Which is TRUE? Group of answer choices Filing of return is not required if no estate tax is to be paid Notice of Death is required if gross estate exceeds Php 5,000,000 Installment payment is allowed even in absence of BIR approval In case an error is made in the return, the same can be amended by filing a new one

Which is TRUE? Group of answer choices Filing of return is not required if no estate tax is to be paid Notice of Death is required if gross estate exceeds Php 5,000,000 Installment payment is allowed even in absence of BIR approval In case an error is made in the return, the same can be amended by filing a new one

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Question 10 Which of the folowing statements, if any, is false? A gift recelved by an individual is not taxable income. Cash received from a dead grandmother through an inheritance is not taxable income to the grandchild. A corporation that elects to use a fiscal year, instead of a calendar year, for tax purposes can choose either a 6 month, 9 month or 12 month fiscal year to file its income tax returns every year. O Under the Federal tax laws, all gross income is automatically (by default) taxable income unless a particular exclusion applies. None of the above-they are all true statements. D.
Vd
G5.
Exercise 16-6 (Algo) Temporary difference; income tax payable given [LO16-3] In 2024, DFS Medical Supply collected rent revenue for 2025 tenant occupancy. For income tax reporting, the rent is taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy the rental property. The deferred portion of the rent collected in 2024 amounted to $390,000 at December 31, 2024. DFS had no temporary differences at the beginning of the year. Required: Assuming an income tax rate of 25% and 2024 income tax payable of $940,000, prepare the journal entry to record income taxes for 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet
Conaider each of the folowing events in the firancial markets Amanager of a savings and loan associalion responds to reports of a lkary increane in federal depost insurance coveage She drects oan officers to extend nortgage loans to less credtworthy borowers. This situaton poses A loan applicant does not mention that a legal juyment in hi divorce case wil requre hm to make almony payments to his ele. This siaton poses An individual who was recently approved for a kan to start a new baness decides to use some of the tunds to take a Hawalan vacation. This station poses
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Question 13: Louisa is an employee of Maroon Corp. Louisa files as Married Filing Jointly on her tax return. Over what amount will Maroon Corp. begin to withhold the additional Medicare tax from her earnings? Answer: A. SO В. O $125.000 C. O $200,000 D. $250,000
3
Section 529 college savings plans are state-sponsored. True Question 2 oo False Qualifying contributions to personal retirement accounts are subtracted as oooo adjustments to income itemized deductions exclusions tax credits Question 3 Which of the following types of taxes is deductible for federal income tax purposes? Federal income taxes Real estate property taxes Federal Social Security taxes Federal excise taxes on tires
QUESTION 20 Which proposal for ensuring that sufficient funds will be available to provide Social Security benefits to future retirees does the AARP find least objectionable? Raise the maximum income cap on which workers and employers are taxed. Provide more generous annual cost of living increases. Privatize Social Security. Lower immigration restrictions to increase the number of workers paying into the Social Security system.
Which of these is not true regarding the Section 83(b) election? Multiple Choice The election freezes the value of the employee's compensation as of the grant date The election must be made within 30 days of the grant date en employee leaves before the vesting date, any loss is limited to $3,000 The election is an important tax planning tool if the stock is expected to increase in value
29 When is the deadline of the filing of estate tax return if the decedent died on February 28, 2021? Group of answer choices August 28, 2021 February 27, 2022 March 1, 2022 February 28, 2022