Which of the following set of taxes are prohibited? I. Imposition at the same time of income tax and value-added tax on the same transaction. II. Imposition of donor’s tax (a transfer tax) and local transfer tax on the same donation of a parcel of land. A. Only I is prohibited. B. Only II is prohibited. C. Both I and II are prohibited. D. Neither I nor II are prohibited.

Which of the following set of taxes are prohibited? I. Imposition at the same time of income tax and value-added tax on the same transaction. II. Imposition of donor’s tax (a transfer tax) and local transfer tax on the same donation of a parcel of land. A. Only I is prohibited. B. Only II is prohibited. C. Both I and II are prohibited. D. Neither I nor II are prohibited.

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter1: Introductin To Taxation

Section: Chapter Questions

Problem 7P

See similar textbooks

Similar questions

Based solely on the definitions in the chapter, is the sales tax a proportional, regressive, or progressive tax? Explain, and state how the tax might be viewed differently.
Which of the following set of taxes are prohibited?
Property taxes are considered: a. imposed tax revenues. b. derived tax revenues. c. voluntary nonexchange transactions. d. exchange transactions.
1.The definition of gross income in the tax law is: A. All items specifically listed as income in the tax law B. All cash payments received for goods provided and services performed C. All income from whatever source derived D. All income from whatever source derived unless the income is earned illegally 2.Which of the following is not taxable for income tax purposes? A.Prizes B.Severance pay C.Gifts D.Partnership income E.All of the above are taxable 3.All of the following items are taxable to the taxpayer receiving them, except: A.Life insurance proceeds B.Unemployment compensation C.Embezzled funds D.Prizes E.Gambling winnings
Which one of the following is not deductible when itemizing a, State income tax b, Real property tax c, Cigarette tax d, None of these
Which of the following is correct? a) An item of gross income that is subject to tax in one scheme will not be taxed by the other schemes. b) An item of income that is exempt from regular income taxation may be subject to capital gains taxation. c) In final income taxation, the taxpayer remits the tax to the government. d) All capital gains from capital assets are subject to capital gains tax.
2. The following are requisites of a valid tax, EXCEPT A. tax must not encroach upon inherent and Constitutional limitations B. the rule of taxation should be uniform C. tax should be used for public purpose D. tax is payable in money only
Which of the following refunds is not subject to income tax a, Local tax expense b.Special assessment c.Foreign tax previously claimed as deduction d.Previously claimed bad debt expense
Which of the following taxes is not deductible as an itemized deduction? a.Sales tax in a state with no income tax b.State income tax c.Federal income tax d.Property tax on second residence
It is the place where an authority has the right to impose and collect taxes. * a. Source b. Situs c. Both a and b d. None of the above
I. Multiple Choice: Choose the correct answer. 1. The levying and imposition of tax and the collection of tax are processes which constitute the taxation system. a. Basis of Taxation b. Aspects of Taxation 2. No person shall be imprisoned for the non-payment of this. c. Nature of Taxation d. Theory of Taxation c. Income Tax d. Property Tax a. Excise Tax b. Poll Tax 3. Tax which is demanded from the persons whom the law intends or desires to pay it. a. Income 4. Tax where the rate increases as the tax base increases. b. Direct c. Indirect d. Excise c. Regressive d. Proportional a. Indirect 5. Catriona Grace, a taxpayer, gives the following reasons for refusing to pay a tax. Which of her reasons is not acceptable for legally refusing to pay the tax? a. That she has been deprived of due process of law. b. The she will derive no benefit from the tax. c. That there is lack of territorial jurisdiction. d. That the prescriptive period for the tax has lapsed. 6. Wiley Cyprus, a Canadian…
A “tax” has been defined as a compulsory payment which is made to a governmental authority and a. Which is not penalty or fine b. Which is paid in exchange for specific benefit to the taxpayer c. Which is to be used for the public good. d. Two of the above.