file his annual ITR on February 2019. On May 2020, he received a notice of assessment from BIR for under payment of taxes. Thus, X file an amended ITR of 2018 due to notice from BIR. Decide. a. X cannot file an amended ITR. b. X may file an amended or answer the notice of assessment from BIR c. X must file a new ITR and pay the correct taxes d. X must file an appeal in court e. None of the above

file his annual ITR on February 2019. On May 2020, he received a notice of assessment from BIR for under payment of taxes. Thus, X file an amended ITR of 2018 due to notice from BIR. Decide. a. X cannot file an amended ITR. b. X may file an amended or answer the notice of assessment from BIR c. X must file a new ITR and pay the correct taxes d. X must file an appeal in court e. None of the above

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter1: An Introduction To Taxation And Understanding The Federal Tax Law

Section: Chapter Questions

Problem 40DQ

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Similar questions

On July 20,2019, Kelli purchases office equipment at a cost of $12,000. Kelli elects out of bonus depreciation but makes the election to expense for 2019. She is selfemployed as an attorney, and, in 2019, her business has a net income of $6,000 before considering this election to expense. Kelli has no other income or expenses for the year. What is the maximum amount that Kelli may deduct for 2019 under the election to expense, assuming she elects to expense the entire $12,000 purchase? $24,000 $12,000 $6,000 $3,000 $1,000
Dora Burch files her 2020 income tax return on March 2, 2021. She receives a nil assessment on June 3, 2021. However, on December 28, 2021, she receives a reassessment indicating that she owes a substantial amount of additional tax. She would like to object to this reassessment. What is the latest date for her to file a notice of objection? (Ignore the effect of leap year if applicable.) Select one: O A. April 30, 2022. O B. March 2, 2022. O C. December 28, 2022. O D. March 28, 2022.
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Miss Mazibuko’s assessment for the year ended 28 February 2021 shows a taxable income of R 120 000. The 2021 assessment was received at the end of January 2022 and the 2022 assessment has not been issued by SARS. She provided you with a payslip which indicates employees’ tax withheld by her employer of R 4 000. Her income is estimated to be R 100 000 for the 2023 year of assessment. Calculate the first provisional tax payment that she needs to make to SARS for the 2023 year of assessment. (NB: No spaces, no Rand sign required and round off to the nearest Rand if applicable).
A(n) Dora Burch files her 2022 income tax return on March 2, 2023. She receives an original notice of assessment dated June 3, 2023. However, on December 28, 2023, she receives a reassessment indicating that she owes a substantial amount of additional tax. She would like to object to this reassessment. What is the latest date for her to file a notice of objection? She does not carry on a business. (Ignore the business sells goods that it effect of leap year if applicable.) purchases in finished form for resale. March 2, 2024. April 30, 2024. March 28, 2024. Shy December 28, 2024.
1. A taxpayer forgot to file and pay his annual income tax return for the year 2019. He only recalled it when he received a notice of assessment from the BIR on June 15, 2020 obliging him to pay on June 30, 2020. He filed it only on August 15, 2020. In computing the interest, when should he start counting the number of days of delinquency? A. December 31, 2019 B. April 15, 2020 C. June 15, 2020 D. June 30, 2020 2. X died leaving his surviving spouse, legitimate child, recognized illegitimate child, and parents. Who inherits from X? a. Surviving spouse and legitimate child only b. Surviving spouse, legitimate child, and parents c. Surviving spouse, legitimate child, and recognized illegitimate child d. Legitimate child only 3. In donor’s taxation, which is not considered in determining the taxability of donation? A. Tax classification of the donor B. Location of the property C. Relationship of the donee to the donor D.…