2025 latest | Introduction to Personal Taxation and Types of Taxes|
COMPREHENSIVE MOST TESTED QUESTIONS AND VERIFIED SOLUTIONS| GET IT
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Tax Credit Option - ANSWER-Choice to treat foreign tax as deduction or credit.
Depreciation - ANSWER-Deduction for asset value reduction over time.
Depletion - ANSWER-Deduction for resource extraction costs.
Bad Debts - ANSWER-Uncollectible accounts that can be deducted.
Pension and Trust Contributions - ANSWER-Payments to pension plans deductible
from income.
Health Insurance Premiums - ANSWER-Deductible for individual taxpayers' health
coverage.
Research and Development - ANSWER-Expenses for innovation that can be
deducted.
,Interest on Delinquent Taxes - ANSWER-Deductible as legal debt when due.
Taxpayer Options - ANSWER-Choices available for claiming deductions.
Tax Year - ANSWER-Period within which taxes are calculated.
Official Receipts - ANSWER-Required documentation for substantiating deductions.
Taxation - ANSWER-Power to impose charges for government revenue.
Taxes - ANSWER-Compulsory financial charges imposed by government.
Inherent Power - ANSWER-Natural power essential for government survival.
Legislative Power - ANSWER-Authority to enact, alter, or repeal laws.
Taxation Power - ANSWER-Governing body's authority to impose obligations.
Police Power - ANSWER-State's power to enact laws for public welfare.
Eminent Domain - ANSWER-State's power to take private property for public use.
,Territorial in Operation - ANSWER-Tax power exercised within taxing authority's
jurisdiction.
International Comity - ANSWER-Recognition and respect for foreign laws and
institutions.
Fiscal Adequacy - ANSWER-Revenue sources must meet public expenditure
demands.
Equality or Theoretical Justice - ANSWER-Tax burden proportional to taxpayer's
ability to pay.
Administrative Feasibility - ANSWER-Tax laws should allow effective
administration.
Constitutional Limitations - ANSWER-Taxation limits found in the constitution.
Inherent Limitations - ANSWER-Restrictions on taxation not in the constitution.
Ad Valorem - ANSWER-Tax based on property value assessment.
, Due Process - ANSWER-Legal requirement to respect individuals' rights.
Gross Income - ANSWER-Total income before exclusions or deductions.
Capital Gains - ANSWER-Profit from the sale of assets.
Fringe Benefits - ANSWER-Additional compensation beyond salary.
Individual Taxpayers - ANSWER-Persons subject to income tax obligations.
Corporate Taxpayers - ANSWER-Companies liable for corporate income tax.
Revenue Objective - ANSWER-Primary purpose of taxation to raise funds.
Non-Revenue Objective - ANSWER-Secondary aims of taxation beyond revenue
generation.
Regulatory Taxes - ANSWER-Taxes that promote public welfare and safety.
Sin Taxes - ANSWER-Taxes on harmful products to discourage consumption.
COMPREHENSIVE MOST TESTED QUESTIONS AND VERIFIED SOLUTIONS| GET IT
100% ACCURATE!!
Tax Credit Option - ANSWER-Choice to treat foreign tax as deduction or credit.
Depreciation - ANSWER-Deduction for asset value reduction over time.
Depletion - ANSWER-Deduction for resource extraction costs.
Bad Debts - ANSWER-Uncollectible accounts that can be deducted.
Pension and Trust Contributions - ANSWER-Payments to pension plans deductible
from income.
Health Insurance Premiums - ANSWER-Deductible for individual taxpayers' health
coverage.
Research and Development - ANSWER-Expenses for innovation that can be
deducted.
,Interest on Delinquent Taxes - ANSWER-Deductible as legal debt when due.
Taxpayer Options - ANSWER-Choices available for claiming deductions.
Tax Year - ANSWER-Period within which taxes are calculated.
Official Receipts - ANSWER-Required documentation for substantiating deductions.
Taxation - ANSWER-Power to impose charges for government revenue.
Taxes - ANSWER-Compulsory financial charges imposed by government.
Inherent Power - ANSWER-Natural power essential for government survival.
Legislative Power - ANSWER-Authority to enact, alter, or repeal laws.
Taxation Power - ANSWER-Governing body's authority to impose obligations.
Police Power - ANSWER-State's power to enact laws for public welfare.
Eminent Domain - ANSWER-State's power to take private property for public use.
,Territorial in Operation - ANSWER-Tax power exercised within taxing authority's
jurisdiction.
International Comity - ANSWER-Recognition and respect for foreign laws and
institutions.
Fiscal Adequacy - ANSWER-Revenue sources must meet public expenditure
demands.
Equality or Theoretical Justice - ANSWER-Tax burden proportional to taxpayer's
ability to pay.
Administrative Feasibility - ANSWER-Tax laws should allow effective
administration.
Constitutional Limitations - ANSWER-Taxation limits found in the constitution.
Inherent Limitations - ANSWER-Restrictions on taxation not in the constitution.
Ad Valorem - ANSWER-Tax based on property value assessment.
, Due Process - ANSWER-Legal requirement to respect individuals' rights.
Gross Income - ANSWER-Total income before exclusions or deductions.
Capital Gains - ANSWER-Profit from the sale of assets.
Fringe Benefits - ANSWER-Additional compensation beyond salary.
Individual Taxpayers - ANSWER-Persons subject to income tax obligations.
Corporate Taxpayers - ANSWER-Companies liable for corporate income tax.
Revenue Objective - ANSWER-Primary purpose of taxation to raise funds.
Non-Revenue Objective - ANSWER-Secondary aims of taxation beyond revenue
generation.
Regulatory Taxes - ANSWER-Taxes that promote public welfare and safety.
Sin Taxes - ANSWER-Taxes on harmful products to discourage consumption.
