SOUTH-WEST..ESSEN.OF TAX.2020-TEXT
23rd Edition
ISBN: 9780357109199
Author: Nellen
Publisher: CENGAGE L
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Which one of the following statements is NOT correct about taxation?
(A) Taxes produce revenue for government operations.
(B) Itemized deductions provide a larger deduction amount than the standard deduction.
(C) Taxation is used to influence the behavior of individuals, businesses, nonprofit entities, and even the government.
(D) Tax rates and deductions are impacted by a taxpayer’s filing status.
Which of the following is not a tax preference or adjustment item for the individual alternative minimum tax computation?
a. Depreciation of certain assets
b. State income taxes
c. State income tax refunds
d. Private activity bond intereste.
e. All of the above are adjustments or tax preference items
Which of the following constitute a tax and why?
l Payment for driver’s license?
l Payment for required (by government) house appraisal?
l Payment for hotel use of 1% of bill to pay for city projects.
l Payment for rental car use of 3% of bill to pay for the roads.
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- Instead of providing the qualified business income deduction to owners of noncorporate businesses, Congress could have applied a special tax rate to the business income to achieve a similar result. True Falsearrow_forward1Which of the following can be delegated outside the legislative branch? * Determining the purpose of tax Determining the kind of tax to be imposed Computation of the amount of tax to be paid by the taxpayer Determining the articles to be the subject of tax 2Which of the following identifies the correct situs of taxation? * Property tax – where the owner resides Community tax – where the taxpayer resides VAT – where the seller resides All of the abovearrow_forwardWhich of the following is not a true statement regarding revenues from various types of nonexchange transactions? Derived tax revenues occur as a result of sales and or income tax. Imposed nonexchange revenues consist of only fines and penalties assessed by the governing agency. Government mandated nonexchange transactions includes grants from the federal government to the local public-school system for a free lunch program. Voluntary nonexchange transactions can originate from a governmental agency or private citizen organization. Imposed nonexchange transactions revenue recognition is made in the time period when the resulting resources are required to be used or in the first period in which use is permitted.arrow_forward
- A “tax” has been defined as a compulsory payment which is made to a governmental authority and a. Which is not penalty or fine b. Which is paid in exchange for specific benefit to the taxpayer c. Which is to be used for the public good. d. Two of the above.arrow_forwardUnder what condition deferred tax assets can be offset against deferred tax liabilities? Give An excellent explanation of the condition for off-setting the deferred tax assets with deferred tax liability has been provided with specific reference to section of AASB.arrow_forwardWhich of the following best reflects the ability-to-pay philosophy of taxation? a tax on residential property a progressive income tax an excise tax on gasoline an excise tax on coffeearrow_forward
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