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###########PRE-WEEK QUIZZERInstruction: Select the best answer to each of the


following questions.#. An exemption allowed to a taxpayer that has qualified
legitimate, and/or recognized or legally adopted children:Additional exemption.
Special additional personal exemption.Optional standard deduction.Personal
exemption.#.
A feature of ordinary gains as distinguished from capital
gains:Gains from sales of assets not stock in trade.May or may not be taxable in
full.Sources are capital assets.No holding period.#. The following, except one,
may claim personal exemptions:Non-resident alien not engage in trades or
business in the Philippines.Non-resident alien engage in trade or business in
the Philippines.Resident alien.Citizen.#. On capital gain tax on real property,
which of the following statements is not true? The tax should be paid, if in one
lump sum, within 30 days from the date of sale.The term initial payment is
synonymous to down payment.The installment payment of the tax should be made
within 30 days from receipt of each installment payment on the selling price.The
tax may be paid in installment if the initial payments do not exceed 25% of the
selling price.#. Which of the following taxpayers whose personal exemption is
subject to the law on reciprocity under the Tax Code? Non-resident citizen with
respect to his income derived outside the Philippines.Non-resident alien who
shall come to the Philippines and stay therein for an aggregate period more than
180 days.Resident alien deriving income from a foreign country.Non-resident
alien not engage in trade or business in the Philippines whose country allows
personal exemption to Filipinos who are not residing but are deriving income
from said country.#.
RDE was retired by his employer corporation in 2003 and
paid P1,000,000 as a retirement gratuity without any deduction for withholding
tax. The corporation became bankrupt in 2004. can the BIR subject the P1,000,000
retirement gratuity to income tax?
1st answer: Yes, if the retirement
gratuity was paid based on a reasonable pension plan were RDE was 50 years old
and has served the corporation.
2nd answer: No, if the RDE was forced by
the corporation to retire.Both answers are wrong.Both answers are correct.1st
answer is correct, 2nd answer is wrong.1st answer is wrong, 2nd answer is
correct.#. The widow of your best friend has just been paid P1,000,000 on
account of life insurance policy of the decease husband. She asks you whether
she should declare the amount for income taxes purposes or for estate tax
purposes.
1st advice: The proceeds of life insurance paid to the
beneficiary upon the death of the insured are exempt from income tax and need
not be declared for income tax purposes.
2nd advise: The proceeds of life
insurance would have to be declared for the estate tax purposes if the
designation the beneficiary was irrevocable, otherwise it need not be declared.
Both advises are correct.1st advice correct, 2nd advice are wrong.Both advises
are wrong.1st advice wrong, 2nd advice correct. #.
Mr. Juan dela Cruz
transferred his commercial land with a cost of P500,0000 but with a fair market
value of P 750,000 to JDC Corporation in exchange of the stocks of the
corporations with par value of P1,000,000. As a result of the transfer he became
the major stockholder of the corporation. As a result of the transfer, The
recognized gain is the difference between the fair market value of the shares of
stocks and the cost of the land.The recognized gain is the difference between
the par value of the stock and the fair market value of the land.No recognized
gain because the land was in exchange or purely stocks and Mr. dela Cruz became
the majority stockholders.No recognized gain because the land was in exchange of
stocks of the corporation.#. Gross income is reported partially in each taxable
year in proportion to collections made in such period as it bears to the total
contract price refers to:Crop year basis method.Percentage of completion basis
method.Accrual method.Installment sales method.#.
Schedular system of income
taxation means:All types of income are added together to arrive at gross
income.Separate graduated rates are imposed on different types of income.Capital
gains are excluded in determining gross income.Compensation income and business
professional income are added together in arriving at gross income.#. It is
important to know the source of income for tax purposes (i.e., from within or
without the Philippines) because:Some individual and corporate taxpayers are
taxed on their worldwide income while others are taxable only upon income from
sources within the Philippines.The Philippines imposes income tax only on income
from sources within.Some individual taxpayers are citizens while others are
aliens.Export sales are not subject to income tax.#. In cases of deduction and
exemption on income tax return doubts shall be resolved:
a.
Strictly against

the taxpayer.
b.
Strictly against the government.
c.
Liberally in
favor of the taxpayer. d.
Liberally in favor of the employer.#.
