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- 29Which of the following statements are NOT correct? i. A registered taxpayer can claim input tax credit for items used for its exempt activities. ii. A registered taxpayer can claim input tax credit for items used for zero-rated activities. iii. The VAT rate Exempt supplies is 0%. iv. Zero-rated goods or services are taxable for VAT at 0%. a.None of the above B.i, ii and iv c. i, and iii d. i only10030.Which of the following statements relating to qualified transfers for gift tax purposes is not correct? 1. The relationship between the donor and the donee is irrelevant with a qualified transfer. 2. A payment made directly to an individual to reimburse him for medical expenses is a qualified transfer. 3. The exclusion for a qualified transfer is in addition to the annual exclusion. 4. A payment made to a qualified education institution for tuition costs is a qualified transfer. The relationship between the donor and the donee is irrelevant with a qualified transfer. A payment made directly to an individual to reimburse him for medical expenses is a qualified transfer. The exclusion for a qualified transfer is in addition to the annual exclusion. A payment made to a qualified education institution for tuition costs is a qualified transfer.
- A taxpayer pays 22% on the federal return for their ordinary income (including some short-term capital gains) and 15% on some long term capital gains. Assuming that the income is equally taxable to California and that the California ordinary income tax bracket for the same taxpayer is 9.3%; What rates are going to be used for taxing the long-term capital gains for the State? O 0%. LTCG rates in the 9.3% bracket are zero for those gains. O 9.3% on all income that qualifies in that bracket. The State doesn't give preferential treatment to capital gains. O 1%. The LTCG rates for all gains are a single percentage point. O 4%. LTCG rates are two brackets lower for long-term gains. NextWhich of the following statements is incorrect with respect to determining E&P? All tax-exempt income should be added back to taxable income. Dividends received deductions should be added back to taxable income. Charitable contributions in excess of the 10% taxable income limit should be subtracted from taxable income. Federal income tax refunds should be added back to taxable income. None of the above statements are incorrect MY ANSWER: 5. None of the above. Reasoning: All the above statements are correct with regard to the calculation of current E&P. E&P is the ability of the company to pay dividends to its shareholders. Am I correct? If not, please explain. Thank you in advance!1 Concerning the Federal tax on generation-skipping transfers: A. The charitable deduction is allowed to reduce the tax. B. The marital deduction is allowed to reduce the tax. C. A credit is allowed for any state-level GST tax paid. D. All of these statements are true. E. None of the above.
- True or False 4. Special domestic corporations such as proprietary educational institutions shall not be covered by MCIT as long as they are taxed at preferential rate of 10%.2. See the Wynne case. Explain, as set forth in the majority opinion, the constitutional limits on the sovereign power of Maryland to tax 100% of the income of its residents.Which of the following is true? i. The general percentage tax is an explicit tax on consumption. ii. VAT and percentage tax are mutually exclusive. iii. In business taxes, the statutory taxpayer is normally the economic taxpayer. iv. The CREATE Law amended the VAT threshold to P3,000,000 from P1,919,500 (formerly P1,500,000). v. All of the other choices is incorrect.
- Which of the following is wrong?A. If the seller is a non-VAT registered seller, the government shall withhold a 3% finalpercentage tax on the sale before payment.B. The final withholding system on the sales to the government and GOCC will no longerbe applicable starting 2021.C. VAT treatment on sales to government is the same as VAT treatment on sale to non-government taxpayer except for the mandatory withholding of 5% by the government agency who avail the goods or services offered by the sellerD. None of the choices.Identify the type of government policies promoting innovation and social benefit represented by the following scenarios: A. Subsidies B. Taxation C. Neither D. Research and Development 1. ABC Research obtains a federal grant to research new energy sources ? ✓ 2. The city of Houston partially funds its community college to lower the cost of tuition 3. ExpertResearchInc receives a tax credit because of its research in critical technologies ? ✓ 4. The government regulates the emission of harmful chemicals no n. ?Which of the following is not a true statement regarding revenues from various types of nonexchange transactions? Derived tax revenues occur as a result of sales and or income tax. Imposed nonexchange revenues consist of only fines and penalties assessed by the governing agency. Government mandated nonexchange transactions includes grants from the federal government to the local public-school system for a free lunch program. Voluntary nonexchange transactions can originate from a governmental agency or private citizen organization. Imposed nonexchange transactions revenue recognition is made in the time period when the resulting resources are required to be used or in the first period in which use is permitted.