Ability-to-pay principle supports that tax should be * A. Proportionate in character B. Levied for public purpose C. Levied by the lawmaking body of the state D. Levied on persons and properties within the limits

Q: discuss eac

A: The three primary sources of tax law are statutory sources, administrative sources, and judicial…

Q: The State, having sovereignty can enforce contributions (tax) upon its citizens even wilhout a…

A: Hi student Since there is specific requirement for answering second question, we will answer…

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: Among the inherent powers of the State: O Taxation is the most punitive and restricting. O Taxation…

A: Among the inherent powers of the state: Taxation constitutes the most direct form of equivalent…

Q: Which of the following is not a tax preference or adjustment item for the individual alternative…

A: Alternative minimum tax (AMT) is the compulsory minimum tax which an individual or corporate has to…

Q: determine if it's a tax deductible, tax credit, or neither.

A: TAX DEDUCTION:- It is a provision that reduce the taxable income. An expenses you can Subtracted…

Q: Question 1: Why do deferred tax assets or deferred tax liabilities arise? Explain your answer with…

A: Taxation is defined as the tax liability to be paid to the government on the income for a particular…

Q: g. A municipal property tax on real estate is O regressive, and the incident is on the consumer if…

A: “Since you have asked multiple questions, we will solve the one question for you. If you want any…

Q: Why is tax policy considered to be a blunt instruction?

A: Tax : Governments levy taxes on residents to create revenue for projects that would strengthen the…

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: 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: the connection between a state and the business that the state is seeking to tax Select one: O a.…

A: Lets understand the meaning of all the options. Average tax rate is a tax rate at which tax payer…

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: True or False 1. Regulatory tax is intended to achieve some social or economic end. Special…

A: “Since you have asked multiple question, we will solve the three question for you. If you want any…

Q: What are the principles of a sound tax system? Briefly explain each

A: Introduction:- The tax system is described as a legally controlled system of public relations based…

Q: Determine if sole proprietorship, partnership, or corporation. Select all that is applicable between…

A: A partnership is the type of business where two or more partners agree to operate a business and…

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: xplain the benefit approach and ability to pay approach with tax equity. Which approach is…

A: Taxes are the payments made by the individuals and corporation on their earnings. It is a compulsory…

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: 1) Class, what are transfer taxes? What is the purpose? When and how might they apply? 2) Share…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: , whereby a taxpayer deducts the total amount of money spent on various expenses, such as gifts to…

A: Tax refers to the percentile form of the obligation imposed by the government over the income earned…

Q: Explain the informational benefit from required disclosure of tax abatements provided by state and…

A: Statement 77 rules the tax abatement. Tax abatement is generally offered by the government as a…

Q: Which of the following statements is not correct? * The “Benefit-Protection Theory” is the source…

A: Here given the details of the principles and process of taxation system of the country to be…

Q: 1. Whenever there is conflict between the Tax Code and the Civil Code, Tax Code will prevail over…

A: Note:  We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Which of the following items is not recognized as revenue by a governmental unit? Group of answer…

A: Revenue refers to the amount collected through sales or services. Revenue can be generated on cash…

Q: Differentiate national taxation and local taxation according to nature of power accounting period…

A: The taxation system of any country depends upon the revenue requirement and expenditures…

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: Local Government Units, being limited in power, has the power to tax its constituents. Group of…

A: solution : Local Government Units, being limited in power, has the power to tax its constituents.…

Q: The following are constitutional limitations on the power of taxation, except one: * A. Public…

A: The following are constitutional limitations on the power of taxation: Public purpose Equal…

Q: A feature of the schedular system of taxation: O The tax system applies to individuals O It…

A: Taxation not only pays for public goods and services; it is also an important component of the…

Q: taxpayer must always include his or her state income tax refund in income. True or False

A: Income tax:-  Income tax  means whenever an assessee, in a financial year earns certain income which…

Q: Propose a tax measure in order for the government to eaarn addtional revenue with emphasis ont he…

A: Since you have asked two questions but we provide solution to one question only kindly resubmit…

Q: What is ‘fringe benefit tax’ (FBT)? Explain

A: Answer: FRINGE BENEFIT TAX IS PAID BY EMPLOYERS ON CERTAIN BENEFITS THEY PROVIDE TO THEIR EMPLOYEES…

Q: What is the jurisdiction of the Commissioner of Internal Revenue as regards the interpretation of…

A: The answer is stated below:

Q: What is the IRS’s requirement for tax reporting regarding the choice of a denominator-level capacity…

A: Denominator-level Capacity Concepts:Denominator-level capacity concept is a term used to depict the…

Q: State whether each of the following items should be classified as taxes, licences and permits,…

A: Sales and use taxes levied by the government should be classified as taxes. Payments by citizens for…

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: ustification for the method of determining periodic deferred tax expense is based on the concept of?…

A: Solution: According to matching principal, If income is recognized in particular period, all…

Q: explain the recognition criteria of deferred tax assets and deferred tax liability.

A: Deferred tax asset are the assets recorded when the income calculated according to statutory tax…

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: A. Define and give examples of direct taxation and indirect taxation.  B. Define and give examples…

A: Tax accounting is used for the computation of tax that must be paid by the company. It serves the…

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: 1Which of the following can be delegated outside the legislative branch? *   Determining the purpose…

A: solution Note : AS per the Q&A guideline we are required to answer the first question only .…

Q: MC: Topic: Income Taxation The following defines taxation, except: * It is an inherent power of…

A: Tax is the charge for having excess income. The government has provided the tax slabs by which…

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: between refundable tax credits and non-refundable tax credits and which is more valuable

A: The amount of money that is allowed to be reduced from overall tax liability of taxpayer is known as…

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.