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.

Distraint and levy cannot be simultaneously.

Answered: 14. If the taxpayer failed to pay the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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.

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