The term
capital assets includes:
a.
Stock in trade or other property included in
the taxpayers inventory.Real property not used in the trade or business of
taxpayer.Property primarily for sale to customers in the ordinary course of his
trade or business.Property used in the trade or business of the taxpayer and
subject to the depreciation.#.
Lots being rented when subsequently sold are
classified as:
a.
Capital assets.Liquid assets.Ordinary assets.Fixed
assets.#.
The following are examples of corporate expenses deductible from
gross income, except one:
a.
Representation expenses designed to promote
business.Contributions to drum up business, like contributions of soft drinks to
barrio fiestas.Expenses paid to an advertising firm in order to create a
favorable image for the corporation.Premiums on life insurance covering the life
of an employee if the beneficiary is his heirs.#.
ABC Corporation took two
key men insurance on the life of its President, Mr. X. In one policy, the
beneficiary is the corporation to compensate it for its expected loss in case of
death of its president. The other policy designates Mr. Xs wife as its
irrevocable beneficiary.
Question 1 Are the insurance premium paid
by X corporation in both policies deductible?
Question 2 Will the
insurance proceeds be treated as income subject to tax by the corporation and by
the wife?
a.
Yes to 1st and No to 2nd questions.Yes to both questions.No to
1st question and Yes to 2nd question.No to both questions. #.
Who among the
following is a non-resident alien? a.
An alien who comes to the Philippines
for a definite purpose which in its nature may be promptly accomplished.An alien
who comes to the Philippines for a definite purpose which in its nature would
require an extended stay.An alien who has acquired residence in the Philippines.
An alien who lives in the Philippines with no definite intention as to his stay.
#.
An exemption provided by the law to take care of personal, living and
family expenses of the taxpayer and the amount of which is determined according
to the status of the taxpayer are: a.
Optional standard deduction.Personal
exemption.Additional exemption.Special additional personal exemption.#.
The
personal exemption of the non-resident alien engaged in trade or business in the
Philippines is equal to that allowed by: a.
The income tax law of his country
to a citizen of the Philippines not residing there.The income tax law of his
country to a citizen of the Philippines not residing there or the amount
provided by the NIRC t a citizen or resident, whichever is lower.The National
Internal Revenue Code to a citizen or resident.The income tax law of his country
allows to a citizen of the Philippines not residing there or the amount provided
by the NIRC to a citizen or resident alien whichever is higher.#.
If an
individual performs services for a creditor who in consideration thereof cancels
the debt, the cancellation of indebtedness may amount:
a.
To a gift.To a
capital contribution.To a donation inter vivos.To a payment of income.#.
Statement 1. A non-resident citizen is taxable on his income from within
the Philippines. Statement 2. A non-resident citizen is not taxable on his
income from outside the Philippines.
Statement 3. A non-resident citizen is
taxable on his income from within and outside the Philippines.
a.
True,
true, true.False, false, false.True, true, false.False, false, true.#. The
following are the general principles of income taxation:
a. A citizen of the
Philippines residing therein is taxable on all income derived from sources
within and without the Philippines. b. A nonresident citizen is taxable on
income derived from sources within the Philippines. c. An individual citizen of
the Philippines who is working and deriving income from abroad as an overseas
contract worker is taxable only on income from sources within the Philippines.
d. An alien individual, whether a resident or not of the Philippines, is
taxable only on income derived from sources within the Philippines.
e. A
domestic corporation is taxable on all income derived from sources within and
outside the Philippines.
f. A foreign corporation, whether engaged or not
in business in the Philippines, is taxable only on income derived from sources
within the Philippines.
a.
All the statements are true.All the
statements are false.One of the statements is false.Some of the statements are
false.#.
A citizen of the Philippines was a non-resident citizen in 2003. On
May 15, 2004, he arrived in the Philippines to reside permanently in the
Philippines. His income for the year was:
A From January
1, 2004 to May 14, 2004.
B From May 15, 2004 to December 31, 2004.

Which of the following is wrong?


a.
He is considered a resident
citizen on his B income.He is considered a non-resident citizen on his A
income.He is considered a resident citizen on his A and B income.He is not
taxable on his A income.#. Statement 1. If a taxpayer marries or has
dependents during the year, or dies during the year, or his spouse dies during
the year, he/his estate may claim personal exemption in full for such year.
