Situs of taxation is the place of taxation. Which of the statement is not true about situs?
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Situs of
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.
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- The definition of gross income in the tax law is: All items specifically listed as income in the tax law All cash payments received for goods provided and services performed All income from whatever source derived All income from whatever source derived unless the income is earned illegallyWhich 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 aboveTax 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 presented
- For tax purposes, one of the requirements to recognize income is: A) The transaction does not have to be completed. B) The income cannot be tax-exempt. OC) The transaction does not have to have an economic benefit. J D) None of these.How does sale of personal residence work in individual taxation? Also, what are requirements to qualify for exclusion?1. It is the exploitation by the taxpayer of legally permissible alternative tax rates or methods of assessing taxable property or income in order to avoid or reduce tax liability. a. Capitalization b. Shifting c. Evasion d. Avoidance
- Which of the following types of income is subject to the self-employment tax? a.Dividends from stock b.Interest income c.Gain on sale of real estate d.Income from a sole proprietor's law practice e.None of these choices are correct.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 of the following statements NOT correct? a. If a taxpayer is not in agreement with the decision of the Tax Appeals Authority, there is no further action that the taxpayer can take. b. Where a taxpayer loss an appeal, the taxpayer is required to pay interest on the unpaid tax from the payment date statement on the Decision Notice. c. Tax planning within the confines of the tax laws is not illegal. d. Effective tax management may result in significant cost savings.
- Which of the following is not considered a purpose of taxation? A. To regulate B. To make the poor poorer C. To minimize the adverse effects of certain activities D. To have an equitable distribution of wealth among inhabitants True or False: You are employed. The Income tax on your salary is required to be paid at the Mayor’s Office.One of the following is not a requisite of a taxable income. * a. There must be gain b. The gain must be realized or received c. The gain must not be excluded by law from taxation d. The gain must be that of resident or nonresident citizen e. Answer not givenIf an item is excluded from income taxation, it would follow that the same islikewise exempt from other internal revenue taxes. TRUE OR FALSE?