INCTAX prelim 1

43問 • 2年前

問題一覧

Process of means by which the sovereign through its law making body raises income to defray the necessary expenses of the government.

Taxation

Purpose of taxation

Primary purpose and secondary purpose

Provide funds of property with which to promote the general welfare and protection of its citizens and enable it to finance its multifarious activities.

Primary purpose

To strengthen, protect, reduce, and prevent

Secondary purpose

To ____ by giving tax exemptions

Strengthen

To _____ local industries against foreign competition

Protect

To _____ inequalities in wealth and income.

Reduce

To _____ inflation by increasing taxes

Prevent

Inherit power of the state

Eminent domain, police power, and taxation

Take private for public use upon paying to the owner a djust compensation

Eminent domain

enacts such laws in relation to persons and property as may promote public health, morals, safety, and general welfare of the people.

Police power

Raises revenue to support the necessary expenditures of the government.

Taxation

Nature or characteristics of the states power to tax

It is inherit in sovereignty, legislative in character, and subject to constitutional and inherit limitations

The power of taxation may be exercised by the state although not expressly granted by the constitution

It is inherit in sovereignty

It is only the legislative that can enact tax laws.

Legislative in character

Taxation is not an absolute power that can be exercised by the legislative any way it pleases

Subject to constitutional and inherit limitations

Means all wealth which flows into the taxpayer other than a mere turn of a capital.

Income

Referred as tax on all yearly profits arising from property, professions, traders or offices, or as a tax on a person's income, profits, and the like it. Is a tax based on income gross or net.

Income tax

Items and concept of income

Income and income tax

Classification of income taxpayers

Individuals, corporation, estate, and trust

refers to natural person whether a filipino citizens or not and whether's resident or non-resident of the philippines.

Individuals

Includes partnership, no matter how created or organized, joint stock companies, joint accounts (cuentas en participation), associations or insurance companies, but does not include general professional partnerships and the joint venture or consortium formed for the purpose of undertaking construction projects or engaging in petroleum, geothermal, and other energy operations pursuant to an operating or consortium agreement under a service contact with the government

Corporation

Refers to all the property rights and obligation of a person which are not extinguished by his death and also those which have accrued since the opening of the succession to be subject to income tax and state must be underst judicial settlement otherwise it is not subject to income tax

Estate

An arrangement created by will or an agreement under which property is passed to another for conversation or investment with the income fair from and ultimately the corpus or principal to be distributed in accordance with the directions of the creator as expressed in governing instrument a trust to be taxable must be an irrevocable trust both as the corpus income.

Trust

Situs of taxation

Place of taxation

situs of taxation

Business, occupation and transaction, real and tangible personal property, intangible personal property, income, and gratuitous transfer of property.

place where a business is conducted, where the occupation is practiced and where the transaction took place

Business, occupation and transaction

location of property

real and tangible personal property

domicile of the owner unless the property has acquired a business situs in another jurisdiction

Intangible personal property

place where the same is earned or citizenship or domicile of the owner

Income

residence or citizenship of the taxpayer or location of the property

Gratuitous transfer of the property

gratuitous transfer means

Free off charge

means or methods by which the taxpayer saves the tax or escape the burden of the tax payment.

Escape from taxation

basic forms of escape from taxation

shifting, capitalization, transformation, tax evasion, tax avoidance, exemption from taxation, tax amnesty, and taxpayer's suit

transfer of the tax burden by one on whom the tax is assist to another

shifting

the reduction in the selling price of income producing property by an amount equal to the capitalized value for future taxes that may be paid by the purchaser.

capitalization

method by which the manufacturer or producer upon whom the tax imposed phase the tax and strives to recover such expense through lower production cost without sacrificing the quality

Transformation

fraudulent or forbidden schemes or devices to lessen the defeat taxes also known as tax dodging.

