Using the basic tax equation TB × TR = TL, where TB = tax base, TR...

Using the basic tax equation

TB × TR = TL, where TB = tax base,

TR = tax rate, and TL = tax liability, or total yield (TY)

the sum of all tax liabilities and the amount of revenue a government expects to receive—indicate where each of the following concepts best fits:

a. Taxable value

b. Penalties and interest

c. Tax collections

d. Taxes receivable

e. Assessed value

f. Delinquency rate

g. Tax exemption h. Collection rate

i. Income-inelastic yield

j. Overlapping tax base

k. Flat tax

l. Balancing the local government budget

m. Ad valorem taxes

n. In rem taxes

Homework Answers

Answer #1


Basic Tax Equation:

TB * TR = TL

Taxes Receivables:

Income tax receivable is money a company expects from the Internal Revenue Service as well as state, county and municipal revenue agencies. Think of it as cash the government owes a corporate or individual taxpayer who has remitted more money than due.

Assessed Value:

An assessor is a specialist who calculates the value of property. The value calculated by the assessor is then used as the basis for determining the amounts to be paid or assessed for tax or insurance purposes.

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