Which of the following statements is/are correct? I. Tax evasion in one year can be offset by paying excessive taxes in the following year. II. Taxation can be exercised by local government units even without a previous constitutional authority III. Tax laws should always be aimed at revenue collection. IV. A tax is a voluntary donation to the government. V. The salary of the President of the Philippines is not subject to income tax. Group of answer choices Answer not given I, IV and V All statements are correct IV and V II, III and V III, IV and V All statements are incorrect

Which of the following statements is/are correct? I. Tax evasion in one year can be offset by paying excessive taxes in the following year. II. Taxation can be exercised by local government units even without a previous constitutional authority III. Tax laws should always be aimed at revenue collection. IV. A tax is a voluntary donation to the government. V. The salary of the President of the Philippines is not subject to income tax. Group of answer choices Answer not given I, IV and V All statements are correct IV and V II, III and V III, IV and V All statements are incorrect

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter24: Multistate Corporate Taxation

Section: Chapter Questions

Problem 12DQ

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LO.3, 4, 5 Using the legend provided below, classify each statement under 2019 tax law. a. A foreign tax credit is available. b. The deduction of charitable contributions is subject to percentage limitation(s). c. Excess charitable contributions can be carried forward for five years. d. On the contribution of inventory to charity, the full amount of any appreciation can be claimed as a deduction. e. Excess capital losses can be carried forward indefinitely. f. Excess capital losses cannot be carried back. g. A net short-term capital gain is subject to the same tax rate as ordinary income. h. The deduction for qualified business income may be available. i. A dividends received deduction is available. j. The like-kind exchange provisions of 1031 are available. k. A taxpayer with a fiscal year of May 1April 30 has a due date for filing a Federal income tax return of July 15. l. Estimated Federal income tax payments may be required.
1.) Which theory of taxation states that without taxes, a government would be paralyzed for lack of power to activate and operate it, resulting in its destruction? a. Lifeblood theory b. Reciprocity Theory c. Symbiotic theory 2.) Which type of tax is already repealed by the CREATE Act? a. Regular Corporate Income Tax b. Minimum Corporate Income Tax c. Improperly Accumulated Earnings Tax d. Percentage Tax
Please answer asap,i will rate u thanks! Settled is the rule that in tax matters, the government is not estopped by the errors or mistakes committed by its agents or officers. This should be construed to mean that: a) The state may still collect prescribed taxes. b) BIR can still present evidence to prove as¬sessment. c) The power to tax is plenary and compre¬hensive. d) The power to tax is supreme and unlimited.
Hi, can you explain how does this aspect affects the U.S economy? Tax rates. The new law imposes a new tax rate structure with seven tax brackets: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. The top rate was reduced from 39.6% to 37% and applies to taxable income above $500,000 for single taxpayers, and $600,000 for married couples filing jointly. The rates applicable to net capital gains and qualified dividends were not changed. The “kiddie tax” rules were simplified. The net unearned income of a child subject to the rules will be taxed at the capital gain and ordinary income rates that apply to trusts and estates. Thus, the child’s tax is unaffected by the parent’s tax situation or the unearned income of any siblings.
Which of the following statements is (are) correct? (x) Part of the administrative burden of a tax is the cost of implementing and administering government programs that use the tax revenue that is collected (y) A tax loophole occurs when tax laws give preferential treatment to specific types of behavior. (z) A mortgage interest deduction would be considered a tax loophole because it allows home purchasers to reduce their tax liability when they pay mortgage interest. A. (x), (y) and (z) B. (x) and (y) only C. (x) and (z) only D. (y) and (z) only E. (y) only
Which of the following statements is incorrect? * A. If 5% special tax on gross income is granted to taxpayers, they are not required to remit compensation taxes of their employees.. B. If 5% special tax on gross income is granted to taxpayers, they are not required to pay business permits. C. If 5% special tax on gross income is granted to taxpayers, they are not required to pay value added tax. D. Resident foreign corporations may be exempted from paying income tax.
8 Which of the following statements is/are correct?I. The test for exemption from real property tax of private educational institutions is its use and not ownership.II. As a general rule, a tax exemption is an act of liberality which can be revoked by the government.III. Taxes are paid only by those who are directly benefiting from the government.IV. All revenue bills must originate from the Senate.V. All laws granting tax exemption must be approved by a two-thirds (2/3) vote of all the members of the Congress. Group of answer choices Answer not given I, III, IV and V All statements are incorrect All statements are correct I and II II, III, IV and V I, II and IV
Which of the following is not an underlying objective of the income tax laws? A. Income tax laws enable the government to regulate the health of the economy. B. Income tax laws are designed to converge with U.S. GAAP rules. C. Income tax laws enable the government to assist certain members of society who are viewed as deserving help. D. Income tax laws are designed to raise money for the operation of the federal government.
11. Due to the enactment of the CREATE Law, some provisions therein produced confusions on the part of the taxpayers. To clarify certain matters, the Commissioner of Internal Revenue may issue: A. Revenue Regulations B. Revenue Memorandum Order C. Revenue Memorandum Circular D. Revenue Rulings 12. The government, beginning January 2021, temporarily imposed what is called Safeguard Tax (SG Tax) on certain imported motor vehicles to minimize the influx of foreign-made vehicles to the detriment of local manufacturers. The purpose of the imposition of the SG Tax is based on A. Primary purpose of taxation B. Fiscal purpose C. Regulatory purpose D. Sumptuary purpose 13. Which of the following is not among the powers of the Commissioner? I. Issue Revenue Regulations II. Offer Voluntary Assessment and Payment Programs (VAPP) to taxpayers with delinquent accounts for a specific year or period III. Offer estate tax amnesty to taxpayers IV. Require taxpayers to file Related Party Transaction…
6. A new comprehensive tax reform was enacted by the Congress of the Philippines. To effectively implement the law, the Secretary of the Department of Finance will most likelyissue:a.Revenue Memorandum Circularsb. Revenue Memorandum Ordersc.Revenue Memorandum Rulingsd. Revenue Regulations
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