If the power of taxation is an inherent power and therefore there is no need for constitutional grant for the State to exercise it, why do we have several provisions in our Constitution dealing with the power of taxation?

If the power of taxation is an inherent power and therefore there is no need for constitutional grant for the State to exercise it, why do we have several provisions in our Constitution dealing with the power of taxation?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter15: Choice Of Business Entity—other Considerations

Section: Chapter Questions

Problem 27DQ

See similar textbooks

Related questions

Q: negative figure.

A: Cash flow is the inflow and outflow of cash and helps in determining the net cash balance with the…

Q: During 2020, Brandi loans her brother Keefer $40,000, which he intends to use to establish a small…

A: A bad debt deduction is allowed for that amount of bad debt which has become irrecoverable in the…

Q: The following information is related to the defined benefit pension plan of Dreamworld Company for…

A: Solution:- Given, The information is related to the defined benefit pension plan of Dreamworld…

Q: Required: 1. With aid of T-accounts record the transactions listed above. Use the following…

A: Posting is a process of transferring the transactions in the books of original entry in the related…

Q: Advantages of Social media and its effect on individual life as well as businesses

A: Advantage of social media and its effect on individual life as well as business

Q: Question 11: The taxable earnings threshold over which FUTA tax is not levied is: Answer: A. S7,000…

A: the taxable earnings threshold over which FUTA tax is not levied is $7,000.

Q: 2. Gold Co. had 200,000 shares of common stock, 40,000 shares of convertible preferred stock, and…

A: Solution:- Given, Gold Co. had 200,000 shares of common stock 40,000 shares of convertible preferred…

Q: AA, BB and Cc are partners with average capital balances during 2021 of 360,000, 180,000 and 120,000…

A: Partnership means where the two or more partners agree to do the business together and share the…

Q: expenses is P6T. I

A: Initial cost (C) = P 120000 Salvage value (S) = P 20000 Annual profit (P) = P 40000 - P 6000 = P…

Q: As expert, re-write the above description correctly.

A: Entity-Relationship Data Model: The entity-relationship (ER) data model has been around for over 35…

Q: Using the following Data for this requirement: Note: Use the provided Assumed Overhead rates. Do…

A: Purchasing activity overhead are calculated based on the purchase order under activity based costing…

Q: Morrisey Company has two investment opportunities. Both investments cost $6,900 and will provide the…

A: GIVEN Morrisey Company has two investment opportunities. Both investments cost $6, 900 and will…

Q: The Aseel Co. produces 3 products, A, B and C. All are made from the same materials. The company…

Q: Eric is taking out an amortized loan for $17,000 to buy a new car and is deciding between the offers…

A: Loan: Loan is the amount of funds taken by a borrower from the bank or any money lender for a…

Q: Kathy wants to buy a condominium selling for $95,000. The taxes on the property are$1500 per year,…

A: As per the guidelines, the solution for the first four parts will be given. If you want answers to…

Q: Classify and prepare a Balance Sheet with the following accounts (you do not need to use chart of…

A: In this question, we make balance sheet of 8-string farm that is dedicated to the production and…

Q: 15. In 2021, Edwards Corporation incurred research and development costs as follows: Materials and…

A: R&D costs are directly tied to a company's goods or services being researched and developed, as…

Q: The bank erroneously charged tropical services account for dollar 45050 for a check that was…

A: A service account is a user account created particularly to provide a security context for Windows…

Q: Weighted Average Method, Journal Entries Muskoge Company uses a process-costing system. The company…

A: The total cost of producing a product, including raw materials and operating costs, is detailed in a…

Q: xplain the income statement and balance sheet information based on two tables (250-300) words

A: We are provided with a vertical analysis of this company's income statement and balance sheet for…

Q: eBook Show Me How Print Item Question Content Area Horizontal Analysis of the Income Statement…

A: Horizontal Analysis is one of the methods of financial statement analysis with the comparison of…

Q: From the following information which relates to George and Zola Co you are required to Ø…

A: A forecast of cash flow is the calculation of future cash inflows and outflows expected to occur in…

Q: business has selling price of P 129.50 with an average variable cost of P 54.40. Fixed costs are P…

A: Solution: Contribution margin is the margin of profits which is the excess part of sale price over…

Q: UPS purchased a six-acre tract of land in Columbia, SC and an existing building for $500,000. The…

A: The property plant and equipment include long-term assets. The land is also a long-term asset. When…

Q: Social networks are commonly used A) to send confidential company information. B) for personal…

A: The use of social media has in immense importance in terms of connectivity and networking that it…

Q: Aqua Life Jackets, Inc. has three product lines as shown below. The company is considering whether…

A: Before determining the segment which is required to be dropped off let's know some 1.…

Q: Basic Variance Analysis, Revision of Standards, Journal Entries Petrillo Company produces engine…

A: GIVEN Petrillo Company produces engine parts for large motors. The company uses a standard cost…

Q: Question 8: Which of the following states does not levy SUTA tax on employees? Answer: A. South…

A: There are only three states that require employees to also pay SUTA Tax: Alaska, New Jersey and…

Q: Question 3: How much FUTA tax would an employer in a non-credit-reduction state owe if an employee…

A: Solution:- Given, Employee has earned = $6,400 Current period taxable pay = $1,500

Q: Entity A manufactures high-end home electronics systems. The entity provides a one-year warranty for…

A: Warranty means the undertaking given by the company selling the goods that in case of any defect ,…

Q: Treasury shares are most often reported as: A) A reduction of total shareholders' equity. B) A…

A: Treasury stock are the stocks which are bought back by the company , thus this reacquired stocks…

