In order to simplify the tax code, current regulations require that a dollar of income earned by a U.S. Corporation in the United States is taxed in the same way as a dollar of income earned by a U.S. Corporation in a foreign country.    Select one: True False

Q: One of the bases that the legislator must take into consideration when developing tax legislation in…

A: Developing a tax legislation in any countryhas very wide scope and definition, therefore

Q: Which is deductible tax expense against gross income? Documentary stamp tax Donor's tax Estate…

A: Documentary stamp tax is deductible tax expense against gross Income....

Q: The following statements are correct, except: International air and shipping carriers doing business…

A: The correct option is D, as only statement D is incorrect.   Reason; International air and shipping…

Q: poration code of the Philippines,When is it possible for a Special Corporation to be subject to both…

A: Special corporations are the corporations governed by special laws such as educational corporations…

Q: The legislative body cannot impose tax upon income of certain persons outside Philippine…

A: Taxes are the main source of revenue for the government, which needs to be paid by the individuals…

Q: The Philippine Congress enacted a law requiring foreign banks to withhold taxes earned by Flipino…

A: Direct Tax is a paid by only those persons whose income exceeds the minimum income on which…

Q: If the nation in which the nonresident foreign corporation is domiciled permits a credit for taxes…

A: As per section 28(B)(5)(b) of the tax code 1997, The dividend paid by domestic corporations to…

Q: Which of the following is true? A resident and non-resident foreign corporation shall be…

A:

Q: With respect to provincial income taxes, other than those assessed in Quebec, which of the following…

A: a) Each province can apply different rates to add many brackets for individuals as it wishes. b) the…

Q: Which of the following refunds is not subject to income tax a, Local tax expense b.Special…

A: Answer: Th refund which is not subject to income tax are those amount for which earlier deduction…

Q: Which of the following state tax scenarios violates the commerce clause? Multiple Choice…

A: Tax:   It is a compulsory contribution to the state revenue that levied by the government on the…

Q: he following individuals are required to file an income tax return, except: a. Non-resident aliens…

A: Answer: All individuals are required to file income tax return except correct answer is option ( d)…

Q: Every citizen or resident of the United States is required to file a federal tax return if his or…

A: Lets talk about the federal law enacted. As per federal tax law,  Every citizen or resident of the…

Q: Real property tax is an example of a national tax. * A. True B. False

A: In United States, US taxes are generally levied by local government authority. This property tax is…

Q: The legislative body cannot impose tax upon income of certain persons outside Philippine…

A: Territoriality : This is one of the general objectives of the criminal law. This means that the…

Q: This is a prerogative of escaping or diminishing a tax liability through availment of ways allowable…

A: To reduce tax liability, two methods are there. One is tax evasion and other is tax avoidance. Tax…

Q: What are two separate events (may be domestic or international) that were influenced by U.S. income…

A: Taxes, particularly income taxes, have existed for as long as we can remember. In the United States,…

Q: In the US/Canada tax treaty one of the factors considered when deciding which country has…

A: Dual residency refers to a situation wherein one particular individual qualifies to be a resident…

Q: What statement is false? a. A tax on consumption will effectively result in virtually all residents…

A: The question is related to consumption Tax. A consumption tax is a tax on the purchase of a good or…

Q: 1. Which of the following is true? A. Long term interest earned by a resident foreign corporation on…

A: As per our protocol we provide solution to one question only but as you have asked multiple…

Q: Income tax payments to a foreign country in the case of a resident citizen taxpayer may be claimed…

A: Taxes Paid in Foreign Country by Resident Citizen Taxpayer may be claimed as Tax Credit.

Q: Тах potentially abusive of the spirit of the Income Tax Act. occurs when taxpayers legally apply tax…

A: Income tax is the legal obligation of taxpayers towards the tax authorities. It is levied on income…

Q: A domestic corporation is taxed on income earned from: Within the Philippines only Within…

A: A domestic corporation is a business that is based in its home country and conducts its operations…

Q: Which of these foreign corporations is subject to regular corporate income tax? *   International…

A: Correct option is D. Regional operating headquarters of a multinational company    Regional…

Q: person who is outside Philippine territory may be subject to tax and a person who is within the…

A: Residents  of Philippines  will be subject  to tax if there income is greater than P250000

Q: Is if nation in which the nonresident foreign corporation is domiciled permits a credit for taxes…

A: As per section 28(B)(5)(b) of the tax code 1997, The dividend paid by domestic corporations to…

Q: received by nonresident individuals from a depository bank under the expanded foreign currency…

A: The answer has been mentioned below.

Q: TRUE OR FALSE income tax paid abroad is a deductible item by a resident alien in the Philippines

A: Answer:  income tax paid abroad is a deductible item by a resident alien in the Philippines This…

Q: Unless a “check the box” election is made on Form 8832, a Limited Liability Company (LLC) formed in…

A: Form 8832 : This form is filled by business entities for entity classification election for income…

Q: According to OCED , a number of countries are considered "Tax Havens" which contribute to tax…

A: Correct answer:Option.b-United states Explanation-According to modern studies, the top 10 tax havens…

Q: The 2017 Tax Cuts and Jobs Act created a territorial tax system where taxes are accrued in the…

A: Answer: Statement is true.

Q: if the government should pursue the policies that have led to allowing the exclusion of certain…

A: According to the Income-tax laws, Assessee is required to pay tax on income earned by them from all…

Q: Identify a false statement: * Capital Gains Tax is a tax imposed on the gains realized by the…

A: Capital gain is the gain on the sale of capital assets during an accounting year.

Q: nt is true or false. Tax related fraud is a criminal offence in South Africa. Therefore, it can be…

A: Tax refers to the mandatory charge imposed by the authoritative government over the income gained by…

Q: Which of the following is true?    A. Long term interest earned by a resident foreign corporation on…

A: SOLUTION AS PER THE PHILIPPINES INCOME TAX LAWS ,ANY FOREIGN CORPORATION INTEREST INCOME WHICH HAS…

Q: Why does the United States negotiate income tax treaties with other countries?

A: Tax treaties between countries are tax agreements which are entered into by two countries to avoid…

Q: Suppose a state imposes a higher tax on out-of-state companies doing business in the state than it…

A: The tax treatment of companies depends on their residential status and type of corporation.…

Q: The power to tax is provided for by the Constitution, the National Internal Revenue Code, Special…

A: Solution: True, The power to tax is provided for by the Constitution, the National Internal Revenue…

Q: According to the PCAOB, which of the following tax services would impair independence? A. Tax…

A: The mission of PCAOB is to oversee the auditors of the public companies, protect the investors…

Q: Which of the following inherent limitations of the power of taxation is violated by the imposition…

A: Tax is collected by the government from the imposed taxes which has been imposed by the central…

Q: 1.Details the tax liability of corporations to the IRS.

A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If…

Q: Tax law contains a two-pronged system for taxing the US source income of foreign persons. Briefly…

A: under the domestic law of USA if the non-descident in the united state is for 90 days or less than…

Q: Ghana has of late signed a number of double taxation Agreements with some countries. The concerns…

A: Double taxation agreements refer to the tax treaty signed between the domestic company with any…