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Understanding Prospective and Retroactive Tax Laws

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Understanding Prospective and Retroactive Tax Laws

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Questions and Answers

Which law is considered prospective based on the text?

Law A (correct)

Both Law A and Law B

Neither Law A nor Law B

Law B

When did Law B take effect according to the text?

Dec. 23, 2012 (correct)

Aug. 20, 2010

Dec. 5, 2010

Dec. 3, 2012

Which law is both prospective and retroactive as mentioned in the text?

Law B (correct)

Law A

Both Law A and Law B

None of the laws

Why are taxes generally considered imprescriptible based on the text?

Because they are the lifeblood of the government Signup and view all the answers

What is a Taxpayer Suit according to the text?

A case involving the illegal disbursement of public funds Signup and view all the answers

What is the significance of the Doctrine of Imprescriptibility in relation to tax laws?

It emphasizes the importance of tax collection for the government Signup and view all the answers

What is the purpose of equitable recoupment as described in the text?

To allow taxpayers to recover prescribed refunds by setting them off against current tax liabilities Signup and view all the answers

What is the main difference between tax evasion and tax avoidance?

Legal status and effect on tax payments Signup and view all the answers

Why is direct double taxation considered unconstitutional according to the text?

It violates the equal protection clause Signup and view all the answers

What does it mean to 'carry forward' losses for set off in subsequent years as discussed in the text?

To adjust the losses against future profits or income Signup and view all the answers

In what situation can double taxation be permissible according to the text?

When one tax is imposed by a state and another by a city Signup and view all the answers

What is the primary focus of the exemption method as described in the text?

Exempting income or capital taxable in the state of residence Signup and view all the answers