SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN: 9780357391266
Author: Nellen
Publisher: Cengage
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Which of these is NOT a tax assessed by the state to earn revenue?
A
Sales Tax
B
Excise Tax
C Hotel Occupancy Tax
D Entertainment Ticket Tax
A. Propose a tax measure in order for the government to eaarn addtional revenue with emphasis ont he following items:
1. Indicate the type of your proposed taxwhat is the name, nature and purpose of the tax?2. what is/are covered transactions and who are the taxpayers? any tax exemption?
Which of the following statements regarding
political contributions made by a corporation is
CORRECT?
a. Political contributions are allowed as a
deduction in the computation of taxable
income, therefore they are deducted on
Schedule 2.
b. Corporations receive a tax credit equal
to 15% of political contributions made in
the year.
O c. Political contributions are not allowed as
a deduction in the computation of
business income, therefore they are
added back on Schedule 1.
O d. The total deduction for political
contributions is limited to 75% of the
corporation's net income in the year.
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- Which of the following statements is (are) correct? (x) Part of the administrative burden of a tax is the cost of implementing and administering government programs that use the tax revenue that is collected (y) A tax loophole occurs when tax laws give preferential treatment to specific types of behavior. (z) A mortgage interest deduction would be considered a tax loophole because it allows home purchasers to reduce their tax liability when they pay mortgage interest. A. (x), (y) and (z) B. (x) and (y) only C. (x) and (z) only D. (y) and (z) only E. (y) onlyarrow_forwardWhich of the following tax remedies is both beneficial to the government and taxpayer? a. Tax lien b. Compromise C. Injunction D. Forfeiturearrow_forwardA “tax” has been defined as a compulsory payment which is made to a governmental authority and a. Which is not penalty or fine b. Which is paid in exchange for specific benefit to the taxpayer c. Which is to be used for the public good. d. Two of the above.arrow_forward
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