citizenship, in determining the situs, is not a factor to consider. c. Subject matter is a must to determine situs. d. None of the above.
