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Questions and Answers
What is the primary purpose of income tax law and practice?
What is the primary purpose of income tax law and practice?
- To simplify the tax filing process for individuals
- To maximize government revenue by imposing the highest tax rates possible
- To discourage individuals from seeking high-paying jobs
- To ensure equitable distribution of tax burden among taxpayers (correct)
Which of the following is NOT a principle of income tax law and practice?
Which of the following is NOT a principle of income tax law and practice?
- Flat taxation (correct)
- Regressive taxation
- Proportional taxation
- Progressive taxation
What is the main purpose of tax planning in the context of income tax law and practice?
What is the main purpose of tax planning in the context of income tax law and practice?
- To confuse tax authorities by complex financial maneuvers
- To discourage individuals from paying taxes at all
- To evade taxes by any means necessary
- To minimize tax liability within the boundaries of the law (correct)
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