Which itemized deductions are limited by AGI? Why do you think that Congress limited these deductions?

Q: What is the status of House Bill No. 3902?

A: Government accounting is the accounting which is the set principles and guidelines and the framework…

Q: IN Rul. 60-314 What is the tax issue addressed by the IRS? What code section is being addressed in…

A: Tax reporting:   Tax reporting stands for the reporting of taxation expenditure, tax rate, tax…

Q: Which constitutes a taxable item of gross income? * O Compensation for personal injuries Gain from…

A: Compensation for injuries or sickness, Income exempt under treaty, Gains from redemption of shares…

Q: Among the inherent powers of the State: O Taxation is the most punitive and restricting. O Taxation…

A: Among the inherent powers of the state: Taxation constitutes the most direct form of equivalent…

Q: Explain, in detail, the way in which the integrity measures that protect the imputation system…

A: Imputation system of taxation involves the process of taxing the profit distributed by a company at…

Q: What is BIR Form 1701 and 1701a and its importance? What are considered as Taxable Income in BIR…

A: SOLUTION- BIR FORM NO 1701 , ALSO KNOWN AS ANNUAL INCOME INCOME TAX RETURN FOR INDIVIDUALS…

Q: rmining federal income withholding found?

A: Employers are required to withhold the pay of the employees to extent of the tax liability of the…

Q: Explain the term Judicial Foreclosure?

A: Judicial Foreclosure: A judicial foreclosure denotes to when the foreclosure pass over the system of…

Q: Which of the following is the most likely item to result in a deferred tax asset?

A: Unearned revenue is the most likely item to result in a deferred tax asset.  Unearned revenue means…

Q: What is the difference between recognition and realization of a deferred tax asset?

A: A deferred tax asset is a balance-sheet item that decreases a company's taxable income in the…

Q: Which of the following 1s not an example of an exempt organization?

A: An entity can avail benefit of  tax exempt if : 1.Organization is established for the purpose of…

Q: How does a benefit corporation’s charter differ from that ofa typical U.S. corporation?

A: Corporate structure that extends directors' fiduciary obligations to incorporate different interests…

Q: Under what condition is the modified approach applied by a state or local government?

A: Accrual basis of accounting: Accrual basis of accounting refers to recognizing the expenses and…

Q: i need definations only with example    Deferred taxation       defination ?

A:

Q: the deciosion of court in Eisner v. Macomber tax case and why?

A: Eisner V. Macomber tax case : Case Insight No. : , 252 U.S. 189 (1920), presented before the U.S…

Q: What is civil law, and what does it accomplish? What are the primary examples of public law?

A: Civil law is a subpart of law. Civil law is a legal system built upon Corpus Juris Civilis, the…

Q: Briefly describe why the obligation to pay taxes for citizens who have taxable income is a form of…

A: What is Taxation?  Taxation is a not a word it means when an authority i.e respective government ,…

Q: How does the Dodd Frank bill differ from other bills? Which areas were encompassed in this bill? Do…

A: In simple terms, , Dodd frank is a law that places major regulations on the financial industry,…

Q: In taxation: I. What is Inferior to the Non-Impairment Clause of the constitution and Superior to…

A: The income statement of the company will be prepared, and maintained by the management which will…

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: In what circumstances can a taxpayer challenge an assessment outside the ordinary appeal process.…

A: In matters determined by the Regional Trial Court in the exercise of its original jurisdiction, an…

Q: 1. Whenever there is conflict between the Tax Code and the Civil Code, Tax Code will prevail over…

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

Q: ndholders. areholders. areholders and the federal government.

A: Interest tax sheild is the reduced cost of capital due to the advantages of tax deductions.

Q: What is the federal counterpart of the state and local government "encumbrance"? Select one: a.…

A: Encumbrances represent amounts a government has committed to pay for goods or services that were not…

Q: The following are constitutional limitations on the power of taxation, except one: * A. Public…

A: The following are constitutional limitations on the power of taxation: Public purpose Equal…

Q: If the power of taxation is an inherent power and therefore there is no need for constitutional…

A: Tax is the amount which has to be paid to the government and the same has been computed on the basis…

Q: What is the amount of itemized deductions that can be claimed on the state return?

A: Itemized deduction is the amount of deduction that is subtracted from the gross income and it…

Q: What is ‘fringe benefit tax’ (FBT)? Explain

A: Answer: FRINGE BENEFIT TAX IS PAID BY EMPLOYERS ON CERTAIN BENEFITS THEY PROVIDE TO THEIR EMPLOYEES…

Q: What is the jurisdiction of the Commissioner of Internal Revenue as regards the interpretation of…

A: The answer is stated below:

Q: What are property, rights and contract enforcement in rationale for government intervention?

A: The government generally assigns the property rights for the properties when they are exclusively…

Q: if the government should pursue the policies that have led to allowing the exclusion of certain…

A: According to the Income-tax laws, Assessee is required to pay tax on income earned by them from all…

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: UberCo agrees to the additional request. Which answer below most accurately characterizes this…

A: Merger and acquisition is the type of business combination in which the one company acquires the…

Q: What are your thoughts on tort reform in the United States? Should there be a limit on the amount of…

A: ANSWER   Tort reforms are the proposed changes made in the civil justice system of United States…

Q: Explain the limitations imposed on itemized deductions, especially the 2% floor for miscellaneous…

A: Deduction- A deduction is an amount allowed by the Internal Revenue Service that is subtracted from…

Q: What is BIR Form 1701 and its importance? What are considered as Taxable Income in the BIR Form…

A: Compensation Income According to TRIN Law compensation income which includes salaries and wages…

Q: What is a deferred tax liability?

A: Deferred tax liability arises due to the difference in the amount of accounting income and taxable…

Q: Now what is FASB Codification 740-10-25-6? ( predecessor standard SFAS 109). How the temporary…

A:

Q: arbanes Oxley been an effective piece of le

A: Yes, even if the results aren’t staggering and as relevant because the act hoped for, the act has…

Q: difference between “Public Rulings” Vs “Private Rulings”

A: The revenue collection, tax proceeding, liability reporting, and appeal assessments are…

Q: I. In case of conflict between revenue regulation and the provisions of NIRC, the former shall…

A: National tax is defined as the national internal revenue taxes, which are collected as well as…

Q: Define Deferred Tax Liabilities.

A: Definition:   Income tax expense: The expenses which are related to the taxable income of the…

Q: What is the purpose of Presidential Decree 717?Explain in your own words

A: Different types of laws and acts are prepared time to time to support or reform a current economic,…

Q: What is Deferred Tax Liability and why it might be created?

A: A deferred tax liability is the temporary differences which is created when there are differences…

Q: Does the IRS acquiesce on decisions of U.S. district courts?

A: The US Tax courts handle cases relating to income taxes, death taxes and other taxes which relate to…

Q: Give examples of obligations or contracts which are contrary to public policy.

A: It is often listened that there are some contracts or obligations which are contrary or…