Ram is the only practicing lung transplant specialist in Baguio city. The government of Baguio passed a local ordinance subjecting the practice of lung transplant to 2% tax based on receipts. Ram objected claiming that other transplant specialist in other regions of the country are not subjected to tax. Is Ram's contention valid? Mention any applicable theories in taxation to answer
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- September 29, 2022 Mr. Ahmed Zinna 16 Southside Drive Charlotte, NC 28204 Dear Mr. Zinna: This letter is in response to your inquiry regarding the tax consequences of the proposed capital improvement projects at your Calvin Street and Stowe Avenue locations. As I understand your proposal, you plan to incur certain expenditures that are intended to make your stores more accessible to disabled individuals in accordance with the Americans with Disabilities Act. The capital improvements you are planning (e.g., ramps, doorways, and restrooms that are accessible) qualify for the disabled access credit if the costs are incurred for a facility that was placed in service before The projected expenditures of s location qualify for the credit. for your Stowe Avenue % of the eligible expenditures that exceed s In addition, the credit is calculated at the rate of but do not exceed s . You should also the amount of the . Thus, the maximum credit in your situation would be s be aware that the basis…Please ignore value added tax (VAT) for the purpose of this question. Lebohang Tsheng is 42 years old and a resident of South Africa. He owns asmall soap business and sells branded soaps to guesthouses and hotels.The Commissioner considers the process of manufacturing soap to besimilar to that of manufacturing for taxation purposes.To maintain high quality standard of his products Lebohang created aStandard Operating Procedure (SOP) document for his business. As part ofhis SOP he assess the efficiency of all his assets formally once every threeyears, and informally whenever the need arises.After concluding his assessments on several assets during the 2020 year ofassessment Lebohang disposed and acquired assets as follows: 1. A machine used to manufacture guest soap was sold for R180 000 on30 October 2019. The second hand machine was originally acquiredon 01 November 2016 for R350 000 and was brought into use in hisprocess of manufacture on the same date. The machine was replacedwith a…Robert Jones has just rendered service for a taxpayer as an expert witness in a case heard by the U. S. Tax Court. The taxpayer is requesting reimbursement for Jones’ fees and for those amounts paid to her attorney in presenting the case. Jones’ billing rate for this type of engagement is $500 per hour, the market rate for such services in his city, plus out- of- pocket expenses (e. g., auto mileage, computer charges). How much of Jones’ fee will the taxpayer recover?
- A taxpayer has a liabilty on their California return greater than $80,000. They cut a check to the State for $100,000 instead of using an E-Pay system. They regularly have large liabilities, and this is not a one-time representation of their income, like a windfall or lottery payment. What is the amount of the penalty that they will pay due to not using the mandatory E-Pay for this liability? in california ftb?A municipal council passed an ordinance imposing an occupation tax on the occupation of an “installment manager”. Ben is the only salaried person with such occupation in the municipality. Can he successfully challenge the validity of the ordinance since he is the only one adversely affected?Jaime is a non-VAT seller of goods. Since he has no official receipts or invoices to support his expenses, he opted for the Optional Standard Deduction (OSD). When he filed his income tax return, he intentionally applied the rate of 20% on his gross sales. In this case, Jaime applied this type of scheme: Capitalization Shifting Evasion Avoidance 1st statement – The Legislative Department levies the taxes. 2nd statement – The Executive Department, through the Department of Finance’s line agency, the Bureau of Internal Revenue makes the assessment and collection of internal revenue taxes. Only the 1st statement is true Only the 2nd statement is true Both statements are true Both statements are false
- Which one of the following statements about the premium tax credit is FALSE? Select the correct answer. O A. Consumers who are eligible for and receive advance payments of the premium tax credit don't have to file federal income taxes at the end of the coverage year. O B. Consumers may choose to purchase a qualified health plan through a Marketplace without advance payments of the premium tax credit and then wait to apply for the premium tax credit when they file their federal income tax returns. O C. Consumers should be made aware of price differences between qualified health plans and how their eligibility for advance payments of the premium tax credit will help lower their monthly premium costs. OD. If consumers who are eligible for a premium tax credit choose to take some or all of it in advance, the advance payment will be sent directly to the health insurance company that operates their chosen qualified health plan.Newton is a professor at the University of Texas. He is preparing a lecture on corporate income tax in the United States. He has planned to ask a few questions on corporate income tax at the end of the lecture. One of the questions is, "Which of the following is a criticism of the corporate income tax?" The following four options are given to the students, find out the correct option: It is regressive. It is duplicated because it is levied by both the state and federal governments. It is taxed a second time by the Individual Income tax. It is "forgiven" as an offset to the estate tax.! Required information [The following information applies to the questions displayed below.] Emily, who is single, has been offered a position as a city landscape consultant. The position pays $147,800 in cash wages. Assume Emily has no dependents. Emily deducts the standard deduction instead of itemized deductions, she is not eligible for the qualified business income deduction, and she did not make any charitable donations. (Use the tax rate schedules.) a. What is the amount of Emily's after-tax compensation (ignore payroll taxes)? (Round your intermediate calculations and final answers to the nearest whole dollar amount.) Description Amount (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Taxable income (6) Income tax liability After-tax compensation
- Which of the following statements is correct? Multiple Choice Taxpayers with household income which is more than 400% of the Federal Poverty Level are eligible to claim the premium tax credit. The premium tax credit is only available when the taxpayer files his or her tax return. The premium tax credit is available only for premium health insurance programs. Taxpayers who receive a credit are not required to file a federal tax return.A purely self-employed individual’s gross sales/receipts and other non-operating income do not exceed the VAT threshold. Assuming the taxpayer is a resident or citizen, received money from Philippine Charity Sweepstakes and Lotto winnings, his income is Group of answer choices Subject to 20% final tax if less than P10,000 Exempt from income tax Subject to 20% final tax except P10,000 or less from PCSO and Lotto shall be exempt Subject to 20% final tax without exceptionNewton is a professor at the University of Texas. He is preparing a lecture on corporate income tax in the United States. He has planned to ask a few questions on corporate income tax at the end of the lecture. One of the questions is, "Which of the following is a criticism of the corporate income tax?" The following four options are given to the students, find out the correct option: A) It is taxed a second time by the individual income tax. B) It is duplicated because it is levied by both the state and federal governments. C) It is regressive. D) It is "forgiven" as an offset to the estate tax.