School has been paying the UBIT every year. To reduce or eliminate this year's tax liability, School might: Oa. a. Accelerate gross income from the profit-making activity into the current tax year. b. Accelerate deductions from the profit-making activity into the current tax year. c. Both "Accelerate gross income from the profit-making activity into the current tax year" and "Accelerate deductions from the profit-making activity into the current tax year". d. Neither "Accelerate gross income from the profit-making activity into the current tax year" nor "Accelerate deductions from the profit-making activity into the current tax year".
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- Allowable Business Investment Losses (ABIL) can be deductible from any source of income to the taxpayer in a given tax year. Name any two sources of income that ABIL can be deducted from: _____________ and _____________.1. Firm B uses the calendar taxable year and the cash method of accounting. On December 31, 20x6, Firm B made certain cash payments. To what extent can it deduct the payment in 20x6? (Please note: payments for assets to be consumed in the following year are fully deductible in the 12 months or less and is consumed by the end of the following year.) year of payment if the expenditure results in a benefit with a duration of a) $3,000 compensation to a consultant who spent three weeks in January 20x7 analyzing B's internal control system. b) $500,000 to purchase a new piece of commercial real estate. The equipment was delivered on January 8, 20x7 and has a useful life of 40 years. c) $16,900 property tax to the local government for the first six months of 20x7. d) $50,000 for a two-year lease beginning on February 1, 20x7.Which of the following is true? A. The total tax due arising from each quarterly income tax return is only applicable to the taxable income for that quarter. B. The taxable compensation income of mixed-income earners are reported in each quarterly return. C. When an eligible taxpayer chooses the 8% optional tax, the P250,000 is deducted from the gross sales/receipts from business and other non-operating income in arriving at the tax base for the 8% rate. D. When a taxpayer who originally opted to be taxed at 8% breaches the VAT threshold at the middle of the year, he shall be liable to the graduated tax from the time it breaches the threshold. E. None of the other choices is true.
- What makes the refund of state taxes taxable on the federal tax return? a. moving to Texas before your refund gets sent to you b. paying state taxes the year before and getting a refund c. claiming taxes as an itemized deduction and using standard deduction d. claiming taxes as an itemized deduction and itemizing27. Which of the following is a type of regular income tax a. Individual Income tax b. Corporate Income Tax c. Mixed Earner Income Tax O d. Both A and B 28. A taxpayer using GAAP cash - basis on a calendar year shall compute the taxable income using * a. Tax cash basis on a calendar year b. Tax cash basis on a fiscal year c. Tax accrual basis on a calendar year d. Tax accrual basis on a fiscal year3. Norte De University, a proprietary educational institution, has the following selected information for the taxable year 2X18: Tuition Fees Miscellaneous Fees Interest on Bank Deposits Rent Income Salaries and Bonuses, all personnel Other Operating Expenses Quarterly Income Tax Payments P 12,800,000 1,800,000 12,300 350,000 7,500,000 3,500,000 48,000 An additional school building was built and finished on April 1, 2X18 at the cost of P2,000,000 with a depreciable life of 50 years. a. Compute the income tax payable assuming the university opted to claim the cost of construction as an outright expense. b. Compute the income tax payable assuming the university opted to capitalize the cost of building construction. 3
- Which of the following statements about “RESP’s are true? i A common factor between RRSP’s and RESP’s are that both plans allow the money in the plan to grow tax free until withdrawn. ii Taxes are payable by the beneficiary on the growth portion only when withdrawn for post-secondary education costs. iii A beneficiary can be the same person as the subscriber. iv A qualifying school as determined by CRA can be outside of Canada. please help no copy paste give complete and correct answer with complete explanationWhich of the following is true? The total tax due arising from each quarterly income tax return is only applicable to the taxable income for that quarter. The taxable compensation income of mixed-income earners are reported in each quarterly return. When an eligible taxpayer chooses the 8% optional tax, the P250,000 is deducted from the gross sales/receipts from business and other non-operating income in arriving at the tax base for the 8% rate. When a taxpayer who originally opted to be taxed at 8% breaches the VAT threshold at the middle of the year, he shall be liable to the graduated tax from the time it breaches the threshold. None of the other choices is true.ABC corporation provided the following data for calendar year ending December 31, 2021 ($1 = P50). Use new tax rate under CREATE Law (RA 11534) d. If it opts to claim the tax paid abroad as deduction from gross income, Compute for its income tax. e. If it is private educational institution, Compute for its income tax due after tax credit. f. If it is a non-profit hospital, Compute for its income tax credit.
- If during the current year, taxable profit is greater than accounting profit and the difference is a temporary difference, a deferred tax liability is recognized at the end of the current year. a deferred tax liability will be recognized in future years. deferred tax asset will be recognized in future years. a deferred tax asset is recognized at the end of the current year.Cash basis taxpayers deduct rental expenses that apply to a future tax year in the year the expenses are paid. True or falseStatement 1: the income of the estate distributed to the beneficiary during the year is subject to final withholding tax of 15%. Statement 2: the withholding tax on the income distributed to the beneficiary is creditable against the total tax liability of the beneficiary. Group of answer choices Statements 1 and 2 are true. Statement 1 is false but statement 2 is true. Statement 1 is true but statement 2 is false. Statements 1 & 2 are false.