The stock transaction tax on domestic stock is [A] not a final tax [B] included in the income tax return [C] creditable to regular income tax [D] creditable to the annual capital gain tax due
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The stock transaction tax on domestic stock is
[A] not a final tax
[B] included in the income tax return
[C] creditable to regular income tax
[D] creditable to the annual
Step by step
Solved in 3 steps
- 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 illegallyCan any nonrefundable credits, other than the foreign tax credit, reduce the regular income tax liability below the amount of the TMT? Explain.the accumulated earnings tax is paid instead of the regular corporate tax plus the alternative minimum tax. True or False
- ‘Income tax shall be paid on taxable income times tax rate. It makes sense to pay income tax for current year, but we should not be asked to account for deferred tax assets and liabilities’. Do you agree with this statement? Discuss your arguments.Which of the following statements is correct regarding current and deferred tax expense? O A. Deferred tax expense is equal to the change in deferred tax liability or asset from the beginning of the year to the end of the year B. Current tax expense is equal to the income taxes payable on the corporate tax return, assuming no estimated tax payments were made. C. Total tax expense is equal to the current tax expense plus deferred tax expense minus deferred tax benefit during the year O D. All of these statements are correct regarding current and deferred tax expense.the process of reducing the allowable deduction of interest expense by a certain percentage is called? a) tax arbitrage b) tax minimization c) tax avoidance d) tax limitation
- 27. Which of the following is a type of regular income tax a. Individual Income tax b. Corporate Income Tax c. Mixed Earner Income Tax O d. Both A and B 28. A taxpayer using GAAP cash - basis on a calendar year shall compute the taxable income using * a. Tax cash basis on a calendar year b. Tax cash basis on a fiscal year c. Tax accrual basis on a calendar year d. Tax accrual basis on a fiscal yearIt is a kind of withholding tax which is prescribed on certain income payments and is creditable against the income tax due of the payee for the taxable quarter/year in which the particular income was earned. a. Withholding tax on income b. Creditable withholding tax c. Final withholding tax d. All of the above. It is the sum of the amount of income tax payable and deferred tax liability related to accounting income. a. Tax expense reported in the income statement b. Current tax expense c. Deferred tax expense d. Deferred tax benefit
- Which of the following is a correct formula to compute for total income tax expense? a. Current income tax expense plus increase in deferred tax asset minus increase in deferred tax liability. b. Current income tax expense minus increase in deferred tax asset plus increase in deferred tax liability. c. Current income tax expense plus increase in deferred tax asset plus increase in deferred tax liability. d. Current income tax expense minus decrease in deferred tax asset plus decrease in deferred tax liability.1. ) Which of the follwing types of tax may not be shifted a. Percentage Tax b. Excise Tax c. Income Tax 2.) Which pay is not tax exempt for a statutory minimum wage earner a. Holiday pay b. Commissions c. Overtime Pay d. Hazard Pay1. The amount of income taxes that relate to financial income subject to tax is reported on the income statement as A. long-term deferred income taxes (credit) C. income tax expense B. current deferred income taxes (debit) D. income tax payable 2. An item that would create a permanent difference in pretax financial and taxable income would be A. using accelerated depreciation for tax purposes & straight line depreciation for book purposes. B. using the percentage of completion method on long-term construction contracts. C. purchasing equipment previously leased with an operating lease in prior years. D. paying fines for violation of laws. 3. Which of the following is the most likely item to result in a deferred tax asset? A. using completed contract method of recognizing construction revenue tax purposes, but using percentage of completion method for financial reporting purposes. B. using accelerated depreciation for tax purposes but straight-line depreciation for accounting purposes.…
