What is the consequence of the purchases of a OPT-taxpayer from a VAT taxpayer?

Q: S1 - Individual taxpayers can be entitled to 1% (old rate 3%) percentage tax if their registration…

A: Correct option: B

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: the income is derived solely and exclusively from emoluments, from which tax at source is deducted…

A: Tax at source refers to the system in which taxes are withheld or deducted by the payer of income…

Q: Identify a false statement:  a. If taxpayer derives income from employment only, any other income…

A: Taxable income refers to the income on which the taxpayer is liable to pay tax to the collecting…

Q: I. A withholding tax system is one in which the payment of income tax is paid upon the receipt of…

A: Withholding tax: The payer of income withhold certain percentage from the income of the payee and…

Q: What happens when a qualified exempt importer subsequently sells what was imported to a taxable…

A: when a qualified exempt importer subsequently sells to non exempt person, the purchaser shall be…

Q: The use of the earned income credit could result in a taxpayer receiving a refund even though the…

A: Earned Income Credit(EIC) is a type of tax credit available to U.S. Citizens that earn low income…

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: The registered taxpayer is required to prepare an own invoice to report the output tax on imported…

A: In the context of Value Added Tax (VAT) or Goods and Services Tax (GST), the output tax is the tax…

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: Which of the following statements about credits is false? A. Credits reduce a taxpayer's liability…

A: Tax credit is compared to an incentive received by the tax payer so that the taxpayer can utilize…

Q: at income be recognized when it is made available to the cash basis taxpayer even though there are…

A: The correct answer is  True    Explanation:  ruling is applicable only to the taxpayer who would…

Q: Which of the following is an adjustment that will generally result in lower tax liability for an…

A: A tax is a charge which is levied by the government on the taxable income of a taxpayer. A tax…

Q: C) Adjusted gross income is decreased by any tax preference and adjustment items.

A: Minimum tax refers to the separate system that is required by some taxpayers for calculating the…

Q: It has been suggested that tax policy favors deductions for AGI compared to deductions from AGI…

A: Deductions for Adjusted Gross Income (AGI):Deductions for AGI, often referred to as "above-the-line"…

Q: Under the cash method of tax accounting, tax deductions are taken when: a, Expenditures are made…

A: Answer: Under the cash method of tax accounting, tax deductions are taken when expenditures are…

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: the registered taxpayer is required to prepare an own invoice to report the output tax on imported…

A: In the context of Value Added Tax (VAT) or Goods and Services Tax (GST), output tax refers to the…

Q: A taxpayer with which of the following incomes is eligible to claim the Foreign Tax Credit? 1.…

A: A taxpayer who has paid or accumulated income taxes to a foreign nation on income with a foreign…

Q: Define the term constructive receipt. Explain its importance. Explain three restrictions on the…

A: Constructive receipt- Under this concept, it is assumed that a taxpayer has received income, even if…

Q: Will you be imprisoned for non-payment of tax? Is it absolute?

A: Income Tax- Income tax is a tax levied on a person's or a company's earnings for the previous year.…

Q: Which of the following is true?

A: You have asked three different questions but as per our protocol we provide solution to only one…

Q: There is no taxable income until such income is recognized. Taxable income is recognized when the…

A: Taxable income is those income on which tax would be levied. In other words, the income on which…

Q: Indicate which of the following statements on the taxation of income from real estate under Personal…

A: Comment- We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Which of the following statements regarding the tax deductibility of points related to a home…

A: The home mortgage industry typically uses two types of points, origination points and discount.…

Q: 1. What is the tax preparer required to disclose before allowing a customer to apply for a Financial…

A: a) All filing and product options available to the customer, including those with no additional…

Q: What is the treatment of any input tax paid by a non-VAT (but subject to percentage tax) seller on…

A: Input tax refers to the tax which is charged on the goods and services supply or both made to the…

Q: Gross selling price includes all of the following, except    Total amount which the purchaser is…

A: Solution: Gross selling price includes all of the following: 1. Total amount which the purchaser is…

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: What is the effect on the tax liability of a taxpayer who does not protest an assessmer

A: Deficiency Taxes: It is the amount of tax as per the tax authority which is not paid by the…

Q: hich of the following statements NOT correct? a.

A: Tax is a financial charge or levy imposed by a government on individuals, businesses, or other…

Q: 43. True or False. If the debt is canceled due to services rendered by the debtor, the basis of tax…

A: There are cases and instances in which a debtor renders services and in lieu of these services the…

Q: The QBI deduction will reduce both the income tax and self-employment taxes owed by a self-employed…

A: Answer:   False.

Q: A taxpayer may pay percentage tax, and VAT at the same time O True O False

A: Value Added Tax is a tax that is levied on the services and goods and paid to the government by the…

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: TRUE OR FALSE? If the carrying amount of a liability is higher than the tax base, the difference is…

A: The given statement is True...If the carrying amount of a liability is higher than the tax base, the…

Q: Which of the following is accurate regarding a real estate foreclosure transaction? A  A…

A: The question is based on the concept and principle of income tax for real estate transactions.…

Q: When a petition is filed with the Tax Court, the taxpayer is required to pay the deficiency only if…

A:

Q: All are true except:   a. OSD is a substitute for itemized deduction. b. The OSD relieves the…

A: A company's financial statements are a collection of summaries of its monetary performance,…

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…