Powers of the Commissioner on Internal Revenue 1. To interpret tax laws and decide tax cases; 2. To obtain information, and to summon, examine and take testimony of persons; 3. To make assessments and prescribe additional requirements for tax administration and enforcement; 4. To conduct inventory - taking, surveillance and to prescribe presumptive gross sales and receipts; 5. To terminate taxable period; 6. To prescribe real property values; 7. To inquire into bank deposit accounts; 8. To accredit and register tax agents; 9. To prescribe additional procedural or documentary requirements; and 10. To delegate power to subordinates. (Sec. 4 to 8, NIRC)

Powers of the Commissioner on Internal Revenue 1. To interpret tax laws and decide tax cases; 2. To obtain information, and to summon, examine and take testimony of persons; 3. To make assessments and prescribe additional requirements for tax administration and enforcement; 4. To conduct inventory - taking, surveillance and to prescribe presumptive gross sales and receipts; 5. To terminate taxable period; 6. To prescribe real property values; 7. To inquire into bank deposit accounts; 8. To accredit and register tax agents; 9. To prescribe additional procedural or documentary requirements; and 10. To delegate power to subordinates. (Sec. 4 to 8, NIRC)

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 15DQ

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Similar questions

The purpose of Schedule M-1 on the corporate tax return is to: Reconcile accounting (book) income to taxable income. Summarize the dividends received deduction calculation. List the officers of the corporation and their compensation. Calculate the net operating loss deduction.
Definitions The FASB has defined several terms in regard to accounting for income taxes. Below are various code letters (for terms) followed by definitions. 1. The deferred tax consequences of future deductible amounts and operating loss carryforwards 2. A difference between the tax basis of an asset or liability and its reported amount in the financial statements that will result in taxable or deductible amounts in future years when the reported amount of the asset or liability is recovered or settled, respectively 3. Temporary difference that results in taxable amounts in future years when the related asset or liability is recovered or settled, respectively 4. The future effects on income taxes, as measured by the applicable enacted tax rate and provisions of the enacted tax low, resulting from temporary differences and operating loss carryforwards at the end of the current year 5. The change during the year in a corporations deferred tax liabilities and assets 6. The deferred tax consequences of future taxable amounts 7. The portion of o deferred tax asset for which it is more likely than not that a tax benefit will not be realized 8. Temporary difference that results in deductible amounts in future years when the related asset or liability is recovered or settled, respectively 9. The sum of income tax payable and deferred tax expense (or benefit) 10. The amount of income taxes paid or payable (or refundable) for the current year 11. An excess of tax deductible expenses over taxable revenues in a year that may be carried forward to reduce taxable income in a future year 12. The excess of taxable revenues over tax deductible expenses and exemptions for the year 13. Income tax expense divided by income before income taxes
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 above
Do the liabilities and assets that are generated by using the 'balance sheet method' of accounting for tax appear to be consistent with the definition and recognition criteria of assets and liabilities promulgated within the Conceptual Framework of Accounting? Express the excellent understanding of the balance sheet method of accounting for tax in relation to assets and liability recognition as well as the assets and liabilities defined in the Conceptual Framework of accounting.
Which of the following statements best describes the income tax expense recognised in an entity’s income statement according to IAS 12? a. The income tax related to the accounting profit (pre-tax) for the period b. The income tax related to the taxable profit for the period c. The income tax paid in cash during the period d. The product of the applicable tax rate and the taxable profit for the period
Which option is the correct definition of tax base? Select one: a. Tax base is the amount the asset or liability is recorded at in the accounting records. b. Tax base is a comparing the balance sheet derived using accounting rules with balance sheet that would be derived from taxation rules c. Tax base is the recognition of assets and liabilities in the balance sheet based on the differences between accounting and tax values of assets and liabilities. d. Tax base is defined as the amount that is attributed to an asset or liability for tax purposes.
This refers to the process of taxation to determine the amount of tax based on existing tax laws. a. Levying b. Imposition C. Assessment D. Collection
Under IAS 1 an entity must present a statement of profit or loss and other comprehensive income. Which of the following statements is true in respect of the other comprehensive income section? 1. Items should be grouped into those that may subsequently be reclassified to profit or loss and those that will not subsequently be reclassified to profit or loss. 2. All items must be shown inclusive of income tax 3. Extraordinary items should be listed separately with details of the nature of the item disclosed in the notes. Please select the right answer. All of the above 1 and 2 only 2 only 1 only
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