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. O Only Il is prohibited. O Neither I nor Il are prohibited. O Both I and Il are prohibited. Q Only I is prohibited

Q: What types of ordinary and statutory income do not constitute assessable income?

A: Ordinary Income is that income which is taxable at ordinary rates or earned from working. Like…

Q: What do you think is the reason why governments grants "exclusion from the gross income

A: Possible reasons why government grants exclusions from gross income can be as follows.  1) To…

Q: Explain how a change in tax rates affects the measurement of deferred tax amounts.

A: Deferred Tax Asset Items on a company's balance sheet that may be used to reduce taxable income in…

Q: How is the theory and the basis for taxation is different?

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

Q: Sub- Account's  Give on example of Direct Tax with explanation?

A: A direct tax is one that falls under the same classification for both its impact and its incidence.…

Q: Deferred taxes result from different methods applied for taxable income and income for financial…

A: Deferred taxes represent temporary differences in income recognition for tax and financial…

Q: What is a base rate entity? And what rates of tax are payable by these entities?

A: Base rate entity refers to those entity or company which have aggregate turnover lower than…

Q: Explain double taxation, its elements, and its types

A: Governments in practically every country throughout the world levy forced charges on persons or…

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: Are there differences between financial reporting standards and income tax rules thatwill not cause…

A: Normally, business follow GAAP in preparing their financial statements in order to arrive at their…

Q: Why do deferred taxes arise

A: The deferred taxes usually arise when there is balance of over or advance payment of taxes to an…

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

A: Regressive tax is tax system in which low-income earners have to pay a significantly higher portion…

Q: what is the disadvantage of not providing deferred tax?

A: Deferred tax is an accounting method used to recognize the effect of taxes on the financial…

Q: Identify some of the reasons why accounting for income taxes is complex?

A: ANSWER : U.S. tax laws are complex and ambiguous.A company frequently prepares its financial…

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: Income tax is least likely to impact on the resultant entitlement

A: Entitlement:Distribution or automatic exercise of a contractually or legally granted absolute…

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: What are the situs rules on income tax situs on sales of goods?

A: Income tax:A tax charged on the income earned by the individual or corporates by the central…

Q: What is the sales tax? Is it an expense or a liability?

A: Sales tax is the tax on sales which is levied by the government. However, sales tax is an indirect…

Q: What are FUTA and SUTA taxes? Is there any possible reduction in the FUTA tax rate? If so, what is…

A: Introduction: Employer payroll taxes are paid by the employer from its own funds on the basis of…

Q: e from Tax Evasion?

A: The difference is given as,

Q: What problems might create from payroll tax deferral?

A: Highlights of the payroll tax deferral scheme:- It applies to all those employees whose before tax…

Q: Blank income is subject to federal taxes?

A: What is Federal Taxes?    Federal revenue enhancement is that the tax levied by the inner Revenue…

Q: How are deferred tax assets and deferred tax liabilities reported on the statement of financial…

A: Deferred tax accounts has to be reported on the balance sheet of a business. It must be classified…

Q: What are the constitutional limitations on the State's power to tax

A: Constitution of the United States: The Constitution of the United States is the preeminent law of…

Q: Distinguish between “juridical double taxation” and “economic double taxation”.

A: Juridical double taxation refers to a situation where the same taxpayer is subject to taxation on…

Q: Discuss how a deferred tax provision can arise under IAS 12, Income Taxes, and the available methods…

A: the above requirement are discussed below

Q: Discuss how a sales tax is regressive.

A: 1. Regressive Tax - Regressive Tax is a tax on the amount which decreases subject to the amount…

Q: Which tax does not have a wage base​ limit?   A. FICA−Medicare   B. Federal unemployment tax   C.…

A:

Q: What is the purpose of establishing an allowance for uncollectible property taxes at the time the…

A: Property tax refers to an ad-valorem tax that is levied by governing authorities on a property.

Q: How are national taxes similar to and/or different from local taxes?

A: National taxes refer to national internal revenue taxes imposed and collected by the national…

Q: (d) What are the amount (in 5) of the cash discount and the net amount due if the discount is taken?…

A: Cash discounts are discounts described to be monetary reductions provided by seller of the goods or…

Q: Can the effective rate of tax be negative? Why? or Why

A: it is sometimes possible that effective tax may be negative.This is but rare cases but sometimes it…

Q: 1. ntiate between a property tax and transfer tax.

A: please like the answer your response matters  MEANING OF TAX:-It refers to the amount paid to the…

Q: Should we include income derived from illegal sources in the computation of gross income? Why or why…

A: Taxes are a form of dues and obligations which needs to be paid by the individual on income earned…