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Questions and Answers
What is the general term that means all wealth that flows into the taxpayer other than a mere return of capital?
What is the general term that means all wealth that flows into the taxpayer other than a mere return of capital?
- Taxable Income
- Capital Gain
- Gross Income (correct)
- Net Income
What refers to certain items of gross income less deductions and exemptions allowable by law?
What refers to certain items of gross income less deductions and exemptions allowable by law?
- Gross Income
- Capital Gain
- Taxable Income (correct)
- Net Income
From what sources is income derived according to the text?
From what sources is income derived according to the text?
- Inheritance only
- Use or employment of labor and/or capital (correct)
- Property rental only
- Gifts only
What are the purposes of income tax mentioned in the text?
What are the purposes of income tax mentioned in the text?
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What is regarded as the best measure of taxpayers’ ability to pay tax according to the text?
What is regarded as the best measure of taxpayers’ ability to pay tax according to the text?
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