Which of the following inherent limitations of the power of taxation is violated by the imposition of tax on the importation of the head of states and other diplomatic or consular representatives of other countries?

Which of the following inherent limitations of the power of taxation is violated by the imposition of tax on the importation of the head of states and other diplomatic or consular representatives of other countries?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter15: Choice Of Business Entity—other Considerations

Section: Chapter Questions

Problem 39DQ

See similar textbooks

Related questions

Q: ught a new equipment for P220,000 and used it for 10 years, the life span of the equipment. What is…

A: Depreciation is the amount which is to be reduced from value of assets to recognize the normal…

Q: Can someone help me with the part b and c please?

A: Direct material usage variance is otherwise called as Direct Material Quantity variance. It is a…

Q: AUBURN Corporation had 120,000 of ordinary shares issued and January 2 of the same year, the company…

A: Earnings per share represent the earnings held in hands of each shareholder of the company. It is…

Q: On October 1, 2021, Chrysanthemum Co. purchased equipment by issuing a four-year, 9% promissory note…

A: Lets understand the basics. When any asset is purchase against notes payable then asset needs to be…

Q: FINANCIAL STATEMENT ANALYSIS AND RATIO ANALYSIS The following are the balance sheet and income…

A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or…

Q: FIERY Company's December 31 year-end financial statements had the following errors: December 31,…

A: The amount of net profit remaining after dividends have been distributed out to the company 's…

Q: At the beginning of current year, BLACKPINK Company had 480,000 $60 par value ordinary shares and…

A: Diluted earnings per share (Diluted EPS) : Diluted EPS is the company's earnings per share if all…

Q: What are liabilities that will be due within a short time (usually one year or less) and that are to…

A: Today we are going to discuss the three primary types of liabilities which include: short-term…

Q: 4. Evaluate the firm's short-term solvency for 1998 by computing: a. Working Capital b. Current…

A: Solution:- a)Calculation of working capital as follows under:- Working capital is the difference…

Q: At the beginning of current year, BLACKPINK Company had 480,000 $60 par value ordinary shares and…

A: Formula: Basic earnings per share = (Net income - Preferred dividend)/ Weighted average number of…

Q: Prepare entries for accumulating manufacturing costs. BE3-3 (LO 2) During January, its first month…

A: Purchase on account means credit purchases.

Q: How much is the cumulative effect of this change that should be reported in the income statement for…

A: The question is related to Change in Accounting Policy. Accounting Policy are the principles and…

Q: 16. Which of the following statements is correct? a. A standard cost system can never be used in…

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

Q: On January 1, 2022, ABC Organization, a non-profit private organization, received the gift of a…

A: On January 1, 2022, ABC Organization booked the building at the fair value at date of donation i.e.…

Q: In 2021, Southwestern Corporation completed the treasury stock transactions listed below.…

A: Introduction: The cost method is one of the most conservative methods of accounting for investments…

Q: On January 1, 2020, Blossom Corporation had 106,000 shares of no-par common stock issued. 5,000…

A: Cash dividend = Number of shares outstanding × Dividend per share = (106000-5000+10000) ×$1 = 111000…

Q: Villi Manufacturing Corporation's most recent sales budget indicates the following expected sales…

A: Formulas: Expected no. of units produced = Expected unit sales + Desired ending inventory -…

Q: 5.) How much is adjusted Supplies on December 31, 2021?