Statement 2. If a dependent child dies within the year, or becomes twentyone years old within the year, the taxpayer may still claim additional
exemption. a.
First statement is correct while second statement is wrong.
First statement is wrong while second statement is correct.Both statements are
wrong.Both statements are correct.#.
Statement 1. An illegitimate child
dependent upon the taxpayer is a unit of additional exemption.
Statement 2. A
dependent who marries within the year or who becomes gainfully employed during
the year is still a dependent with additional exemption for the year. a.
True, true.True, false.False, false.False, true.#.
Which of the
following is not an income tax on corporation? a.
Normal tax.Minimum
corporate income tax.Gross income tax.Stock transaction tax.#.
The normal tax
of an ordinary corporation effective January 1, 2000 is:
a.
34%.33%.32%.
30%.#.
The minimum corporate income tax of a domestic or resident trading
or manufacturing corporation is:
a.
2% of gross income.5% of gross sales.
15% of gross income.15% of gross sales.#. The minimum corporate income tax of a
domestic or resident service corporation is:
a.
2% of gross receipts.2% of
gross income.15% of gross receipts.15% of gross income.#. One of the following
statements is correct. Which is it? The minimum corporate income tax of a
corporation is computed:
a.
In the quarterly and annual returns of the
corporation. In the annual income tax return only of the corporation.In the
quarterly returns only of the corporation.In all the taxable use of operations
of the corporation.#.
One of the following is wrong. Which is it? The gross
income tax on corporation is: a.
Applicable to domestic corporations.Not
applicable to resident corporation.Applicable to non-resident corporation.May
begin only beginning 2000.#. Which statement is wrong? The gross income tax: a.
Is optional to a qualified corporation.Available only if the ratio of cost
of sales does not exceed fifty-five per cent of gross sales or receipts from all
sources.The choice shall be revocable for three consecutive years that the
corporation is qualified under the scheme.Is always computed to compare with the
normal income tax and minimum corporate income tax.#. Which statement is wrong?
The gross income tax of the corporation is:
a.
15% of gross income.15% of
gross sales.15% of gross profit from sales.15% of gross receipts.#.
One of
the following statements is wrong. Identify. The improperly accumulated earnings
tax imposed on corporations: a.
Is calculated to force corporations to pay
out dividends.Is computed on improperly accumulated income over several years.Is
based on the net income per books after income tax.Is based on a statutory
formula for improperly accumulated income.#.
All, except one, of the
following, are not subject to the improperly accumulated earnings tax. Which is
the exception? :
a.
Publicly-held corporations.Banks and other nonbank
financial intermediaries.Insurance companies.Service enterprises.#.
The
following, except one, give rise to the presumption that a corporation is
improperly accumulating profits. Identify the exception:
a.
The corporation
is a mere holding company.The corporation is an investment company.The
corporation permits its profits to accumulate beyond the reasonable needs of the
business.The corporation is a service enterprise.#. Which of the following is
not treated as a corporation? a.
General partnership and trade.General
professional partnership.Mutual fund company.Regional operating headquarters of
multi national company.#.
Which of the following statements is wrong?
a.
A general partnership in trade is not taxable as a corporation.A joint
venture for undertaking construction projects is not taxable as a corporation.A
consortium for energy operations pursuant to an operating consortium agreement
under a service contract with the government is not taxable as a corporation.A
co-ownership where the activities of the co-owners are limited to the
preservation of property and collection of income from the property is not
taxable as a corporation. #. As a general rule, proceeds of insurance are not
taxable because they only constitute a return of capital (of what was lost).
Which is the exception? a.
Proceeds of life insurance.Proceeds of accident or
health insurance.Proceeds of property insurance.Proceeds of crop insurance.#.

Which of the following is taxable? a.


Separation pay received by a 50year old employee due to the retrenchment program of the employer.Retirement pay
received from a benefit plan registered with the Bureau of Internal Revenue
where at the time the employee retired he was 55 years of age, retiring from
employment for the first time in his life, and was employed with the employer
from whom retiring for 6 years prior to retirement.Social security benefit
received by a balikbayan from employer abroad at the age of 35.SSS and GSIS
benefit.#. Which of the following is taxable? a.
