Being legislative in nature, the power to tax may not be delegated, еxcept a. Tolocal gavemments or poltical subdivisions b. When alowed by the Constituton c When delegation reiates merely to administrative implementation that may call for some degree of discretionary powers under a set of sufficient standards expressed by law or implied from the policy and purpose of the Act d. All of the choices

Q: Define Effective tax rate.

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: Kindly explain and give an example of Capital Gains Tax

A: Introduction:- The capital gains tax is a federal tax. It is charged on profit made from selling…

Q: Various Income Taxes: Should all types of income be taxed at the same rate? First, relate the…

A: Taxable Income: It is a part of a person's gross income that should be taxed. It is also referred to…

Q: What distinguishes an income tax from other taxes?

A: A tax is a governmental entity's required financial charge or other kind of levy put on a taxpayer…

Q: How to calculate capital gain tax

A: Capital gain is one of the income heads under the Income Tax Act. It includes the gains arising to…

Q: What is meant by “tax allocation within a period”? What is the justification for such practice?

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: Explain intraperiod tax allocation.

A: Income tax allocation is an integral part of generally accepted accounting principles. Income tax…

Q: Illustrate what is incremental tax rate?

A: Definition: Tax: Tax is the compulsory legal payment that is imposed by the government.…

Q: An example of investment income that would be subject to the net investment income tax is: A. Rental…

A: Answer:-  Net investment income:- For the taxation purpose net investment income is the total…

Q: Discuss to what extent deferred tax accounting can be used for income smoothing.

A: Deferred tax is referred as an income taxes for the tax on the losses or profits of the company…

Q: Please discuss the deductibility of real property taxes.

A: Local governments and municipal corporations collect property taxes annually from landowners.

Q: Explain deferred tax assets.

A: Temporary Difference: Temporary difference refers to the difference of one income recognized by the…

Q: final tax and income tax

A: Tax is a form of compulsory payment made to the government of the country. The amount that is…

Q: what types of taxes are deductible in full or in part?

A: The tax-deductible expense helps the business to generate revenue by decreasing the tax liability.

Q: Which cost flow assumption must be used for financial reporting if it is also used for tax…

A: Financial reporting: Financial reporting is a typical accounting procedure in which financial…

Q: What about the tax return preparation?

A: This is the follow-up question which is regarding the tax return preparation expenses incurred by…