‘TAXATION LAW REVIEW ASSIGNMENT/ACTIVITY 05 DECEMBER 2015, NAME: SATURDAY 6:00-8:00PM, INSTRUCTIONS in answering the questions: 1. Use a yellow pad paper and pen (pencils are not allowed). 2. Avoid unnecessary erasures. If ever there is a need, make sure it is done neatly (draw a straight line across the answer you wish to erase) 3. Submit your answers together with this questionnaire at the start of our class on 12 December 2015; late papers will not be accepted. 4. Prepare for a quiz or graded recitation on 12 December 2015 covering the following topics: (a) General Principles of Taxation and (b) National Internal Revenue Code (Sections 1 to 30). ACTIVITY: 1. Distinguish: a. Inherent Limitations with Constitutional Limitations. b. General Constitutional Limitations with Specific Constitutional Limitations, ¢. Substantive Aspect of Due Process with Procedural Aspect of Due Process. 2. Give at least 4 inherent limitations on the power of taxation and explain each in 1 to 2 sentences. 3. Give at least 7 constitutional limitations on the taxing power of the State and explain each in 1 to 2 sentences. 4. What are the requisites of administrative due process? 5. As a rule, all persons similarly situated should be treated alike both as to 10. 11. 12. 13. 14, 15. rights conferred and responsibilities imposed. However, persons or things ostensibly similarly situated may, nonetheless, be treated differently if there is @ basis for a valid classification. Give the elements for a classification to be valid. What are the three systems of taxation? Briefly describe each. . Enumerate the three purposes of taxation and briefly describe each. What are the different objects of taxation? Aside from knowing the nature and characteristics of taxes, it is also important for you to know the nature of the other charges and fees imposed so as to differentiate one from the other. Briefly describe or define the following charges/fees: a. Toll b. Revenue c. Special Assessment d. Subsidy e. Customs duties What are three (3) income tax systems? Explain each briefly. Give at least 3 distinctions between Gross Income Taxation and Net Income Taxation. What are the three factors that determine situs of income tax? What are the different tax accounting periods? Explain each briefly in not more than two sentences. What are the different methods of reporting income? Briefly explain each. For income tax purposes, what are the different kinds of taxpayers? Prepare a table indicating the sources and taxability of their income.