Agricultural land
inherited.Cash received as gift.Philippine Charity Sweepstakes winnings.Interest
on government bonds.#. Which of the following is taxable? a.
Prize won in as
essay contest.The Nobel prize. Prize won as member mythical team in the PBA.
Award for being a model employee.#. Which of the following items that reduce
salaries of employees is not an exclusions from gross income?
a.
GSIS or
SSS contributions.Pagibig contributions.Labor union dues.IOUs.#.
Which of
the following is taxable?
a.
Interest on long-term deposit on banks of
individuals.Gain on sale of 10-year bond.Prize exceeding P10,000.Lotto winning.
#.
Which of the following is not gross compensation income?
a.
Salary of
P20,000 of an employee.Bonus of P20,000 of an employee.Salaries of P20,000 of a
partner of a general partnership in trade.Honorarium of P20,000 of an employee
who is a member of the board of directors of a corporation.#.
Which of the
following tax refunds constitutes income? a.
Refund of Philippine income tax.
Refund of estate tax.Refund of donors tax.Refund of percentage tax.#. Statement
1. Only business expenses may be deducted from the gross income of taxpayers.
Statement 2. Itemized deductions from gross income should be duly
supported by vouchers or receipts. a.
First statement is true while second
statement is false.First statement is false while second statement is true.Both
statements are true.Both statements are false.#.
Statement 1. Interest paid
or incurred in the acquisition of fixed assets may be capitalized to the asset
account.
Statement 2. On individual on the cash basis of accounting shall
deduct interest paid in advance in the year that the principal is paid.
a.
Statement 1 is correct while statement 2 is wrong.Statement 1 is wrong
while statement 2 is correct.Both statements are correct.Both statements are
wrong.#.
One of the following is not correct for deductibility of losses from
gross income:
a.
It must arise from fire, storm, or other casualty,
robbery, theft, or embezzlement.It must not be compensated by insurance or any
form of indemnity.A declaration of loss by casualty should be filed with the
Bureau of Internal Revenue.It is of property owned by the taxpayer, whether used
in business or not.#.
Statement 1. Ina total loss due to casualty, the measure
of loss is the book value of the asset reduced by any form of indemnity.
Statement 2. In a partial loss due to casualty, the measure of loss is the
cost of the property, or the cost to restore the property to its normal
operating condition, whichever is lower, reduced by any form of indemnity.
Statement 3. In a wash sale, loss is not deductible. Statement 4. In a
merger or consolidation, or transfer to a controlled corporation, loss is not
deductible. a.
True, true, true, true.False, false, false, false.True, false,
true, false.False, true, false, true.
#.
Statement 1. A net operating loss
is the excess of allowable deductions over the gross income from business for a
taxable year.
Statement 2. A net operating loss which had not previously
been deducted from gross income shall be carried over as a deduction only in
the next year immediately following the year of such loss. a.
True, true.
False, false.True, false.False, true.#. Statement 1. Bad debt is an expense in
the books of account when a provision is made for it. Statement 2. Bad debt is a
deduction from the gross income when the account is written off. a.
The first
statement is true while the second statement is false.The first statement is
false while the second statement is true.Both statements are true.Both
statements are false.#. Statement 1. The cost of leasehold improvements shall be
deductible by the lessee by spreading the cost of the improvements over the life
of the improvements or remaining term of the lease, whichever period is shorter.
Statement 2. Deprecation expense can be a deduction for both tangible and
intangible property with limited useful life. a.
True, true.False, false.
True, false.False, true.#.
Statement 1. Contributions by the employer to a
pension trust for past service cost is deductible in full in year that the
employer made the contributions, if he is on the cash basis of accounting.
Statement

2. Contributions or donations given directly to individuals cannot be deducted


from gross income.
a.
True, true.False, false.True, false.False, true.#.
Which statement is not correct?
a.
The deduction of an individual
for contribution subject to limitation should not exceed ten percent (10%) of
his taxable income from business, trade or profession before deduction for
contributions.The deduction of a corporation for contributions subject to
limitation should not exceed five percent (5%) of its taxable income from
business or trade before deduction for contributions.Contributions to media in
its fund drive for the relief of the calamity victims are deductible from gross
income.Contributions of canned goods to student organizations during the
Christmas season to contribution to Muntinglupa inmates are deductible from
gross income.#.
