12. Nicanor failed to file his delinquent tax on time. The government collecting agencyhas commenced summary remedies to collect the tax. Nicanor's real property waslevied and taken by the government to satisfy his tax liabilities. This is an exercise of:a. Police powerb. Power of eminent domainc. Power of expropriationd. Power of taxation13.1st statement - The police power can only be exercised by theState. 2nd statement – The power to tax can only be exercised bythe State.3rd statement - The power of eminent domain can only be exercised by theState. Which is FALSE?a. Only the 1st statementb. Only the 2nd statementc. Only the 3rd statementd. None of the statements14.. Which is NOT a constitutional limitation on the power of taxation?a. Application of the same law with the same taxapayersb. No person shall be imprisoned for non-payment of taxc. The requirement of notice and hearing in assessmentd. The state, unless declared void by the courts, cannot renege on itsobligation or contractual agreements

Power of Taxation -:Modern constitutions of nations understand this ability by bringing about…

12. Nicanor failed to file his delinquent tax on time. The government collecting agency has commenced summary remedies to collect the tax. Nicanor's real property was levied and taken by the government to satisfy his tax liabilities. This is an exercise of: a. Police power b. Power of eminent domain c. Power of expropriation d. Power of taxation

12. Nicanor failed to file his delinquent tax on time. The government collecting agency has commenced summary remedies to collect the tax. Nicanor's real property was levied and taken by the government to satisfy his tax liabilities. This is an exercise of: a. Police power b. Power of eminent domain c. Power of expropriation d. Power of taxation

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

When a tax law failed to comply with fiscal adequacy and Administrative feasibility, the tax law is a. Valid b. Void c. It depends d. Not valid e. Any of the above
14. If the taxpayer failed to pay the tax demanded per final assessment, the government may exercise several administrative remedies. Which of the following is not correct? Levy of real property of the taxpayer may be availed of only after distraint of personal property of taxpayer. Either distraint or levy may be pursued simultaneously once the assessment becomes final and demandable. If the tax assessed is P 100 and below, levy or distraint may not be availed of. The remedy of distraint of personal property may be repeated if necessary until the full amount due and all expenses are collected.
Failure to furnish a completed copy of a prepared tax return no later than the time such return is presented for taxpayer signature may be subject to a penalty of?
State whether the following statement is true or false. Tax related fraud is a criminal offence in South Africa. Therefore, it can be prosecuted through the application procedure
Which of the following statements about the Commissioner’s powers is most correct? a. The Commissioner cannot request a taxpayer to provide information in writing. b. The Commissioner can remove documents from a taxpayer’s premises. c. The Commissioner is entitled to access a taxpayer’s premises at any reasonable time without notice. d. The Commissioner needs to obtain a search warrant in order to enter a taxpayer’s premises.
The official document issued by the CIR or his authorized representative authorizing the examination of taxpayer records is called: a.Authorization letter b.Letter Notice c.Letter of Authority d.Mission Order Which is NOT a power of the Commissioner? a.The power to abandon previous rulings b.The power to enter into a compromise c.The power to issue revenue regulations d.The power to issue rulings of first impression
Indicate whether the following statements are "True" or "False" regarding the administrative powers of the IRS. a. If the taxpayer meets the record-keeping requirement and substantiates income and deductions properly, the IRS bears the burden of proof in establishing a tax deficiency during litigation. b. The Code permits the IRS to assess a deficiency and to demand payment for the tax. However, no assessment or effort to collect the tax may be made until 30 days after a statutory notice of a deficiency (a 30-day letter) is issued. c. If the taxpayer neglects or refuses to pay the tax after receiving the demand for payment, a lien in favor of the IRS is placed on all property (realty and personalty, tangible and intangible) belonging to the taxpayer.
These statements are presented to you for evaluation: Statement I - An arbitrary assessment is unconstitutional due to denial of the right of due process on the taxpayer Statement II - A notice of levy which is issued four years after the issuance of the notice of assessment is validation of the bureau. In your evaluation of the foregoing statements: Both statements are true. O Only Statement I is true. O Both statements are false. O Only Statement II is true.
If you wish to contest a tax deficiency, but pay the tax and file a claim and that claim is denied and now you file suit, you must file your petition in: a. US Court of Appeals b. US Supreme Court c. 14th judicial district court (Calcasieu Parish) d. US Tax Court e. US District Court
TRUE OR FALSE? By seizure, no part of the proceeds goes to the taxpayer because the property is confiscated in favour of the government.
The government called uponitsresidents and citizens to pay taxes to the government so that thegovernment can carry outits functions. Mr. Juan refuses to pay the taxes. According to him, he does not care whether the government shall continue to exist or not. Is the contention of Mr. Juan justified?
Which of the following statements, if any, is false? O An individual can get lower Federal tax rates on long-term capital gains as compared to short-term capital gains. O A corporation can get lower Federal tax rates on long-term capital gains as compared to short-term capital gains. DAn individual has a taxable capital gain if they sell their personal car at a gain O Normally a taxpayer must own a capital asset for more than one year in order to get long-term capital gain (or loss) treatment on the sale of that asset. None of the above - they are all true statements.