hich is not a requisite for deductibility in general? Group of answer choices subjected to withh

Q: How does the cash basis method of accounting benefit small business owners, if at all?   Under…

A: "Since you have asked three independent questions, the first question was answered for you. If you…

Q: TRUE OR FALSE? 1st statement: Interest income must be included in the computation of gross income if…

A: Gross Income: The entire earnings a person obtains before taxes and other deductions are referred to…

Q: What do you think is the reason why governments grants "exclusion from the gross income

A: Possible reasons why government grants exclusions from gross income can be as follows.  1) To…

Q: Which of the following tax concept(s) allow for the deferral of gains on nonrecognition…

A: Non-recognition transactions, according to the Internal Revenue services are those transactions, on…

Q: What is the income that will not be taken into account in the determination of the Financial Profit…

A: This question deal with the answer of which income will not be taken into account while determining…

Q: Which of the following "is not" a criteria that must be met to deduct business and/or investment…

A: When it comes to determining the deduction of expenses allowed to the taxpayer, there are various…

Q: What is qualified business income deduction in taxation/accounting? And, how is it used to reduce…

A: Certain business owners can benefit from the Qualified Business Income (QBI) deduction. Taxpayers…

Q: an item is excluded from income taxation, it would follow that the same is likewise exempt from…

A: Ans. In regard to tax laws various tax treatments are made while calculating tax liability.

Q: Which of the following refunds is not subject to income tax a, Local tax expense b.Special…

A: Answer: Th refund which is not subject to income tax are those amount for which earlier deduction…

Q: True or false is regulatory tax is intended to achieve some social or economic end?

A: Regulatory tax: Regulatory taxes are the charge or levy of taxes by the government on the general…

Q: Ordinary and necessary trade or business expenses used to generate tax-exempt income would be…

A: Deductible business expenses are expenses that a business incurs in order to earn income or conduct…

Q: Among the highlights of train law, which do you think is disadvantageous for the taxpayer? Explain

A: TRAIN is an acronym popularly used for The Tax Reform for Acceleration and Inclusion Act. It is an…

Q: Adopting wrongful means to show less profit to avoid tax is part of : a. Tax evasion b. Tax planning…

A: Tax is being the compulsory payment that is to be made to the government by the corporations,…

Q: Exclusion from gross income refers to income received or earned but is not taxable as income because…

A: Gross income is the total income of an individual without deducting any deductions or exemptions. It…

Q: Why should executory contracts be disclosed in the financial statements? Group of answer choices…

A: Executory contracts are contracts under which neither party has performed any of its obligations or…

Q: Two reason why expenses may not be deductiable for income tax/ corporatiion tax purposes.

A: Deductible expenses: These include all the expenses that are allowed to be deducted from the gross…

Q: Income tax is least likely to impact on the resultant entitlement

A: Entitlement:Distribution or automatic exercise of a contractually or legally granted absolute…

Q: Which of the following statements is NOT correct?

A: The answer for the multiple choice question and relevant explanation are presented hereunder :

Q: d. either current or expected future tax laws

A: Taxes are the amount of dues or liabilities that need to be paid by the individual to the…

Q: What is the tax implication if the employment is one of contract of service rather than contract for…

A: The tax implications for you differ depending on whether you're considered an employee (contract of…

Q: Differentiate EXCLUSIONS, DEDUCTIONS and CREDITABLE WITHHOLDING TAX based on their similar…

A: EXCLUSIONS, DEDUCTIONS, and CREDITABLE WITHHOLDING TAX all are a part of the taxation benefits that…

Q: ollowing types of expenses is deductible? Group of answer choices   A.Bribes & Illegal Kickbacks…

A:

Q: f ambiguity, tax exemptions shall be interpreted liberally in favor of the government. Group of…

A: Tax exemptions are given for the benefits of assessee.

Q: , whereby a taxpayer deducts the total amount of money spent on various expenses, such as gifts to…

A: Tax refers to the percentile form of the obligation imposed by the government over the income earned…

Q: of an ad valorem tax on person al use property than for busine

A: Ad valorem taxes are proportional to the value of the asset on which it is charged.

Q: The Tax Code differentiates between qualified option plans, including incentive plans, and…

A: Stock options:  Stock options are the stock-based compensation plans provided in the form of an…

Q: doctrine is applied to deny favorable tax consequences to a transaction that never actually occurred…

A: Substance over form doctrine: The substance over form doctrine is alike sham transaction analysis.…

Q: How does sale of personal residence work in individual taxation? Also, what are requirements to…

A: It is the increase or decrease in the value of an asset at a given date or time in comparison to its…

Q: what are the differences between basis period of tax that use for the company purpose and for the…

A: Answer: Basis period is defined as the taxable period for which books are finalized and reported to…

Q: For tax purposes, one of the requirements to recognize income is: A) The transaction does not have…

A: For tax purposes, recognizing income typically involves the realization of income, which means the…

Q: Tax laws, being imposition of burden, shall be strictly construed against: *         A person who…

A: The rules and regulations that govern how, when, and how much taxes must be paid to local, state,…

Q: Under which set of circumstances would a customer be charged sales tax? Select one:

A: Answer: c. Customer purchased a taxable product and the customer is a taxable entity,

Q: Exclusion from gross income refers to income received or earned but is not taxable as income because…

A:

Q: Distinguish between tax avoidance and tax evasion.

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: do not allo

A: In Philippines deduction is allowed from Business Income, Professional Income and mixed income but…

Q: What is the FICA tax liability status of pretax contributions to a qualified deferred compensation…

A: FICA tax refers to the Federal Insurance Contribution Act tax which is Country U.S law that creates…

Q: unts that are made available to a taxpayer without substantial restrictions are included in gross…

A: In income tax there are different types of doctrine for different types of recognition of income and…

Q: 1.) Passive incomes of resident citizen derived from abroad is  a.subject to final tax b.Tax exempt…

A: The correct answer for the above mentioned question  is given in the following steps for your…

Q: Should we include income derived from illegal sources in the computation of gross income? Why or why…

A: Taxes are a form of dues and obligations which needs to be paid by the individual on income earned…

Q: In deferred tax company, what is the differences between deferral and liability methods?

A: Deferred tax is a term used in accounting to describe the difference between the amount of tax that…

Q: mpted by law or statute and it does not me on for services constitutes compensation in e as long as…

A: Compensation income refers to the form of income gained by an entity that arises out of an…

Q: O A. Lucas v. Earl, the Supreme Court held that earnings from labor are taxed to the person who…

A: explain the significance of lucas v. earl and helvering v. horst (A) Lucas v. Earl, the Supreme…