Two reason why expenses may not be deductiable for income tax/ corporatiion tax purposes.
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Two reason why expenses may not be deductiable for income tax/ corporatiion tax purposes.
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- The definition of gross income in the tax law is: All items specifically listed as income in the tax law All cash payments received for goods provided and services performed All income from whatever source derived All income from whatever source derived unless the income is earned illegallyExplain two main reasons why expenses may not be deductible for income tax/corporation tax purposesExplain two reasons why expenses may not be deductible for income tax/corporation tax purposes
- Explain four main reasons expenses may not be deductible for incometax/corporation tax purposes. RegardsGood day Explain three main reasons expenses may not be deductible for incometax/corporation tax purposes. RegardsFor tax purposes, one of the requirements to recognize income is: A) The transaction does not have to be completed. B) The income cannot be tax-exempt. OC) The transaction does not have to have an economic benefit. J D) None of these.
- Some items are treated as a deduction for tax purposes when they are paid but are recognised as expenses when they are accrued for accounting purposes. Which of the following items are of that type? a. Warranty costs b. Goodwill impairment c. Fines d. Entertainment expenses e. Prepaid insuranceWhat types of ordinary and statutory income do not constitute assessable income?What is deferred income tax expense?
- What is an ‘exempt income’ and how does it affect the calculation or recovery of carry‐forward tax losses?What events create permanent differences between accounting income and taxable income? What effect do these events have on the determination of income taxes payable and deferred income taxes? Identify three examples of permanent differences between accounting income and taxable income.How would you differentiate items that are exempted from gross income and items deductible from gross income?