In lieu of itemizing  deductions, a taxpayer can elect to use or claim:     a. deduction for AGI     b. The standard deduction.       c. Itemized deduction.     d. Gross deduction.

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: Among the highlights of train law, which do you think is advantageous for the taxpayer? Explain

A: Tax is the compulsory payment made by one person to its government.

Q: Which of the following cases would result in a Deferred Tax Liability? I – CA of Asset > TB of Asset…

A: Solution: following cases would result in a Deferred Tax Liability as they will create future…

Q: Income is taxable, unless specifically included in the IRS.  What are some examples of tax…

A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…

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: A taxable person is a person who is registered for purposes of the Value Added Tax Act, 2013 (Act…

A: Value-added tax: It is the tax that is deducted at every stage of production when an additional…

Q: What AMT adjustment items are likely to affect all taxpayers who itemize their deductions? Please…

A: AMT(ALTERNATE MINIMUM TAX) The purpose of AMT is to ensure everyone pays a minimum amount of tax. It…

Q: Which of the following payments made by tenant would NOT be included as consideration for property…

A: Refundable deposit would not be included in consideration payment by tenant for property tax…

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: Which is FALSE in partial disposition of estate? O The taxpayer is required to execute an…

A: If any property obtained from inherited or from a deceased person which shall not have any legal…

Q: True (t) or False (f) ______ The IRS does not require the taxpayer to use the same depreciation…

A: Due to various reasons such as normal wear & tear, obsolescence, change in technology, etc., the…

Q: It is the exploitation by the taxpayer of legally permissible alternative tax rates or methods of…

A: Tax is referred as the financial charges which is imposed by government on an individual’s income or…

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: Question: What are the tax consequences to A and to B as a result of these transactions? Be sure to…

A:

Q: Which of the following tax remedies is both beneficial to the government and taxpayer? a. Tax lien…

A: In the era of growing global economy and complexities of tax laws, tax payers quite often tends to…

Q: Taxable income is  a) gross income less deductions  b) total income excluding exempt less…

A: Taxable income is the income on which tax is computed.

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: In almost all cases, making contributions to an RRSP will provide the deferral of income tax. In…

A: Introduction: RRSP (Registered Retirement Savings Plan): A (RRSP) is a retirement funds plan where…

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: A taxpayer may pay percentage tax, and VAT at the same time O True O False

A: Value Added Tax is a tax that is levied on the services and goods and paid to the government by the…

Q: How do you call a deductible temporary difference? a. Current tax asset. b. Deferred tax asset.…

A: As per IAS 12  The amount of the income taxes which will be Recoverable in future period in respect…

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

A: Tax deductions are defined as the deductions that are used to lower the tax liability of a person or…

Q: What is the FICA tax liability status of pretax contributions to a qualified deferred compensation…

A: FICA tax refers to the Federal Insurance Contribution Act tax which is Country U.S law that creates…

Q: 14. If the taxpayer failed to pay the tax demanded per final assessment, the government may exercise…

A: Distraint and levy cannot be simultaneously.

Q: unts that are made available to a taxpayer without substantial restrictions are included in gross…

A: In income tax there are different types of doctrine for different types of recognition of income and…

Q: U.S. form 1040 or 1040EZ is the form for an individual tax retum. O True O False

A: Answer -  The IRS 1040 form of Income tax return is one of the official documents that U.S.…

Q: Which one of the following is not deductible when itemizing a, State income tax b, Real property…

A: Itemized deductions are used by the taxpayers if they are higher than standard deductions so that…

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: refunded, this is taxable Estate tax Donor’s tax Special assessment Fringe benefit tax

A: If refunded this is taxable under the head special assessment ....

Q: Which of the following statements is not correct?*   a. The OSD is an amount equal to 40% of the…

A: Optional standard deduction is the one which is availed by the taxpayer to be subtracted from the…

Q: Personal expenses are deductions:     a. for AGI     b. always deductible.     c. Deductions…

A: Personal expenses are always not deductible. Personal expenses are incurred for personal purpose…

Q: Which of the following is not a source of support for the realization of a deferred tax asset?…

A: Future expiration of temporary exemptions is not a source of support for the realization of a…

Q: Briefly explain the precise difference between a refundable vs. a nonrefundable tax credit. Provide…

A: A refundable tax credit is a tax credit that is refundable. First, a refundable tax credit is used…

Q: Explain when a full tax invoice and an abridged tax invoice is requir

A: A tax invoice is a statement issued for the delivery of taxable goods and services. A tax invoice…

Q: Statement I: An expense which is necessary but not ordinary, or ordinary but not necessary is…

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

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,…