Regarding the taxation of life insurance policies, which of the following is NOT true? Select one: a. life insurance proceeds paid in a lump sum cash settlement are not income taxable b. life insurance premiums are not tax deductible X c. life insurance loans are not income taxable d. life insurance policy dividends are taxable income

Q: Which of the following tax concept(s) allow for the deferral of gains on nonrecognition…

A: Non-recognition transactions, according to the Internal Revenue services are those transactions, on…

Q: Statement 1: If an insured outlived his policy and received from the insurance company an amount…

A: Here discuss about the tax burden which are incurred in the insurance policy after the outlive of…

Q: What is the consequence of the purchases of a OPT-taxpayer from a VAT taxpayer?

A: VAT Taxpayer: In the European Community, the Value Added Tax, or VAT, is a wide ranging taxation…

Q: is a tax on the net income or the ertire income reali s allowed by law. ee eaming purely…

A: (1) The given statement is true as there is progressive tax rate in Phillippines, income of resident…

Q: Which of the following statements is not a benefit of using a Tax-Free Savings Account (TFSA) for…

A: Contributions to a tax-free savings account are not tax deductible.

Q: Life insurance premiums shall be reported as a deductible expense for financial reporting purposes…

A: The outlay which is an ordinary outlay and helps in the normal revenue generation of the business is…

Q: a. Deductions b. Exceptions c. Exclusions d. Any of the above

A: Computation of  Total Taxable Income  1 Income under head Salary XXXX 2 Income under head…

Q: Which of the following can be deducted as interest expense? Interest on personal debt Interest on…

A: Interest on personal debt  imputed interest on capital interest on assessed tax delibquency…

Q: In determining an employee's net pay, which of the following taxes would not be deducted? a.SUTA…

A: Employees net pay = Gross pay - All payroll deductions

Q: When the temporary differences result to financial income higher than taxable income, they are known…

A: As per IAS 12 Taxable temporary differences Temporary differences that will result in taxable…

Q: Statement 1: Life insurance premiums shall be reported as a deductible expense for financial…

A: Tax is the liability that person owes to the government.

Q: Which of the following statements is true? O Interest on bonds is not tax deductible O Interest on…

A: Bonds should be repaid back at maturity  perios

Q: Income tax is levied on all of the following taxable items except: O Wages O Interest and dividends…

A: Income tax is levied on Wages, Interest and dividends from moeny invested and Capital gains from…

Q: . Which of the following is TRUE regarding a whole life insurance policy that pays a dividend?…

A: Please not th  at as per the guidelines, I am required to answer only the first three questions.…

Q: What are some common examples of income, and what are some common examples of items excluded from…

A: Income means the money or any equivalent value receives by individual or business, in exchange of…

Q: While earnings on assets held in a Tax Free Savings Account (TFSA) will not be taxed while the…

A: False

Q: ayment made by the lessee to the lessor? A. None of the above B. If the advance payment representing…

A: A lessee is someone who rents property or land from a lessor. The lessee, sometimes known as the…

Q: oceeds are paid out to the beneficiaries, and the IRS later becomes aware that the benefits were…

A: Usually, insurance proceed paid to the beneficiaries are not included in the income of…

Q: What elements must be present for an amount to constitute ordinary income under s 6-5 of ITAA 1997?…

A: Section 6-5 of the ITAA 1997 shows that your assessable income includes income as stated to ordinary…

Q: Which of the following items of interest expense may be deducted from gross income? Interest…

A: Interest expense will be allowed as a deduction if such Expense is incurred in the ordinary course…

Q: The following are exclusions from gross income, except    Proceeds of life insurance policies.…

A: The income earned by an individual before any deductions and allowances is considered Gross Income.

Q: Taxable income is  a) gross income less deductions  b) total income excluding exempt less…

A: Taxable income is the income on which tax is computed.

Q: the purpose of grossing up of Interests in calculating taxable income from Int

A: Taxable income refers to the sum value of money gained by an entity on which the government implies…

Q: Which of the following statements is false? Group of answer choices A.Prepaid expenses are fully…

A: Prepaid expenses are expenses which are paid in advance but accrued in the business after an…

Q: A) Interest paid or accrued to purchase or carry tax-exempt investments is not deductible. B)…

A: Investment Income Under normal circumstances investment income can't be used for the tax deduction…

Q: Which is not a feature of final tax? A. Covers certain passive income B. Covers all capital gains C.…

A: Solution Capital gain can be defined as any profit that is received through the sale of capital…

Q: What are the general requirements regarding income, investments, and dividends with which a REIT…

A: Introduction: Real estate investment trust is a company that owns or primarily operates real estate…

Q: Which of the following transactions would not result in a temporary difference between pretax…

A: Correct option is D. Payment of premiums for life insurance

Q: Which of the following differences would result in future taxable amounts? * a. Expenses and losses…

A: If Expenses or losses that are deductible before they are recognized in financial income, it would…

Q: The following are excluded from gross income, except:  a. Proceeds of life insurance policy received…

A: Gross Income Gross income refers to the income of an individual which comprises income from wages…

Q: is taxable?  A. Proceeds of life insurance received by heirs B. Excess amount received over…

A: Taxable income: Taxable income is the income which are subject to payment of taxes. Therefore, any…

Q: Which of the following statements is true? a) If funds are withdrawn from an annuity during…

A: The Internal Revenue Service (IRS) levies a federal income tax on the annual earnings of:…

Q: Federal income tax refunds should be added back to taxable income. None of the above statements are…

A: Exploration and production (E&P) is the upstream component of the oil and gas business that…

Q: If one tax is not eligible for the health insurance premium tax credit because of

A: Tax is the charge which is charged on the taxable income of a taxpayer and each taxpayer wants to…

Q: Taxable income represents the amount of tax required to be paid to the BIR.    True or False   You…

A: Notes: “Since you have asked multiple question, we will solve the first question for you. If you…

Q: Which of the following statements is incorrect? Assume that the rental activity is classified as…

A: Answers

Q: which of the following are non financial claims?   pension obligations taxes payable both…

A: Instead of a physical net value, financial claims are based on contractual claims.

Q: the process of reducing the allowable deduction of interest expense by a certain percentage is…

A: the process of reducing the allowable deduction of interest expense by a certain percentage is…

Q: hen the temporary differences result to financial income higher than taxable income, they are known…

A: Solution: False. This is because he temporary differences result to financial income higher than…

Q: Which of the following is considered or construed as an example of "constructive receipt"?

A: GIVEN   the following is considered or construed as an example of "constructive receipt" is

Q: Net income after tax is: The difference of financial income and total deferred income tax expense.…

A: Net income is the amount of money earned by an entity after deducting its outlays from the revenues.…

Q: Which of the following causes a temporary difference between taxable and pretax accounting income?…

A: Please find the answer to the above questions below:

Q: Annuity payments received by a taxpayer represent a part which is taxable and non taxable. Which of…

A: Annuity means a series of payments being paid or received in particular period of time and a fixed…

Q: Which constitutes a taxable item of gross income? * Compensation for personal injuries Gain from…

A: Gross income: Gross income is the sum of all wages, salaries, profits, interest payments, rents, and…