12 Questions
Which law is considered prospective based on the text?
Law A
When did Law B take effect according to the text?
Dec. 23, 2012
Which law is both prospective and retroactive as mentioned in the text?
Law B
Why are taxes generally considered imprescriptible based on the text?
Because they are the lifeblood of the government
What is a Taxpayer Suit according to the text?
A case involving the illegal disbursement of public funds
What is the significance of the Doctrine of Imprescriptibility in relation to tax laws?
It emphasizes the importance of tax collection for the government
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
What is the main difference between tax evasion and tax avoidance?
Legal status and effect on tax payments
Why is direct double taxation considered unconstitutional according to the text?
It violates the equal protection clause
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
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
What is the primary focus of the exemption method as described in the text?
Exempting income or capital taxable in the state of residence
Learn about the concepts of prospective and retroactive tax laws through a scenario involving Law A and Law B. Test your knowledge on how these laws are applied and their implications for taxation.
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