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- Please share an exclusion from gross income. Describe the exclusion along with the section of the IRS code that pertains to the exclusion. Please also state whether the exclusion is unlimited or capped at a certain amount.For an individual taxpayer in the United States, what benefit is provided by the foreign earned income exclusion?Which of the followings is included in taxpayer’s gross income (i.e., taxable)? a.Compensatory damage payments received from physical injury by accident caused by other party. b.Punitive damage payments received. c.Accident and health insurance payments received as loss of income under the policy purchased by the taxpayer. d.Qualified employee discount up to the gross profit percentage for goods. It is nondiscriminatory and employees work for the line of business in which the goods are being sold. e. Employee’s salary during the year, which is contributed to employee’s qualified pension plan.
- An example of a tax where the concept of progressivity finds application is the: tax on certain articles. amusement tax on boxing exhibitions. excise tax on petroleum products. income tax on individuals.Tax Drill - Property Received by Gift Indicate whether the following statements are "True" or "False" regarding the tax treatment when a taxpayer receives property as a gift. a. If gift taxes are paid by the donor, the portion of the gift tax paid that is related to any appreciation is taken into account in determining the donee's gain basis. b. The holding period for property acquired by gift begins on the date the donor acquired the property if the loss basis rule applies. c. The basis for depreciation on depreciable gift property is the donee's gain basis.A business that purchases items to place into their inventory to resell may purchase the items without tax due to having a resale exemption. True or False
- In an agreement involving the right to acquire property, which of the following are conditions that must be met in order for the IRS to accept the purchase price set in the agreement as a valid measurement of the value of the property being acquired? The purchase price must be determined by an independent appraisal submitted with an informational gift tax return regardless of the value of the property. The agreement must be a bona fide business arrangement. The agreement cannot be an attempt to transfer the property to a family member for less than full and adequate consideration. The terms of the agreement must be comparable to those that would be entered into by persons in an arm's-length transaction A) I and III B) II and IV C) I and IV D) II, III, and IVWhich of the following statements is NOT correct? The registered taxpayer can claim input tax credit for items used for its exempt activities. a registered taxpayer can claim input tax credit for items used for zero-rated activities. The VAT rate exempt supplies is 0%. Zero-rated goods or services are taxable for VAT at 0% i only None of the above i, ii and iv. i and iiiLicenses, registrations & permits, service fees, property rentals are examples of _______. A.cukai langsung / direct tax B.hasil bukan cukai / non -tax revenue C.cukai tidak langsung / indirect tax D.terimaan bukan hasil / non revenue receipts
- 14) When examining revenue transactions, which of the following transactions is classified as an exchange transaction? A) When a homeowner pays property taxes B) When a university receives a federal grant that mandates a certain type of research activity C) When an aquatic center receives cash for a group swim D) When an employer deducts money for state tax withholdingSome jurisdictions extend immunity from tax for a specified period of time (a tax holiday) to new or relocated businesses.alculator Which of the following is not a preparer penalty? a.Tax preparers may be assessed a penalty for endorsing or cashing a refund check issued to a taxpayer. b.Tax preparers may be assessed a penalty for failing to give the taxpayer the preparer's workpapers. c.Tax preparers may be assessed a penalty for failing to keep a copy of the prepared return. d.Tax preparers may be assessed a penalty for failing to sign a tax return.