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- Corporations are subject to specific corporate tax rates different from those for individuals. True or false ?Instead of providing the qualified business income deduction to owners of noncorporate businesses, Congress could have applied a special tax rate to the business income to achieve a similar result. True FalseIn the case of income tax there are high taxpayer costs but low government costs ? True or False
- Regressive tax takes a higher proportion of a poorer person’s income than of a richer person’s income. Is the statement true or false?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 presentedIn the case of property tax, government costs are low but taxpayer cost are high? True or false
- Which of the following tax remedies is both beneficial to the government and taxpayer? a. Tax lien b. Compromise C. Injunction D. ForfeitureTRUE OR FALSE?? The Commissioner can estimate the income and expense of a taxpayer.If you are a tax adviser, would you advise to claim the deduction in full amount or be capitalized and depreciate?
- Among the highlights of train law, which do you think is disadvantageous for the taxpayer? ExplainWhilst looking at the income tax returns applicable to corporate entities, Jackie was curious why there is a need for tax-exempt entities to still file for their ITR given that they are already exempted. Being a lamb to your friend, which of the following would best provide reason for such? A. for assessment of the correctness of mathematical computations made by taxpayer B. for comparison of figures reported on their financial statements C. for conversion of the supposed tax burden to filing burden D. for possible tax exposures from the conduct of unrelated activitiesWhich of the following types of expenses is deductible? Group of answer choices A.Bribes & Illegal Kickbacks B.Expenses related to Tax-Exempt Income C.Political Contributions D.Contingency Attorney Fees