SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN: 9780357391266
Author: Nellen
Publisher: Cengage
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Students have asked these similar questions
Which of the following is the best definition of tax planning?
Oa. Planning taxpayers' financial affairs to find the best way to avoid tax by successfully bending tax law
Ob. Planning taxpayers' financial affairs in an effort to minimize tax liability
Oc. Researching complex tax issues
Od. Preparing a client's tax return
Oe. None of these choices are considered tax planning.
Which of the following best reflects the ability-to-pay philosophy of taxation?
a tax on residential property
a progressive income tax
an excise tax on gasoline
an excise tax on coffee
GST is called as consumption based tax. Discuss and verify this statement with the help of a relevant example. Also, elaborate on the different categories of GST.
(Please answer in minimum 400 words)
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- Assume that the United States Congress passes a tax law that provides for a "rebate" to taxpayers. One of the goals of the rebate is A. Increase consumer disposable income and expand the economy. B. Increase consumer disposable income and contract the economy. C. Decrease consumer disposable income and expand the economy D. Decrease consumer disposable income and contract the economy.arrow_forwardDiscuss the potential advantages and disadvantages of implementing an internal business processmeasure called total dollar amount of tax refunds generated. Would you recommend using thismeasure in Ariel’s balanced scorecard?arrow_forwardWhich of the following will be considered as tax evasion? Reducing tax by paying gift aid donations Reducing tax by buying an electric car so that first year allowance is claimed By not declaring a source of income and the actual income intentionally By utilizing a loophole in the tax system without violating the tax lawarrow_forward
- Which of the following is not a goal of the tax law? a.Economic goals such as reduction in unemployment. b.Raise adequate revenue to operate the government. c.Social goals such as lowering the cost of adoption. d.Ensuring that all persons pay the same amount of tax.arrow_forwardIf you will be a taxpayer, how do you want to pay your taxes? Focus on the administrative feasibility among the principles of sound tax system.arrow_forwardEffective tax planning. Explain the key elements of effective tax planning. What are some of the most popular tax management strategies?arrow_forward
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