Principles Of Taxation For Business And Investment Planning 2020 Edition
Principles Of Taxation For Business And Investment Planning 2020 Edition
23rd Edition
ISBN: 9781259969546
Author: Sally Jones, Shelley C. Rhoades-Catanach, Sandra R Callaghan
Publisher: McGraw-Hill Education
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Chapter 18, Problem 1AP

a.

To determine

State the unextended filing date of PW’s 2019 federal income tax return, if PW is a corporation.

b.

To determine

State the unextended filing date of PW’s 2019 federal income tax return, if PW is an individual.

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Which of the following is not true? Taxpayers must file a federal income tax return if their gross income exceeds the standard deduction amount set for their filing status If Tony's wife died on January 1, 2020 and he remarried on December 31, 2020, he can only file either married filing jointly or married filing separately with his new wife. The 16th Amendment to the US Constitution legalized the direct taxation of individuals' income. For US tax purposes, the tax rate on individuals' income is a flat rate
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A taxpayer has unutilized or excess Creditable Withholding Taxes (CWT) for the taxable year The taxpayer has collected its CWT certificates or BIR Form 2307 from its income payors/customers.   1. What are the options of the taxpayer in relation to its unutilized or excess CWT?    2. Assuming during the review of the taxpayer for his Annual Income Tax Return filed for the year 2019, the taxpayer decided to apply for a refund instead of its initial decision of carrying the excess forward to the next taxable periods. Is the application valid?
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Understanding U.S. Taxes; Author: Bechtel International Center/Stanford University;https://www.youtube.com/watch?v=QFrw0y08Oto;License: Standard Youtube License