Which statement is wrong/ research and development costs: a.
When related to the acquisition and/or improvement of land and building,
must be capitalized.If not related to land and building, may be treated as an
outright deduction.If not related to land and building, may be treated as a
deferred expense which may be amortized.Cannot be deducted because it has
unlimited life.#. Which statement is wrong? The deduction for premiums on
hospitalization and health insurance is: a.
Not to exceed P2,400 a year per
family.Not to exceed P200 per month.Not allowed if the family income exceeds
P250,000.In the case of married persons, can be claimed by either spouse.#.
Which statement is wrong? Deduction for premiums on hospitalization and
health insurance is:
a.
Allowed a citizen with a gross compensation only.
Allowed a citizen with business or professional income only.Allowed a citizen
with mixed income.Only if the taxpayer is taking itemized deduction from gross
income.#.
The Optional Standard Deduction is ten percent () of the gross
income. Choose the correct and best answer: For purposes of the Optional
Standard Deduction of an individual (other than non-resident alien) gross income
means:
a.
If a trading concern, gross profit from sales.If a service
concern, gross receipts lee direct cost of services.Means gross profit from
sales, or gross receipts or revenues less direct cost of services, plus all
other items of gross income.Includes the net capital gain of an individual.#.
Which statement is wrong? The rule that capital losses are deductible only
to the extent of capital gains is applicable: a.
To a corporation.To an
individual.To the individual taking the Optional Standard Deduction.To the
individual taking the itemized deduction from gross income.#.
Which statement
is wrong? The fringe benefit tax is:
a.
Imposed on the employer.Imposed
on the employee.Withheld at source.Deductible by the employer.#. Which statement
is wrong? The amount on which the fringe benefit tax rate is applied is:
a.
The monetary value of the fringe benefit.The grossed-up monetary value of
the fringe benefit.The amount deductible by the employer from his/its gross
income.Reflected in the books of accounts in the two account of fringe benefits
expense and fringe benefit tax expense.#. Which of the following fringe benefit
is not subject to the fringe benefits tax?
a.
Contributions of the
employer for the benefit of the employee to retirement, insurance and
hospitalization benefit plans.Housing.Expense account.Vehicle of any kind.#.
Statement 1. A fringe benefit which is subject to the fringe benefit tax
is taxable income of the employee. Statement 2. A fringe benefit which is not
subject to the fringe benefit tax is taxable income of the employee.
a.
First statement is true while second statement is false.First statement is
false while second statement is true.Both statements are true.Both statements
are false.#.
Statement 1. The fringe benefit tax is deductible from the
gross income of the employer. Statement 2. The fringe benefit tax is withheld by
the employer.
a.
The first statement is true while second statement is
false.The first statement is false while second statement is true.Both
statements are true.Both statements are false.#.
Statement 1: A corporation
cannot deduct a loss arising from a sale between the corporation and the
controlling individual stockholders.
Statement 2: A corporation cannot
deduct a loss arising from a sale between the corporation and the controlling
parent corporation.
a.
First statement is correct, but the second
statement is wrong.First statement is wrong, but the second statement is
correct.Both statements are correct.Both statements are wrong.#. The family of
an individual shall include his brothers and sisters, whether by whole or half
blood, spouse, ancestors and lineal descendants. In which of the following does
the concept not apply? a.
Non-deductible loss from sales or exchange of

property between members of the family.Non-deductible bad debts on transaction


between members of the family.Non-deductible interest expense between members of
the family.Deductible premiums on hospitalization and health insurance of the
family.#.
Which of the following losses is deductible?
a.
Loss on wash
sale.Loss on merger.Loss on a transfer of property to a corporation solely stock
resulting in control.Loss on a transfer of property to a controlled corporation
solely for stock.#.
Which interest expense can be deducted from gross
income?
a.
Interest expense on money borrowed to buy government bonds.
Interest expense on money borrowed to finance petroleum operations.Interest
expense between a corporation and the controlling individual.None of the above.
#.
Which statement is wrong? The net operating loss carry-over (NOLCO) is:
a.
Available to a domestic corporation.Available to a registered
general partnership in business in the Philippines.Available to an individual in
business in the Philippines.Not available to a general professional partnership
in the Philippines.#.
