Select all the true statements from the following pool of statements: A - Tax, being one of the indispensable inherent powers, is the government's primary source of revenue. B - Generally, government revenues arising from exchange transactions are measured at face amount of the cash consideration received. C- For revenues that are long-term and deferred in nature, the revenue is measured at present value. D- Taxes are enforced payments by any taxable subjects, in support of government for its fiscal purpose. Taxes, being comprehensive in nature, may include fines, fees and penalties. E- Generally, payments made to the government in the form of checks are not allowed.

Select all the true statements from the following pool of statements: A - Tax, being one of the indispensable inherent powers, is the government's primary source of revenue. B - Generally, government revenues arising from exchange transactions are measured at face amount of the cash consideration received. C- For revenues that are long-term and deferred in nature, the revenue is measured at present value. D- Taxes are enforced payments by any taxable subjects, in support of government for its fiscal purpose. Taxes, being comprehensive in nature, may include fines, fees and penalties. E- Generally, payments made to the government in the form of checks are not allowed.

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter2: Gross Income And Exclusions

Section: Chapter Questions

Problem 1MCQ: The definition of gross income in the tax law is: All items specifically listed as income in the tax...

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