SWFT Individual Income Taxes
43rd Edition
ISBN: 9780357391365
Author: YOUNG
Publisher: Cengage
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Which option is the correct definition of tax base?
Select one:
a. Tax base is the amount the asset or liability is recorded at in the accounting records.
b. Tax base is a comparing the balance sheet derived using accounting rules with balance sheet that would be derived from taxation rules
c. Tax base is the recognition of assets and liabilities in the balance sheet based on the differences between accounting and tax values of assets and liabilities.
d. Tax base is defined as the amount that is attributed to an asset or liability for tax purposes.
If a government wants to obtain the maximum tax revenue it should
A.
use static tax analysis.
B.
not assess the highest possible tax rate.
C.
assess the highest possible tax rate.
D.
use an ad valorem system for collecting taxes.
Explain each of the following statements independently:
a. Tax systems should be fair.
b. The tax calculation will not be correct whenever income tax preferences exist.
c. Fiscal policies are used to judge tax systems and achieve government objectives.
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