5/29/2021 TAX 1 COMPRE

TAX 1 COMPRE
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QUESTION 1
shared with your teacher.

Which of the following statements is correct?

the power of taxation must first be expressly granted, either by law or by the consti
 excuse it
 the power of taxation and police power may be exercised simultaneously
the Philippine government may subject the land where embassies of foreign governm
 taxes
Government owned and controlled corporations are exempted from taxes because it
 government to be taxing itself

QUESTION 2
The power to tax is not without limitations. Such limitations
constitutional (expressly found in the constitution or implied
inherent (restrict the power although they are not embodied
Which of the following is an inherent limitation?

 no imprisonment for non-payment of tax

 equal protection of the laws
 exemption from taxation of government entities
exemption of religious, charitable, and educational entities, non-profit cemeteries, a
 taxation

QUESTION 3
Losses from wash sales of stock or securities shall not be de

 the taxpayer is a dealer of securities or stock and made in the course of business of
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