The Inland Revenue is bounded by a previous assessment and cannot make new assessment within the statutory period if it already made an assessment for that period. Select one: True False
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The Inland Revenue is bounded by a previous assessment and cannot make new assessment within the statutory period if it already made an assessment for that period.
Select one:
True
False
Step by step
Solved in 3 steps
- Which of the following is not an administrative remedy available to the government? a. Assessment b. Distraint C. Tax Avoidance D. Tax LienWhich of the following is a temporary difference that normally is recognized for accounting purposes before being reported as an expense for tax purposes? Unearned revenue Product warranty costs Depreciation Fines resulting from violations of the law.describe the valuation allowance for deferred tax assets—when it is required and what impact it has on fi nancial statements;
- An income tax is an example of which of the following?a. Derived tax revenue.b. Imposed nonexchange revenue.c. Government-mandated nonexchange revenue.d. Voluntary nonexchange transactionA temporary difference that would not result in a deferred tax asset but not a permanent difference? accrual of commission income. interest revenue on government bonds. excess of financial depreciation over tax depreciation. accrued warranty expense.An income tax is an example of which of the following? Derived tax revenue. Imposed nonexchange revenue. Government-mandated nonexchange revenue. Voluntary nonexchange transaction.
- For a cash basis taxpayer, income that has not actually been received by the taxpayer is taxed as though it had been received, thus income is considered constructively received when (mark apply that apply): A. The constructive receipt doctrine does not apply to income the taxpayer is not yet entitled to receive. B. The purpose of the constructive receipt doctrine is to prevent a cash basis taxpayer from deferring the recognition of income that, although not yet received, has been made practically available to the taxpayer. OC. The taxpayer's actual receipt is not subject to substantial limitations or restrictions. D. The amount is made readily available to the taxpayer. E. None of these are true.20. A temporary difference arises when a revenue item is reported for tax purposes in a period After it is reportedin financial income Before it is reportedin financial income No Yes No No Yes No Yes YesA temporary difference that would not result in a deferred tax asset but not a permanent difference? a. accrual of commission income. b. excess of financial depreciation over tax depreciation. c. interest revenue on government bonds. d. accrued warranty expense.
