Chapter 1, Problem 28DQ

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.

Which of the following tax remedies is both beneficial to the government and taxpayer? a. Tax lien    b. Compromise         C. Injunction        D.  Forfeiture

Which one of the following statements is NOT correct about taxation? (A) Taxes produce revenue for government operations. (B) Itemized deductions provide a larger deduction amount than the standard deduction. (C) Taxation is used to influence the behavior of individuals, businesses, nonprofit entities, and even the government. (D) Tax rates and deductions are impacted by a taxpayer’s filing status.

if the government should pursue the policies that have led to allowing the exclusion of certain income from US taxation. Examples of certain excluded income are child support, welfare payments and proceeds from life insurance policies. Please explain in a few sentences if you agree or disagree with these exclusions from income.

What are some of the notable characteristics of tax?  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?  Even though transfer taxes do not affect all individuals, individuals affected by a transfer tax can experience a high tax liability. What taxes are not considered a transfer tax?  Tangible personal property is taxed by state and local governments. What is an example of something that is not considered tangible personal property? What is an example of something that excise tax is not levied on?  It is not unusual for people to make a mistake on their individual tax returns. When an individual taxpayer realizes that a mistake has been made, an amended tax return should be filed. Due to the statute of limitations in the…

A. Propose a tax measure in order for the government to eaarn addtional revenue with emphasis ont he following items: 1. Indicate the type of your proposed taxwhat is the name, nature and purpose of the tax?2. what is/are covered transactions and who are the taxpayers? any tax exemption?

If a government wants to obtain the maximum tax revenue it should   A. use static tax analysis.   B. not assess the highest possible tax rate.   C. assess the highest possible tax rate.   D. use an ad valorem system for collecting taxes.

Which of the following is not an underlying objective of the income tax laws? A. Income tax laws enable the government to regulate the health of the economy. B. Income tax laws are designed to converge with U.S. GAAP rules. C. Income tax laws enable the government to assist certain members of society who are viewed as deserving help. D. Income tax laws are designed to raise money for the operation of the federal government.

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