Which statement wrong? Research and development cost: a.
On land and building acquired for research and development purposes is not
deductible as research and development cost.May be claimed as an outright
deduction from gross income.May be treated as a deferred expense to be amortized
over the period which will benefit from the expenditure.May be treated as a
deferred expense to be amortized over a period of not less than sixty months
from the date benefit from expenditure is derived.#. Which of the following
statements is wrong?
a.
A deduction for dab debt is not available when a
provision for it is made.A deduction for bad debt is available only when a write
off is made.There is no deduction for bad debt when there is a surely for the
debtor against whom collection may be enforced.A deduction for uncollectible
account is available to a taxpayer whether he is on the cash or accrual method
of accounting.#. Which statement is wrong? Contributions made by an employer to
a pension trust: a.
For lump sum payment to cover past service cost, is
allowable as deduction beginning with the year the payment was made.
b.
For
lump sum payment to cover past service cost is allowable as deduction amortized
for period of ten years.For a lump sum payment to cover past service cost, may
be amortized over a period of more than, but not less than ten years.For present
service cost, is deductible in the year that payment is made.#. Which statement
is not correct? Deduction for depletion: a.
Is allowed on wasting assets
only.For foreign corporations engaged in doing business in the Philippines is
allowed only if the mine is allocated in the Philippines.For domestic
corporations, shall be allowed only if the mine is located in the Philippines.Is
separate from deduction for depreciation of building in the mine site.#.
For
an individual on the cash basis of accounting, prepaid interest on an
indebtedness is deductible:
a.
In the year that the interest is prepaid.In
the year that the principal is paid.For the portion expired corresponding to the
current accounting period.None of the above.#. Income which is constructively
received is already taxable income is a rule under this method of accounting:
a.
Cash method.Accrual method.Installment method.Deferred payment
method.#.
Which statement is wrong?
a.
Income from a general
professional partnership is constructively received by a partner when his share
in the net income is credited to his capital account.Income from a taxable
partnership is constructively received by a partner in the same taxable year
that the partnership determined its net income after tax.Any distribution of
dividends made to shareholders of a corporation shall be deemed to have been
made from the most recently accumulated earnings or surplus.Accumulated profits
of any year distributed to shareholder of a corporation shall be considered
dividend subject to final tax on the distributee in the year received.#.
Which is wrong? Deferred recognition of income is allowed in:
a.
Installment sales where the initial payments do not exceed twenty-five
percent of the selling price.Installment sales where the initial payments exceed
twenty-five percent of the selling price.Long-term contracts.Advance rental
received.#. One of the following statements is wrong. Identify: a.
The base
stock method of valuing inventory is not recognized for I income tax purposes.
Second hand and odd or broken lots goods in the inventory should be valued at
cost or market, whichever is lower.The Commissioner of Internal Revenue may
prohibit the method of inventory valuation used in the books even if such method
used conforms to accounting rules.The Commissioner of Internal Revenue may
determine the taxable income of a taxpayer by using standards developed from

other taxpayers.#.
The taxpayer is not a dealer of personal
property regularly selling on installment. Installment method of reporting
income is available to him on a sale of property if the initial payments on the
sale: a.
Exceed 25% of the selling price.Do not exceed 25% of the selling
price.Regardless of the ratio of initial payments to the selling price.Do not
exceed 25% of the contract price.#. Deferred payment method of reporting income
on an installment sale is available to a taxpayer if, there being a requirement
of the law on the ratio of initial payments to the selling price, the initial
payments on the sale:
a.
Exceed 25% of the selling price.Do not exceed 25%
of the selling price.Regardless of the ratio of initial payments to the selling
price.Do not exceed 25% of the contract price.#.
Which is wrong? The net
worth-expenditure method of investigation which is used by the Bureau of
Internal Revenue to determine taxable income that was fraudulently concealed by
an individual is based on:The statutory authority of the Commissioner of
Internal Revenue to promulgate rules and regulations. b.
The statutory
authority of the Commissioner of the Internal Revenue to determine the taxable
income of a taxpayer from the best evidence obtainable.The statutory authority
of the Commissioner of Internal Revenue to have the income of a taxpayer
computed under such method as in his opinion clearly reflects the income.All of
the above.#.
