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- LO7 Evaluate the following statement: The goal of good tax planning is to pay the minimum amount of tax.Based solely on the definitions in the chapter, is the sales tax a proportional, regressive, or progressive tax? Explain, and state how the tax might be viewed differently.The definition of gross income in the tax law is: All items specifically listed as income in the tax law All cash payments received for goods provided and services performed All income from whatever source derived All income from whatever source derived unless the income is earned illegally
- LO3 Identify three primary sources of tax law.16. Which of the following is NOT correct? a.Tax credits may be refundable or non-refundable. b. Income from capital related transactions is an example of an exempt income for income tax purposes. c.Tax credits are tax previously paid, or an amount used to reduce tax liability if certain conditions are met. d.Tax Relief is income that is not subject to tax.QUESTION 13 The practice of including the income tax effect of a particular transaction with the transaction itself on the income statement is known as intraperiod tax allocation. True False
- 8-Which one of the following represents the tax payable? a. Tax payable is the balance of the total income still to be settled in cash b. Tax payable is the balance of the net income still to be settled in cash c. Tax payable is the balance of the tax liability still to be settled in cash d. Tax payable is the balance of the taxable income still to be settled in cash14. As distinguished from deductions, tax credit is a. A deduction from gross sales/receipts b. A deduction from gross income c. A deduction on tax due d. A deduction from other income26. Which is FALSE? S1 – All income is taxable. S2 – All exclusions from gross income are exempted. S3 – All passive income subjected to final tax are not items of gross income S4 – All income exempted by law or treaty are exempted from income tax Group of answer choices a. S1 c. S3 d. S4 b. S2