TRUE OR FALSE? Any internal revenue tax, which has been assessed within the prescribed limitation period, may be collected by distraint or levy, or by a proceeding in court within five (5) years following the assessment period.
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TRUE OR FALSE?
Any internal revenue tax, which has been assessed within the prescribed limitation period, may be collected by distraint or levy, or by a proceeding in court within five (5) years following the assessment period.
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- A firm has the opportunity to invest in a project having an initial outlay of $20,000. Net cash inflows (before depreciation and taxes) are expected to be $5,000 per year for five years. The firm uses the straight-line depreciation method with a zero salvage value and has a (marginal) income tax rate of 40 percent. The firms cost of capital is 12 percent. Compute the IRR and the NPV. Should the firm accept or reject the project?Income taxes are calculated based on gross income less certain allowabledeductions. They are also assessed on gains resulting from the disposal of property. What is a 10-word or less definition appropriate for a corporation, based on Wikipedia, for each of the following factors? a. Gross income. b. Expenses. c. Depreciation. d. Interest. e. Property (e.g., equipment) disposition.Clarence received interest from BPI from her long-term deposit amounting to P25,000. What is the amount of final tax withheld from the interest income of Clarence? a. P0 b. P2,500 c. P5,000 d. P6,250 e. Answer not given
- Advise ABC Pty Ltd and Liberty Pty Ltd on the tax implications of the following arrangement.a. ABC Pty Ltd owns a country property bought as a potential factory site on whichthere is a considerable amount of gravel. At the start of the current income year,ABC granted to Liberty Pty Ltd the exclusive right for five years to excavate andremove gravel from the land in return for payments calculated as follows:i. a minimum payment by Liberty of $5,000 per month regardless of whetheror not any gravel is removed during that particular month;ii. subject to para (a), payment each month by Liberty of 50 cents per cubicmetre of gravel removed in that month; andiii. provided that if it is found at the end of any year that the total volume ofgravel removed in that year did not exceed 48,000 m3, then ABC will refundto Liberty any amount in excess of $50,000 paid by Liberty in that year underthe terms of the agreement mentioned in para (a).Suppose you currently earn taxable income of $100,000 per year. You are subject to an MTR of 50 percent. Currently, your ATR is 35 percent. Calculate your annual tax. Calculate the extra tax that you would pay per year if your annual income increased to $110,000. What is your ATR when your annual income is $110,000?A state has a corporate tax rate of 9.6%. If the federal tax rate is 21%, what is the combined incremental tax rate?
- The correctly calculated taxes due on a corporate taxable income of $13,000,000 are closest to which of the following? a. $2,730,000 b. $3,250,000c. $3,750,000 d. $4,200,000.Explain why the after-tax cashflow is the cash inflow in this project.A firm can purchase a centrifugal separator (5-year MACRS property) for $22,000. The estimated salvage value is $4,000 after a useful life of six years. Operating and maintenance (O&M) costs for the first year are expected to be $2,200. These O&M costs are projected to increase by $1,000 per year each year thereafter. The income tax rate is 24% and the MARR is 11% after taxes. What must the uniform annual benefits be for the purchase of the centrifugal separator to be economical on an after-tax basis?
- Which statement accurately describes the correct tax treatment. a. The percentage of bad and doubtful debts at year-end is an estimate and allowable as it is specific bad debts provision. No adjustment is made to the income tax computation. b. If refunds from income tax of $150,000 included in revenue – the amount is subtracted in the income tax computation because the amount should have been credited to a tax recoverable account rather than to the profit and loss. Some countries specifically state that this is not a taxable income. c. Legal expenses for debt recovery are not allowed. We add this back in the income tax computation. d. Donation to the football club is an allowable expense for income tax purposes as the football club is a registered club. Therefore, we could not add this back in the income tax computation.How much is the combined incremental tax rate (state and federal) for a company located in the state of North Carolina where the state tax rate is 0.06 (in decimal, not percent)? Express response in decimals and 3 places. Do not express an answer in percentage.Ed and Wendy are a married couple with no children. Each earns $75,000 per year, and their combined household adjusted gross income is $150,000. John and Kristen also have $150,000 in combined household adjusted gross income and no children. However, John earns all of the income; Kristen does not work. The standard deduction for married couples filing jointly is $24,800, and $12,400 for a single taxpayer. For married filing jointly, Taxable Income Over Rates $0 10 $19,750 12 $80,250 22 For Unmarried Individuals, Taxable Income Over Rates $0 10 $9,875 12 $40,125 22 Use the 2020 tax rates for married couples filing jointly to compute how much income tax each couple owes. Assume that both take the standard deduction. [5] b. Does either couple pay a “marriage tax?” Does either couple receive a “marriage benefit?”