A: The trial balance is a type of worksheet in which all the ledger accounts are entered on the debit…

Q: Discuss who perpetrates fraud and why it occurs, including the pressures, opportunities, and…

A: Fraud- Fraud is an intentionally carried out event that is illegal and unethical, but the…

Q: Use the following information to answer the next four (4) items Based on your audit of the financial…

A: A prior period error is an omission from, or a misstatement of, prior-period financial statements.…

Q: Lace Company provided the following information during the current year: 500,000 Dividend received…

A: The statement of cash flows is a part of the financial statement, it is prepared to know the cash…

Q: AUSTERE Co. owns 20% of the ordinary shares of SEVERE, Inc. SEVERE additiona redeemable preference…

A: Explanation of concept Preference Shares are the shares which have been issued with preference right…

Q: 3. How much is the cumulative effect of this change that should be reported in the income statement…

A: The question is related to Change in Accounting Policy. Accounting Policy are the principles and…

Q: Answer the following Questions Question 1: (B1& C2&D3) The following items were taken from the…

A: Balance sheet is one of the statement of financial position which shows all assets, all liabilities…

Q: what are the pro and cons for traditional budgeting?

A: Traditional Budgeting Traditional budgeting which provides the budgetary requirement of the business…

Q: What is the net effect of the errors in FIERY’s December 31 retained earnings balance? A.…

A: Retained earning means the amount left in business after paying all expenses and dividend to…

Q: Elliptical Consulting Adjusted Trial Balance For the Year Ended June 30, 2019 Account Title…

A: Current Assets :- Current assets are a company's short term assets, which can be easily liquidated…

Q: Suppose that today's price of ABC stock is $100 and it is known that price moves up or down by a…

A: Given here annual variance of the underlying stock prices is 36%, Volatality is square root…

Q: 2. What should be reported in a hyper-inflationary statement of financial position prepared on…

A: The carrying value of the assets is inflated as per the inflation index to be shown in the…

Q: The complete accounting process that begins with analyzing and journalizing transactions and ends…

A: The eight steps of the accounting cycle are as follows: identifying transactions, recording…

Q: 6. What is the depreciation expense for the year ended December 31, 2021? BLACK JACK Company…

A: Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of the…

Q: 3. Ignoring income tax, by what amount should shareholders’ equity be increased for 2021 and 2022…

Q: Eren Retail Company was recently created with a beginning cash balance of P12,000. The owner expects…

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

Q: The records of Now United Department Store report the following data for the month of January 2020:…

A: Inventory refers to raw materials that is used in production of final goods during an accounting…

Q: The trial balance prepared after all the adjusting entries have been posted is called what? Group of…

A: An adjusted trial balance is a listing of the ending balances in all accounts after adjusting…

Q: Fulton Family Farms produces $190 worth of corn and sells it to Apna Popcorn Co. Apna Popcorn Co.…

A: >Value addition is done by the businesses in various form.>A manufacturer, for example, added…

Q: erizon Communications has a defined benefit pension plan with the following information: 2021…

A: Pension expenses is the amount that a business charges to expenses in relation to its liabilities…

Q: How is the account Cash classified and what kind of balance should it have?

A: Cash is covered under the definition of current of asset Assets generally have a debit balance

Q: See

A: a. Share Capital – Ordinary as of December 31, 2021 - P1689600 b. Share Premium – Ordinary…

Q: BLACK JACK Company purchased an automotive equipment on June 30, 2018 for P3,000,000. At the date of…

A: Depreciation is charged on the value of fixed assets due to normal usage , wear and tear and change…

Q: 3. The elements of CVP analysis include the following, except a. total fixed costs. b. unit variable…

A: Lets understand the basics. CVP analysis is abbreviation of cost - volume profit analysis. It is a…

Q: A. Cotton serviced for P75,000, on account. She mistakenly recorded the promise to pay as 57,000 to…

A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…

Q: At the beginning of current year, BLACKPINK Company had 480,000 $60 par value ordinary shares and…

A: Formula: Basic earnings per share = (Net income - Preferred dividend)/ Weighted average number of…

Q: The following events occurred for Favata Company: a. Received $10,000 cash from owners and issued…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: On March 31, 2021: Job #678 was the only job in process with accumulated costs of…

A: Finished Goods Inventory refers to Cost of Goods completed during the year from Production but not…

Q: BLACK JACK Company purchased an automotive equipment on June 30, 2018 for $3,000,000. At the date of…

A: Depreciation formula as per straight line method = (Cost- residual value)/useful life