Tax evasion

exploitation by the taxpayer of legally permissible alternative tax rates or method of assessing taxable property or income in order to reduce tax liability also known as tax minimization

Tax avoidance

grant or immunity to particular persons or corporation of particular class from a tax which persons and corporations generally within the same taxing district or obliged to pay

Exemption from taxation

an immunity from all criminal and civil obligations arising from non-payment of taxes it is a general pardon given to all taxpayers it apply to the past periods hence of retroactive application

Tax amnesty

a taxpayer has sufficient personality and interest to seek judicial assistance with a few or restraining what he believes to be an attempt or unlawful disburse public funds

Taxpayers suit

Classification of taxes

As to subject matter or object As to who bears the burden of the tax As to determination of amount As to purpose As to scope or authority imposing the tax As to graduation of rates

FOLA 2 WEEK 1&2

FOLA 2 WEEK 1&2

FOLA2 WEEK 1&2

FOLA2 WEEK 1&2

INTRAD Prelim 1

INTRAD Prelim 1

問題一覧

Process of means by which the sovereign through its law making body raises income to defray the necessary expenses of the government.

Taxation

Purpose of taxation

Primary purpose and secondary purpose

Provide funds of property with which to promote the general welfare and protection of its citizens and enable it to finance its multifarious activities.

Primary purpose

To strengthen, protect, reduce, and prevent

Secondary purpose

To ____ by giving tax exemptions

Strengthen

To _____ local industries against foreign competition

Protect

To _____ inequalities in wealth and income.

Reduce

To _____ inflation by increasing taxes

Prevent

Inherit power of the state

Eminent domain, police power, and taxation

Take private for public use upon paying to the owner a djust compensation

Eminent domain

enacts such laws in relation to persons and property as may promote public health, morals, safety, and general welfare of the people.

Police power

Raises revenue to support the necessary expenditures of the government.

Taxation

Nature or characteristics of the states power to tax

It is inherit in sovereignty, legislative in character, and subject to constitutional and inherit limitations

The power of taxation may be exercised by the state although not expressly granted by the constitution

It is inherit in sovereignty

It is only the legislative that can enact tax laws.

Legislative in character

Taxation is not an absolute power that can be exercised by the legislative any way it pleases

Subject to constitutional and inherit limitations

Means all wealth which flows into the taxpayer other than a mere turn of a capital.

Income

Referred as tax on all yearly profits arising from property, professions, traders or offices, or as a tax on a person's income, profits, and the like it. Is a tax based on income gross or net.

Income tax

Items and concept of income

Income and income tax

Classification of income taxpayers

Individuals, corporation, estate, and trust

refers to natural person whether a filipino citizens or not and whether's resident or non-resident of the philippines.

Individuals

Corporation

Estate

Trust

Situs of taxation

Place of taxation

situs of taxation

Business, occupation and transaction, real and tangible personal property, intangible personal property, income, and gratuitous transfer of property.

place where a business is conducted, where the occupation is practiced and where the transaction took place

Business, occupation and transaction

location of property

real and tangible personal property

domicile of the owner unless the property has acquired a business situs in another jurisdiction

Intangible personal property

place where the same is earned or citizenship or domicile of the owner

Income

residence or citizenship of the taxpayer or location of the property

Gratuitous transfer of the property

gratuitous transfer means

Free off charge

means or methods by which the taxpayer saves the tax or escape the burden of the tax payment.

Escape from taxation

basic forms of escape from taxation

shifting, capitalization, transformation, tax evasion, tax avoidance, exemption from taxation, tax amnesty, and taxpayer's suit

transfer of the tax burden by one on whom the tax is assist to another

shifting

the reduction in the selling price of income producing property by an amount equal to the capitalized value for future taxes that may be paid by the purchaser.

capitalization

method by which the manufacturer or producer upon whom the tax imposed phase the tax and strives to recover such expense through lower production cost without sacrificing the quality

Transformation

fraudulent or forbidden schemes or devices to lessen the defeat taxes also known as tax dodging.

Tax evasion

exploitation by the taxpayer of legally permissible alternative tax rates or method of assessing taxable property or income in order to reduce tax liability also known as tax minimization

Tax avoidance

grant or immunity to particular persons or corporation of particular class from a tax which persons and corporations generally within the same taxing district or obliged to pay

Exemption from taxation

an immunity from all criminal and civil obligations arising from non-payment of taxes it is a general pardon given to all taxpayers it apply to the past periods hence of retroactive application

Tax amnesty

a taxpayer has sufficient personality and interest to seek judicial assistance with a few or restraining what he believes to be an attempt or unlawful disburse public funds

Taxpayers suit

Classification of taxes

As to subject matter or object As to who bears the burden of the tax As to determination of amount As to purpose As to scope or authority imposing the tax As to graduation of rates