Q: choose the correc a) The analysis of 1- Return on Equi 2- Receivable tur n

A: Ratios help in comparing firms' different components such as profitability, receivability,…

Q: The following is Pacific Limited’s contribution format income statement for January 2022: Sales…

A: Calculation of above requirement are as follows

Q: What are the origins and fundamental concepts underlying inventory problems? what are they explain…

A: Introduction:- Inventory management is a way of buying, keeping, and selling inventories – both raw…

Q: what is the basics of banking and discuss the various type of deposits

A: A bank is a sort of financial entity that may accept deposits and lend money. Banks may provide…

Q: Richardson Ski Racing (RSR) sells equipment needed for downhill ski racing. One of RSR's products is…

A: This question is related to using VLOOKUP formula and COUNTIF Formula from the data given in the…

Q: ve per 1,000 Gold customers and one full-time customer representative per 10,000 Silver customers.…

A: a) Computation of Gross Margin over Customer Cost for each category Particular GOLD CUSTOMER…

Q: What is the cost of perpetual operation

Q: A nonprofit hospitals revenues and expenses are reported on its statement of activities TRUE or…

A: The correct option with proper explanation are as follows.

Q: LL, MM and PP are partners with capitals of P40,000; P25,000 and P15,000 respectively. The…

A: Computation of Interest on capital: •LL = 40,000*5% = 2,000 •MM = 25,000*5% = 1,250 •PP = 15,000*5%…

Q: Benson's Doll Company produces handmade dolls. The standard amount of time spent on each doll is…

A: Introduction 1. Both planned and actual volume should be based on getting the labor variances…

Q: A certain car was purchased for $11,900. The car has a resale value of $8,300 after a useful life of…

A: Depreciation is charged against the value of fixed assets. It can be calculated by using the…

Q: Valenciano Manufacturing Corporation reports taxable income of P 829,000 on its income tax return…

A: For computation of pretax accounting income The taxable income shall include excess depreciation and…

Q: On January 1 of the current year, Lemon Meyer Corporation purchases the net assets of Vivien's…

A: Book Value of an asset is the cost of the asset reduced by accumulated depreciation. Fair market…

Q: Exercise 9-47 (Static) Activity-Based versus Traditional Costing-Ethical Issues (LO 9-3, 4, 5) Wendy…

A: Given: Teen counseling and executive coaching services are rendered by Windy City Coaching (WCC).…

Q: [The following information applies to the questions displayed below.] The following information is…

A: Residual income is revenue received after the job that generates income has been completed.…

Q: The following business transactions relate to John Clark (financial planner) for his first month of…

A: 1. Accounting equation = Assets = Liabilities + Equity The affect of revenue and loss affect the…

Q: Air handling equipment that costs P12, 000 has a life of eight years with a P2, 000 salvage value.…

A: Depreciation Depreciation is used for allocating the costs of an asset to the estimated life. Every…

Q: 29. For most early-stage ventures, there are no strong motives for having an equity component in…

A: Employees’ compensation generally includes what the employer pays to the employee in exchange for…

Q: (A/P, 12% quarterly,8 yrs) has a value equals to a. 0.049 b. 0.048 c. 0.078 d.…

A: In case compounded quarterly A/P = (1 + R/(4 × 100))⁴ⁿ

Question

Rules by which an authority (usually a government) imposes a financial obligation on individuals or organizations within its domain. Property or transactions can be taxed. While taxes are primarily intended to fund the operation of a government, many tax laws are created to encourage or discourage certain behaviors by citizens or companies.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Taxation is an inherent power being an attribute of sovereignty. The following are manifestations of taxation being an inherent power, EXCEPT? Courts cannot issue an injunction to enjoin the collection of taxes There should be no improper delegation of the power to tax. Taxes may be imposed even without a constitutional grant The State has the right to select the subjects and objects of taxation.
In taxation: I. What is Inferior to the Non-Impairment Clause of the constitution and Superior to the Non-Impairment Clause of the constitution. II. What do you mean by “receipt of benefits is conclusively presumed”?
All are characteristics of the power of taxation, EXCEPT? a. It is an inherent power, b. It is legislative in character c. It is a civil in character.. d. It is a subject to inherent and constitutional limitations.
What are the constitutional limitations on the State's power to tax?
Among the inherent powers of the State:A. Taxation is the most punitive and restricting.B. Taxation constitutes the most indirect form of taking.C. Taxation constitutes the most direct form of equivalent compensation.D. Taxation is the most unlimited in terms of the amount or value to be taken.
Among the inherent powers of the State: Taxation is the most punitive and restricting. Taxation is the most unlimited in terms of the amount or value to be taken. Taxation constitutes the most indirect form of taking. Taxation constitutes the most direct form of equivalent compensation.
Which of the following is not an inherent power of a government? A. Eminent Domain B. Police Power C. Taxation D. People Power
Question: What kinds of deductions are prohibited as a matter of public policy? Why might Congress deem it important to disallow deductions for expenditures that are against public policy?
The power to tax is provided for by the Constitution, the National Internal Revenue Code, Special Laws, and administrative revenue issuances. Group of answer choices True False
Congress chose to exempt certain income from taxation, such as scholarships, gifts, life insurance proceeds, and employee fringe benefits. Given the primary purpose of IRC is to raise revenue for the government, why do you think Congress would provide for these and other exceptions?
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.
What is not considered a tax base used by government agencies to collect tax? Federal income taxes include a variety of different tax bases. What tax base is not a federal tax? Like federal income taxes, state and local taxes include a variety of different tax bases. What tax base is neither a state nor local tax?