SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN: 9780357391266
Author: Nellen
Publisher: Cengage
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What are the principles of a sound tax system? Briefly explain each
Select the best answer.
An example of investment income that would be subject to the net investment income tax is:
O
A. Rental and royalty income
O B. Tax-exempt interest
O C. Wages
O D. Self-employment income
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an ideal tax system should conform to certain principles. which of the following statement is not generally regarded as a principle of an ideal tax
a - it should be convenient in terms of timing and payment
b - it should raise as much money as possible for the government
c - it should not be arbitrary, it should be certain
d - it should be fair to different individuals and should reflect a persons ability to pay
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- What source is used to determine income tax expense, and what source is used to determine income tax paid?arrow_forwardWhich of the following is not a goal of the tax law? a.Economic goals such as reduction in unemployment. b.Raise adequate revenue to operate the government. c.Social goals such as lowering the cost of adoption. d.Ensuring that all persons pay the same amount of tax.arrow_forwardWhat are the determinants of Tax Revenue? Show how you can improve Tax Revenue.arrow_forward
- Which option is the correct definition of tax base? Select one: a. Tax base is the amount the asset or liability is recorded at in the accounting records. b. Tax base is a comparing the balance sheet derived using accounting rules with balance sheet that would be derived from taxation rules c. Tax base is the recognition of assets and liabilities in the balance sheet based on the differences between accounting and tax values of assets and liabilities. d. Tax base is defined as the amount that is attributed to an asset or liability for tax purposes.arrow_forwardWhat is Professional Tax and give examples?arrow_forwardWhat is the burden of the tax? Explain the key factors that determine the incidence of the tax.arrow_forward
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