Which of the following is NOT correct

Q: TRUE OR FALSE? 1st statement: Interest income must be included in the computation of gross income if…

A: Gross Income: The entire earnings a person obtains before taxes and other deductions are referred to…

Q: Which of the following tax concept(s) allow for the deferral of gains on nonrecognition…

A: Non-recognition transactions, according to the Internal Revenue services are those transactions, on…

Q: Deferred tax assets and deferred tax liabilities represent the tax effect of the temporary…

A: Temporary differences are those differences which are there in between carrying value of asset or…

Q: 2. The following are requisites of a valid tax, EXCEPT A. tax must not encroach upon inherent and…

A: Solution Tax                 Tax is the amount that is to be paid to the government or local…

Q: What is the income that will not be taken into account in the determination of the Financial Profit…

A: This question deal with the answer of which income will not be taken into account while determining…

Q: Future Tax Deductions A. Result in deferred tax liabilities. B.Rresult in deferred tax assets.…

A: Future tax deductions are the tax expenses that are to be deducted in the future period but were due…

Q: It is a tax on a person's income, payments, profits arising from property, the practice of the…

A: The government imposes different types of taxes on people. Some taxes are in the form of direct…

Q: Which of the following is correct

A: All capital gains are not capital assets. Taxpayers not remits tax to government. Exempt from income…

Q: temporary difference that would result in a deferred tax liability is O Excess of tax depreciation…

A: A deferred tax liability represents an obligation to pay taxes in the future. Temporary…

Q: Which of the follwing types of tax may not be shifted a. Percentage Tax b. Excise Tax c. Income Tax

A: The answer is Option c. Income Tax Income tax cannot be shifted.

Q: I. A withholding tax system is one in which the payment of income tax is paid upon the receipt of…

A: Withholding tax: The payer of income withhold certain percentage from the income of the payee and…

Q: a. Define the term constructive receipt. Explain its importance. b. Explain three restrictions on…

A: Receipts - The act of transferring anything of value from one party to another is acknowledged in…

Q: an item is excluded from income taxation, it would follow that the same is likewise exempt from…

A: Ans. In regard to tax laws various tax treatments are made while calculating tax liability.

Q: taxable income

A: Income tax is payable by every person that crosses the tax-exempted threshold. However, various…

Q: Non-assessable income does not increase tax liability, but tax-free income increases tax liability-…

A: Non-Assessable Income-: Non-assessable non-exempt revenue is common or statutory revenue that is…

Q: Asia owns stock that is listed on the New York Stock Exchange, and this year the stock increased in…

A: Economic income refers to the income earned by any individual or corporation that may be realized or…

Q: What types of income should not be classified as such on a tax return? Why shouldn't they be…

A: Answer Nontaxable income won’t be taxed, whether or not you enter it on your tax return. nontaxable…

Q: The entry to recognize that a portion of a deferred tax asset would more likely than not be not…

A: Income tax actual paid and income tax expenses some time differ because of deferred income…

Q: Ordinary and necessary trade or business expenses used to generate tax-exempt income would be…

A: Deductible business expenses are expenses that a business incurs in order to earn income or conduct…

Q: Provide two examples of expenditures that are typically not allowable for tax deductions but are…

A: Introduction: A tax-deductible cost is one that is "ordinary, essential, and reasonable" and…

Q: Which of the following statements is (are) correct? (x)  Part of the administrative burden of a tax…

A: A mortgage is a contract between borrower and a lender that provides the lender the right to take…

Q: For tax purposes where interest expense on margin loan is deductible for investment purposes , can…

A: To determine the prorated deductibility of interest expense on a margin loan, you need to understand…

Q: Which statement is incorrect concerning tax assets and liabilities? * . When an entity makes…

A: Deferred tax assets and liabilities is discounted is the incorrect statement from all the above…

Q: TRUE OR FALSE? Under IFRS, deferred tax liability and deferred tax asset should be reported as…

A: The given statement is True... Under IFRS, deferred tax liability and deferred tax asset should be…

Q: For each item below, indicate whether it involves: 1. 2. 3. Use the appropriate number to indicate…

A: A deferred tax asset is a business tax credit for future taxes, and a deferred tax liability means…

Q: Which of the following is an example of a regressive tax? a) Income tax b) Sales tax c) Property tax…

A: The objective of the question is to identify which among the given options is an example of a…

Q: deferred tax assets and deferred tax liabilities

A: The deferred tax assets and deferred tax liabilities arise due to the tax effect of timing…

Q: Which of the following statements is NOT correct?

A: The answer for the multiple choice question and relevant explanation are presented hereunder :

Q: d. either current or expected future tax laws

A: Taxes are the amount of dues or liabilities that need to be paid by the individual to the…

Q: Which statement is false? a) Deferred taxes are the product of temporary difference in the…

A: Taxes refers to the amount that is charged by the government to individuals and organizations on the…

Q: When DTA reverses, income tax payable is reduced, while when DTL reverses, income tax payable is…

A: Temporary differences are differences between book income and taxable income of the business. These…

Q: ollowing types of expenses is deductible? Group of answer choices   A.Bribes & Illegal Kickbacks…

A:

Q: While earnings on assets held in a Tax Free Savings Account (TFSA) will not be taxed while the…

A: False

Q: Explain three main reasons expenses may not be deductible for income tax/corporation tax purposes.

A: Business expenses: These are costs you incur while operating your business. Expenses are recorded on…

Q: of an ad valorem tax on person al use property than for busine

A: Ad valorem taxes are proportional to the value of the asset on which it is charged.

Q: Deferred tax assets and deferred tax liabilities represent the tax effect of the temporary…

A: A deferred tax asset represents a financial benefit, while a deferred tax liability indicates a…

Q: Financial Assets representing a contractual right to receive cash in the future. Financial Liability…

A: Financial asset, is an asset that gives contractual right to an entity, to receive cash or another…