Chapter 7.4, Problem 1CQ

1. If there is a conflict between a BIR Ruling and a Revenue Memorandum Ruling, which will prevail? 2.Which tax system impacts more on the rich people, and why does it impacts them more?

Which of the following types of expenses is deductible? Group of answer choices   A.Bribes & Illegal Kickbacks B.Expenses related to Tax-Exempt Income C.Political Contributions D.Contingency Attorney Fees

In case the debtor does not make the application of payment nor the creditor does not also state in which application of payment of payment is made, then application is made by operation of law. True False

Do you believe that Bills of exchange cannot be voided? Yes, or No, and Why?

In what circumstances can a taxpayer challenge an assessment outside the ordinary appeal process. Discussion should be strictly based on statutory and common law. Explain briefly.