Q: BLACK JACK Company purchased an automotive equipment on June 30, 2018 for $3,000,000. At the date of…

A: Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of the…

Q: x Bb Microso X (26) JA X Blackbo X Content X WP NWP As X NWP As X Content X WP NWP As X…

Q: FINANCIAL STATEMENT ANALYSIS AND RATIO ANALYSIS The following are the balance sheet and income…

A: If we have to evaluate the vertical analysis of the financial position then we have to use the…

Q: ou have 3 accounts: Account A has a $100 balance and a $300 credit limit. Account B has a $100…

A: Credit Limit - Credit Limit is the maximum amount one can borrowed as per the credit score of the…

Question

100%

Which of the following inherent limitations of the power of taxation is
violated by the imposition of tax on the importation of the head of states
and other diplomatic or consular representatives of other countries?
a. Territoriality
b. International comity
c. Exemption of government from taxes
d. Non-delegation of power of taxation

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The legislative body cannot impose tax upon income of certain persons outside Philippine jurisdiction due to this principle. Group of answer choices a. International comity b. Reciprocity c. Territoriality d. Inherent limitation of taxation
The legislative body cannot impose tax upon income of certain persons outside Philippine jurisdiction due to this principle. Territoriality International comity Reciprocity Inherent limitation of taxation
Which of the following is not an exclusion from gross income? A. Income of government propertiesB. Income taxes collected by the BIRC. SSS benefitsD. Dividend income payable to a foreign government
Income of kind, to the extent required by any treaty obligation binding upon theGovernment of the Philippines is exempt from income taxation. a.true b.false
Pursuant to the Foreign Account Tax Compliance Act, foreign financial institutions will have to report directly to the IRS certain information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. Proper compliance will require specific information intended to preclude U.S. taxpayer investors to utilize such investment vehicles to obtain potentially tax-exempt benefits intended for foreign taxpayers. Failure to properly comply will result in a 30% withholding tax with respect to payments flowing outside the U.S. Group of answer choices True False
Which of the following statements are correct? i. A tax is a statutory obligation that is imposed by an act of parliament in a country. ii. A tax is any deduction taken from a person’s salary by the government. iii. Taxation is the major source of government income. iv. Direct and indirect taxes are the two broad categories of taxation.
Why does the United States negotiate income tax treaties with other countries?
It is the obligation of compulsory taxes on individuals or corporations by governments. Taxes are imposed by most countries in the world, primarily to raise revenue for government expenditures, although they serve other purposes. a. Taxation b. Government Revenues c. Government Assessment
Which of the following statements are correct? i. A tax resident is normally liable to tax on their worldwide, profits, income, and gains, whether received. ii. Non-residents are generally liable to tax on certain income and profits generated from sources within the country. iii. A domiciled taxpayer is normally liable to tax on their worldwide, profits, income, and gains, whether received. iv. Tax is imposed on certain sources of income, such as interest, dividends, royalties, and fees, by way of withholding tax. a. i, ii and iv b. i only c. All of the above d. i, iii and iv
What are two separate events (may be domestic or international) that were influenced by U.S. income tax laws.?
1. Which is the most accurate definition of income in the Philippines? Group of answer choices Is the process or means by which through the sovereign, through its law-making body, imposes burdens upon subjects and objects within its jurisdiction for the purpose of raising revenues to carry out its legitimage objects of government. Basta pag kumita tataxan Pertinent items of gross income specified in this Code, less deductions, if any, authorized for such types of income by this Code or other special laws. Is the flow of wealth other than by a mere source of capital. 2. The power to tax is provided for by the Constitution, the National Internal Revenue Code, Special Laws, and administrative revenue issuances. Group of answer choices True False 3. Local Government Units, being limited in power, has the power to tax its constituents. Group of answer choices True False 4. The BIR need to assess a taxpayer for payment of taxes Group of answer choices True…
Compute the tax due if the corporation is a resident foreign corporation not availing OSD.