When does the automatic 60-day extension period for qualified taxpayers impacted by federally declared disasters begin?
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- If an individual taxpayer is unable to file a tax return by its original due date, the tax payer can be request an automatic 9 month extension to file the return. True or False?The following data pertain to a taxpayer’s request for refund:Date tax erroneously paid, January 2, 2020Petition for request for refund filed, January 10, 2020Documents supporting the request for refund submitted, January 22, 2020.The Commissioner of Internal Revenue has not acted on the request. When is the last day to appeal to the Court of Tax Appeals?Which of the following statements is false? When calculating depreciation expense in the year that half-year convention property is sold, the taxpayer is allowed a half year of depreciation expense for the year in which the property is sold When calculating depreciation expense in the year that half-year convention property is sold, the taxpayer is allowed a half quarter of depreciation expense for the quarter in which the property is sold When calculating depreciation expense in the year that realty is sold, the taxpayer is allowed a half month of depreciation expense for the month in which the property is sold When calculating depreciation expense in the year that mid-quarter convention property is sold, the taxpayer is allowed a half quarter of depreciation expense for the quarter in which the property is sold
- 1. A taxpayer forgot to file and pay his annual income tax return for the year 2019. He only recalled it when he received a notice of assessment from the BIR on June 15, 2020 obliging him to pay on June 30, 2020. He filed it only on August 15, 2020. In computing the interest, when should he start counting the number of days of delinquency? A. December 31, 2019 B. April 15, 2020 C. June 15, 2020 D. June 30, 2020 2. X died leaving his surviving spouse, legitimate child, recognized illegitimate child, and parents. Who inherits from X? a. Surviving spouse and legitimate child only b. Surviving spouse, legitimate child, and parents c. Surviving spouse, legitimate child, and recognized illegitimate child d. Legitimate child only 3. In donor’s taxation, which is not considered in determining the taxability of donation? A. Tax classification of the donor B. Location of the property C. Relationship of the donee to the donor D.…If during the year, a taxpayer voluntarily opted to pay VAT even though his sales and receipts are not expected to exceed P3M. Can he revoke his registration the following year opts to pay decides that he wants revert back as percentage taxpayer? Explain your answer.Which of the following statements with respect to the depreciation of property under MACRS is incorrect? Under the half-year convention, one-half year of depreciation is allowed in the year the property is placed in service. If a taxpayer elects to use the straight-line method of depreciation for property in the 5 -year class, all other 5 -year class property acquired during the year must also be depreciated using the straight-line method. In some cases, when a taxpayer places a significant amount of property in service during the last quarter of the year, real property must be depreciated using a mid-quarter convention. Real property acquired after 1986 must be depreciated using the straight-line method. The cost of property to which the MACRS rate is applied is not reduced for estimated salvage value.
- In choosing between taking the standard deduction and itemizing deductions from AGI, what effect, if any, does each of the following have? a. The age of the taxpayer(s). b. The health (i.e., physical condition) of the taxpayer. c. Whether taxpayers rent or own their residence. d. Taxpayers filing status (e.g., single, married, filing jointly). e. Whether married taxpayers decide to file separate returns. f. The taxpayers uninsured personal residence was recently destroyed by a wildfire (the region was declared a disaster area by the Federal government). g. The number of dependents the taxpayer can claim.How do the all events and economic performance requirements apply to the following transactions by an accrual basis taxpayer? a. The company guarantees its products for six months. At the end of 2019, customers had made valid claims for 600,000 that were not paid until 2020. Also, the company estimates that another 400,000 in claims from 2019 sales will be filed and paid in 2020. b. The accrual basis taxpayer reported 200,000 in corporate taxable income for 2019. The state income tax rate was 6%. The corporation paid 7,000 in estimated state income taxes in 2019 and paid 2,000 on 2018 state income taxes when it filed its 2018 state income tax return in March 2019. The company filed its 2019 state income tax return in March 2020 and paid the remaining 5,000 of its 2019 state income tax liability. c. An employee was involved in an accident while making a sales call. The company paid the injured victim 15,000 in 2019 and agreed to pay the victim 15,000 a year for the next nine years.The Section 1231 look-back rule indicates that when a taxpayer recognizes a net Section 1231 gain for a year, the taxpayer must look-back to the -year period preceding the current year to determine if there are any unrecaptured Section 1231 losses. If there are losses, the Section 1231 gain in the current year must be recharacterized as to the extent of the unrecaptured loss.
- A taxpayer receives $5,000 on their federal return in taxable unemployment income. What is the amount that must be subtracted from the state return to calculate the portion taxable to the State? A. Potentially a $5,000 subtraction. The amounts need to have been taxable on the federal return and administered by California's EDD to be excludable. Unemployment received from other states is still fully taxable in most cases. B. $5,000 subtraction - California does not include amounts received from any unemployment source in State income. C. $0 subtraction - The taxpayer may, however, claim a credit for the job search costs to reduce their taxable exposure to unemployment income. D. $0 subtraction - This is taxable income to the State.Dora Burch files her 2020 income tax return on March 2, 2021. She receives a nil assessment on June 3, 2021. However, on December 28, 2021, she receives a reassessment indicating that she owes a substantial amount of additional tax. She would like to object to this reassessment. What is the latest date for her to file a notice of objection? (Ignore the effect of leap year if applicable.) Select one: O A. April 30, 2022. O B. March 2, 2022. O C. December 28, 2022. O D. March 28, 2022.A taxpayer received a notice from the BIR to file his 2019 income tax return not later than January 15, 2021. The tax due per his return is P80,000. How much is the surcharge penalty? a. P9,600 b. P20,000 c. P40,000 d. P16,000 e. Answer not given