Under the net worth-expenditure method of investigation,
unexplained increase in net worth is attribute to undeclared income.
Statement
1. The finding of the Bureau of Internal Revenue of undeclared income is
presumed correct, unless the taxpayer proves otherwise.
Statement 2. The
underdeclaration of income is presumed to be fraudulent and the assessment of
the tax by the Bureau of Internal Revenue will imposed a surcharge of fifty
percent.The first statement is true, the second statement is false.The first
statement is false, the second statement is true.Both statements are true.Both
statements are false.#. Which method of inventory valuation is not recognized
for income tax purposes? Cost.Cost or market, whichever is lower.Farm price
method.Base stock method.#.
Statement 1. The Commissioner of Internal Revenue
can, if he makes a finding that the nature of stock on hand (e.g., scarcity,
liquidity, marketability or price movements) is such that inventory gains should
be considered realized for tax purposes, require a change in the inventory
valuation method of a taxpayer.
Statement 2. The accrual method of
accounting is required of trading, manufacturing and service enterprises.First
statement is correct, second statement is wrong.First statement is wrong, second
statement is correct.Both statements are correct.Both statements are wrong.#.
If a general professional partnership is on the accrual method of
accounting, and a partner, on his own transactions, is on the cash method of
accounting, in the partners determination of his taxable income for a year:He
can consolidate his share in the net income of the partnership, determined by
the partnership under the accrual method, with his own income determined under
the cash method.He must convert his income from the partnership into cash method
before consolidating it with his own income on the cash method.He must convert
his own income into accrual method before consolidating it with his own income
from the partnership under the accrual method.He does not have to report his
income from the partnership because the partnership is exempt from income tax.#.
An individual making a casual sales or disposition of property involving
deferred payment, not in the course of trade or business, must report his
income:On the cash method.On the accrual method.On the installment method.All of
the above.#.
Statement 1. Where different enterprises or corporation are
owned by the same taxpayer, the Commissioner of Internal Revenue may make an
allocation of income and expenses among them so as to clearly reflect the income
of each enterprise or corporations. Statement 2. In the interest of determining
the correct taxable income, it is legal for the Commissioner of Internal revenue
to determine the revenue and gross income of a taxpayer based on industry
standards developed by the Bureau of Internal Revenue from an industry study.
Both statements are correct.Both statements are wrong.First statement is
correct, but second statement is wrong.First statement is wrong, but second
statement is correct.#. Which statement is wrong? When a taxpayer controls a
manufacturing corporation and a marketing corporation, sales made by the
manufacturing corporation to the marketing corporation, as recorded, in the
books of account, may be considered by the Bureau of Internal Revenue as not
reflective of correct selling price.Under the rule of piercing the veil of

corporate fiction.Under the provision of the National Internal Revenue Code


which authorizes the Commissioner of Internal Revenue to allocate revenues and
expenses of corporations controlled by the same interests: so as to clearly
reflect the income of the taxpayers.Under the provision of the National Internal
Revenue Code which authorizes the Commissioner of Internal revenue to determine
the correct taxable income from the best evidence obtainable.Cannot be done by
the Bureau of Internal revenue.#. Which is correct? When it takes more than
one year from the time of planting to the time of harvesting and selling, income
may be reported under the crop year method, under which, deductions for expenses
shall be allowed in the year that the income from the crop is realized.This is
an accounting period of more than twelve months.This is still an accounting
period of twelve months.There are two accounting periods, one, a one-year
period, and the other, a less-than-one-year accounting period.There is no
definite accounting period.#. Statement 1. There can be an accounting period of
less than twelve months.
Statement 2. There cannot be an accounting period
of more than twelve months.Both statements are correct.Both statements are
wrong.The first statement is correct, while the second statement is wrong.The
first statement is wrong, while the second statement is correct.#.
Statement
1. A change in the method of accounting requires a prior approval of the
Commissioner of Internal Revenue. Statement 2. A change in accounting period
does not require prior approval of the Commissioner of Internal Revenue as long
as the necessary income tax returns for the different accounting periods (old,
interim and new) are filed.Both statements are correct.Both statements are
wrong.First statement is correct, while second statement is wrong.First
statement is wrong, wile second statement is correct. #.
