unts that are made available to a taxpayer without substantial restrictions are included in gross income under which of the following legal doctrines?   Assignment of Income Doctrine   Constructive Receipt Doctrine   Cohan Doctrine   Recovery of Capital Doctrine

Q: Discuss and explain how a revenue account for one taxpayer may be of a capital nature for another…

A: Taxable Income- Taxable income is a specific portion of the revenue earned by an organization or an…

Q: TRUE OR FALSE? By forfeiture, the proceeds of the property sold are applied to satisfy the tax…

A: The tax liability is the liability which is upon the shoulders of the person who is known as the…

Q: If a person is claimed as a dependant by another taxpayer, eligible tuition and expenses paid by…

A: A tax dependent is a child or relative whose traits and relationship to you qualify you for tax…

Q: One of the following is not a requisite of a taxable income. *

A: Answer: Option (b) [ The gain must be realized or received] For Explanation refer step2

Q: Which of the following would result in the recognition of deferred tax liabilities? Select one: A.…

A: DTT (Deferred tax liability) which is recorded in the balance sheet (BS) of company and it reports…

Q: Which of the following cases would result to a Deferred Tax Asset? I – Tax Revenues Accounting…

A: Solution: Following cases would result in deferred tax asset as it will create future deductible…

Q: I. Compensation and business income are returnable income that are subject to final income tax. II.…

A: Taxable income A taxable income refers to the income on which the tax has been imposed. It is the…

Q: What is BIR Form 1701 and 1701a and its importance? What are considered as Taxable Income in BIR…

A: SOLUTION- BIR FORM NO 1701 , ALSO KNOWN AS ANNUAL INCOME INCOME TAX RETURN FOR INDIVIDUALS…

Q: What is an ‘exempt income’ and how does it affect the calculation or recovery of carry‐forward tax…

A: Any earning that is not subject to taxation is referred to as exempt income. Exempt income laws and…

Q: Access the glossary (“Master Glossary”) to answer the following. a.    What is a deferred tax asset?…

A:

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: It means income (in the broad sense) excluding income which is by statutory provisions or otherwise…

A: Exempted Income: When it comes to taxation, exempt incomes are incomes that are not taxable under…

Q: In lieu of itemizing  deductions, a taxpayer can elect to use or claim:     a. deduction for AGI…

A: Taxpayer can choose itemized deduction in lieu of standard deduction. Itemized deduction means those…

Q: at income be recognized when it is made available to the cash basis taxpayer even though there are…

A: The correct answer is  True    Explanation:  ruling is applicable only to the taxpayer who would…

Q: kable income and accounting inco epreciation expense terest expense

A: Taxable income refers to the money earned by an entity on which the government levied a mandatory…

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: In terms of the tax formula applicable to individual taxpayers, which, if any, of the following…

A: Deductions for AGI means above the line deduction which a taxpayer can deduct from his gross income…

Q: Describe the difference between the standard deduction and itemized deductions. How should a…

A: Lets understand the basics. In US taxation, there are two type of deduction specified. Tax payer can…

Q: A taxpayer can only qualify for a deduction for normal tax purposes (ignoring prohibited deductions)…

A: The General deduction formula explains the eligibility of the expense to be deducted from income.

Q: When is income recognized for a cash method taxpayer vs. an accrual taxpayer? Explain the hybrid…

A: Under the cash-receipts method, cash, property, or services are included in the taxpayer's gross…

Q: Under the cash method of tax accounting, tax deductions are taken when: a, Expenditures are made…

A: Answer: Under the cash method of tax accounting, tax deductions are taken when expenditures are…

Q: How do taxpayers determine whether they should deduct their itemized deductions or utilize the…

A: How do taxpayers determine whether they should deduct their itemized deductions or utilize the…

Q: What are the advantages of claiming the standard deduction versus itemizing deductions on your…

A: Income tax:   It is the tax every individual or company is liable to pay on the income generated…

Q: he deferred tax consequence attributable to a deductible temporary difference and operating loss…

A: Solution: Deferred tax assets are created from those temporary differences which are future…

Q: All are true except: OSD is a substitute for itemized deduction. The OSD relieves the taxpayer of…

A: In lieu of the itemised deduction of ordinary and necessary expenses paid or incurred to calculate…

Q: There is no taxable income until such income is recognized. Taxable income is recognized when the…

A: Taxable income is those income on which tax would be levied. In other words, the income on which…

Q: Indicate which of the following statements on the taxation of income from real estate under Personal…

A: Comment- We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Which one of the following is not true of itemized deductions of an individual taxpayer?…

A: The third option statement is incorrect, that is, residential interest is a common example of an…

Q: taxpayer must always include his or her state income tax refund in income. True or False

A: Income tax:-  Income tax  means whenever an assessee, in a financial year earns certain income which…

Q: If you are a tax adviser, would you advise to claim the deduction in full amount or be capitalized…

A: Claim of deduction in form of Capitalized and Depreciation If an entity opt for the deduction of…

Q: Which is NOT true? a. Deductions partake the nature of an exemption b. Exemptions are strictly…

A: Tax is the mandatory payment for the taxpayer.

Q: What are some of the reasons that the components ofincome tax expense should be disclosed and a…

A:

Q: In addition to the basic tax assessed on the taxpayer, the following civil penalties will also be…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: Expenses intended for the business and the personal use of the taxpayer must be allocated between…

A: solution concept under the income tax act the expenses related to business and the personal expenses…

Q: deferred tax asset and a deferred tax liability

A: Deferred tax asset refers to the items that were shown as a result of extra payment of taxes.…

Q: Which of the following accurately describes when a taxpayer may report capital gain/loss…

A: Capital Gain :— Sale or Transfer of Capital Assets on which Consideration is Involved resulting in a…

Q: In computing the taxable gross income of a taxpayer engaged in business and/or profession, what is…

A: When taxable income from business and profession is calculated, the already determined net operating…

Q: Briefly explain the concepts of accounting profit, taxable profit, temporary difference, taxable…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Assuming the taxpayer is a CORPORATION, how much is the OSD and net taxable income using OSD?

A: Tax Tax refers to the compulsory payment made by individuals or corporations to the government.…

Q: The Commissioner

A: TRUE The power to interpret the provisions of this Code and alternative tax laws shall be beneath…

Q: List expenses that will be deductible for normal or income tax purpose

A: The above question mainly deals with expenses that will be deductible…

Q: If an amount is ordinary income to a recipient: O it must also be a capital gain O It may also be…

A: "Since you have asked multiple question we will solve the first question for you.  If you want any…

Q: Explain what the benifit is to having tax classified under statutory income. Aside from capital…

A: Taxable income is the amount of income computed to measure the amount of taxes to be paid to the…

Q: TRUE OR FALSE The burden of proof to establish the deductibility of a particular expense item is on…

A: The burden of evidence refers to your obligation to prove the accuracy of your tax returns’ entries,…