Which of the following may not form part of the regular itemized deductions from the gross income? Allowance for depreciation under cash basis Repairs and maintenance Community tax Losses NOLCO None of the above Foreign income tax claimed as tax credit Excise tax Documentary stamp tax

Q: TRUE OR FALSE? 1st statement: Interest income must be included in the computation of gross income if…

A: Gross Income: The entire earnings a person obtains before taxes and other deductions are referred to…

Q: Which is deductible tax expense against gross income? Documentary stamp tax Donor's tax Estate…

A: Documentary stamp tax is deductible tax expense against gross Income....

Q: Deferred tax assets and deferred tax liabilities represent the tax effect of the temporary…

A: Temporary differences are those differences which are there in between carrying value of asset or…

Q: Future Tax Deductions A. Result in deferred tax liabilities. B.Rresult in deferred tax assets.…

A: Future tax deductions are the tax expenses that are to be deducted in the future period but were due…

Q: temporary difference arises when an element of income is reported for tax purposes in the period:…

A: As per IFRS deferred  tax assets and liabilities  arises on temporary  differences which  can either…

Q: Which of the follwing types of tax may not be shifted a. Percentage Tax b. Excise Tax c. Income Tax

A: The answer is Option c. Income Tax Income tax cannot be shifted.

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: Which of the following is not deductible from gross income? *   Community tax Excise tax…

A: Tax payer can deduct state and local income taxes, real property taxes, and personal property taxes…

Q: Which of the following is an example of a temporary difference which would result in a deferred tax…

A: Solution: Rent revenue collected in advance included in taxable income before it is included in…

Q: Which of the following refunds is not subject to income tax a, Local tax expense b.Special…

A: Answer: Th refund which is not subject to income tax are those amount for which earlier deduction…

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

A:

Q: Which of the following is a correct formula to compute for total income tax expense?      a. Current…

A: >There are various timing differences between pretax income and taxable income. >These timing…

Q: Difference between tax deduction and tax credit. Give example of each. Some tax credits are referred…

A: Tax: Governments levy taxes on residents to create revenue for projects that would strengthen the…

Q: An item that is considered a nondeductible item in taxable income is recognizing estimated bad debts…

A: Non deductible item in taxable income is an item which will not be considered for deduction while…

Q: Where the carrying amount of an asset or liability is different from the tax base a ‘temporary…

A: Temporary difference is occurre in one period and shall be reverse in subsequent period for tax…

Q: Under what condition deferred tax assets can be offset against deferred tax liabilities?

A: DTA stands for Deferred tax asset and DTL stands for Deferred tax liability which is integral part…

Q: or accounting and tax purposes. B. Intraperiod tax allocation is required for the effect of…

A: Option A is incorrect because Intraperiod tax allocation arises because certain temporary difference…

Q: he deferred income tax liability: Top of Form Multiple Choice Is recorded whether or not the…

A: Deferred tax asset/liability results from temporary difference between the income tax recorded and…

Q: Which of the following statements is NOT correct?

A: The answer for the multiple choice question and relevant explanation are presented hereunder :

Q: Which of the following temporary differences results in a deferred tax asset in the year the…

A:

Q: A deductible temporary difference leads to the payment of:   Select one: A. less tax in the…

A: The question is related to Taxes on Income.There are two types of deferred tax- (i) Deferred tax…

Q: Intra-period tax allocation is the allocation of the total income tax expense to the various…

A: The answer for the True or false question and relevant explanation are presented hereunder : In Tax…

Q: Which of the following statements is incorrect with respect to determining current E & P? a.…

A: Exempted income are not added backe for calculating taxable income,

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: Which of the following is true in respect of deferred tax liabilities? None of the listed choices…

A: Deferred tax liability is a liability that is created due to a difference is due and payment cycle…

Q: A temporary difference which would result in a deferred tax liability is O excess of tax…

A: Introduction:- A deferred tax liability represents an obligation to pay taxes in the future.…

Q: (Identify Temporary or Permanent Differences) Listed below are items that are commonly accounted for…

A: Given information is: We have to identify for the given cases that in which option they pertains to:…

Q: temporary difference Interest earned on investments in tax-exempt government securities. Interest…

A: Nondeductible expenses refer to those expenses which a company can subtract from its income in order…

Q: A deferred tax liability (or asset) is described as the tax effect of the temporary difference…

A: A deferred tax adjustment is prevalent where there is a temporary difference in the book value and…

Q: his is an item in the balance sheet relating to the unpaid portion of an income already taxed.…

A: Answer: Balance sheet consists of assets and liabilities as part of financials.

Q: Listed below are items that are commonly accounted for differently for financial reporting purposes…

A: Financial accounting refers to the accounting which helps in keeping a logical as well as systematic…

Q: The deferred tax expense is the Select one: a. decrease in balance of deferred tax asset minus…

A: Lets understand the basics. When there is taxable temporary difference between the book profit and…

Q: Which of the following is false? (a) Under GAAP, deferred taxes are reported based on the…

A: Liabilities that may occur in the future depending on the outcome of the future event are termed as…

Q: A temporary difference that would not result in a deferred tax asset but not a permanent difference?…

A: Solution: A temporary difference that would not result in a deferred tax asset but not a permanent…

Q: Temporary differences result in future taxable or deductible amounts when the related asset or…

A: Permanent difference refers to those differences that are caused by transactions and events that…

Q: This is not a requisite for business expense to be deductible. Group of answer choices It must be…

A: Business expenses are those expenses incurred in a business organization by carrying on the normal…

Q: Because income from fixed income assets is taxed at a higher income tax rate than capital gains and…

A: Capital gain is the revenue generated from selling the assets either long term assets and short term…

Q: nonmonetary?

A: Nonmonetary items are the items that are subject to change in value over a period of time. These…

Q: An excess tax depreciation will result to a deferred tax liability.

A: In many countries, companies maintain two sets of books of accounts for financial and tax purposes.…

Q: 1 contiune Listed below are items that are commonly accounted for differently for financial…

A: Sometimes there is some difference in taxable income and accounting income. They will result into…

Q: Which temporary difference would result in a deferred tax asset? a. Tax penalty or surcharge b.…

A: For an assets, the deferred tax asset arise when carrying amount of asset is lower than it's tax…

Q: How does the Income received from tax free government bonds effect the calculation of deferred…

A: Tax free government  bonds means those  bonds which  pays interest  which is tax free, that is not…

Q: Which of the following statements is correct with regard to IFRS and GAAP? a.    Under GAAP, all…

A: Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create…

Q: Nonordinary items resulting in income or loss a. include unusual but not infrequent gains. b.…

A: The written documents that describe a company's operations and financial performance are known as…

Q: The FASB has defined several terms in regard to accounting for income taxes. Below are various code…

A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

Q: Which of the following is a temporary difference that normally is recognized for accounting purposes…

A: Temporary difference is the difference between when the revenue and expenses are  reported for…