TRUE OR FALSE? By seizure, no part of the proceeds goes to the taxpayer because the property is confiscated in favour of the government.
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TRUE OR FALSE?
By seizure, no part of the proceeds goes to the taxpayer because the property is confiscated in favour of the government.
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- TRUE OR FALSE? The object of distraint may either be personal and/or real properties of a delinquent taxpayer.TRUE OR FALSE? By forfeiture, the proceeds of the property sold are applied to satisfy the tax liability of the taxpayer and the excess shall be returned to the taxpayer.Why might it be more advantageous for a taxpayer to demonstrate that they ... Why might it be more advantageous for a taxpayer to demonstrate that they have realised a capital gain, rather than a profit from buying and selling an asset? O a. Capital gains does not apply where the person disposing of the asset did not purchase the asset for profit making purposes. O b. Capital gains can be deferred indefinitely by a taxpayer, until they actually make a capital loss. O c. A capital gain on the disposal of an asset is not subject to tax if the amount was realised for non-business purposes. O d. If a capital gain, then CGT is levied against the difference of the cost base and the disposal amount, and a 50% discount may be available to a non company taxpayer. Which statement is correct? Which statement is correct? O a. A company is resident of Australia if it is incorporated in New South Wales O b. The ATO determines which taxpayers are residents or non-residents through its rulings program…
- A taxpayer gives the following reasons in refusing to pay a tax. Which of these reasons is not acceptable for legally refusing to pay the tax? That he has been deprived of due process of law. That the prescriptive period for the tax has elapsed. That he derives no benefit from the tax. That there is lack of territorial jurisdiction.The following reasons may be given by a taxpayer in refusing to pay his tax liability. Which is not acceptable for legally refusing to pay the tax? o That he will derived no benefit from the tax. o That he has been deprived of due process of law o That the prescription period for the collection of tax has lapsed. o That there is lack of territorial jurisdiction (And please explain the reason why, thank you)Which of the following is accurate regarding a real estate foreclosure transaction? A A foreclosure transaction can never involve recourse debt. B A foreclosure transaction can never involve nonrecoursedebt. C A foreclosure transaction has no federal income taxconsequences for the borrower. D A foreclosure transaction can have significant federalincome tax consequences for the borrower.
- Will you be imprisoned for non-payment of tax? Is it absolute?Which of the following statements is wrong? a) The sale of a principal residence may be exempt from capital gains taxation. b) The sale or a real property to the government may be subject to regular income taxation. c) Capital gains on the sale of real property located in the Philippines and held as capital asset is based on presumed gains d) None of the aboveWhich of the following statements is correct? When depreciable property is gifted to another individual taxpayer, the depreciation recapture potential is extinguished. When depreciable property is inherited by a taxpayer, the depreciation recapture potential is extinguished. When corporate depreciable property is distributed as a dividend, the depreciation recapture potential is generally not recognized. When depreciable property is contributed to charity, the depreciation recapture potential has no effect on the amount of the charitable contribution deduction. All of the above are correct.
- The constructive receipt doctrine requires that income be recognized when it is made available to the cash basis taxpayer even though there are restrictions on actually receiving it. The constructive receipt doctrine does not apply to accrual basis taxpayers. True FalseA taxpayer who acquired property in a related party transaction where a loss is realized cannot use the disallowed loss to later create a loss on the sale of that property. True or falseGovernmental units have the right to seize property for nonpayment of taxes, but they are often unwilling to do this, especially when the property is residential property. a. False b. True