Which statement is
wrong? In income tax allocation:Permanent difference is an item of revenue in
the books of accounts but which is not a taxable income.Permanent difference is
an item of taxable income which is not revenue in the books of accounts.Timing
difference is an item in revenue in the books of accounts in one accounting
period but which is taxable income in another accounting period.Timing
difference is an item of expense in one accounting period and is not a deduction
for income tax purposes. #. One of the following is correct:Income from longterm contracts may be reported on the completed contracts method of accounting.
Income from long-term contracts must be reported only on the percentage of
completion method of accounting.Income from deferred payment sales may not be
reported on the accrual method.Where in a deferred payment sales the initial
payments exceed twenty-five percent of he selling price, the income from the
sales must be reported on the accrual method.#. Which income from sources partly
within and partly outside the Philippines is allocated on the time basis? Income
of an international shipping corporation with vessels touching Philippine ports.
Income of a telegraph company with transmission from the Philippines to points
abroad.Income from goods produced in whole or in part in the Philippines and
sold in a foreign country, or vice-versa. Income from personal services
performed in part in the Philippines and in part abroad.#. Who of the following
need not file income tax return? A taxable corporation, if with a net loss.A
taxable partnership, if with a net loss.A general professional partnership, with
a net income or net loss.An employee with a gross compensation income of P48,500
when the withholding tax by an employee was correct.#.
The income tax return
of a parent includes the income of an unmarried child:If the child is minor and
the income was derived from property inherited by the child, where the estate
tax was paid.If the child is minor and the income was derived from property
received as gift from a living parent, where the donors tax was not paid.If the
child was minor and the income was derived form property received as gift from
the living parent, where the donors tax was paid.If the child is minor and the
income was derived from his labor.#.
Statement 1: The income tax return of
husband and wife may be signed by one of the spouses only designated by them as
the income tax return filer. Statement 2: The income tax return of husband and
wife must be signed by both spouses.Both statements are correct.Both statements
are wrong.Statement 1 is correct, but Statement 2 is wrong.Statement 1 is wrong,
but Statement 2 is correct.#. Which statement is wrong:The income tax return of
a receiver of a corporation is the income tax return of the corporation.The
income tax of a minor, unmarried child, from personal services, filed by the
guardian of the child, is an income tax return of the child.The income tax
return of a person under disability, from services,

or from property, filed by the guardian, is an income tax return of the child.
The income tax return by an agent or authorized representative of the taxpayer,
as indicated in the return, is under the sole responsibility of the agent or
authorized representative.#. A corporation which is included in exempt
corporation under Section 30 of the National Internal Revenue Code. (e.g.,
organized and operated for charitable purposes) which did not file its article
of incorporation and by-laws with the Bureau of Internal Revenue:Is required to
file an income tax return and paid the income tax.Is required to file an income
tax return although not required to pay the income tax.Needs to file only an
information return and will not be required to pay the income tax.Needs to file
an information return and pay the income tax.#. A general professional
partnership is exempt from income tax, but is required to file an income tax
return:For statistical purposes.Because the net income of the partnership will
be traced into the income tax return of the partners.Because all income earners
are required to file income tax return.None of the above.#.When an individual
taxpayer is under temporary disability:Income tax return is required to be filed
for him by his guardian.No income tax return is required of him.Income tax
return for the period when he was under disability shall be required only when
becomes able.None of the above statements are correct.#.
Statement 1. A
corporation with an annual income tax paid or payable of at least P1,000,000 for
the preceding taxable year is a large taxpayer.
Statement 2. When a
corporation is dissolve and is under receivership, the corporation is still the
taxpayer until the close of the liquidation.First statement is correct, while
second statement is wrong. First statement is wrong, while second statement is
correct.Both statements are correct.Both statements ate wrong.#. Which statement
is wrong? When an individual, notwithstanding withholding income tax during the
year on his compensation income, is required to file an income tax return at the
end of the year, he:May pay the income tax into two installments if the income
tax on his taxable income for the year, before credit for withholding income
tax, exceeds P2,000.May pay the income tax into two installments if the income
tax on his taxable income for the year, after credit for withholding income tax
exceeds P2,000.May credit the income tax withheld against the first installment
tax due.May still pay the income tax in one lump sum even if it exceeds P2,000
and credit the withholding income tax against it.#. Which of the following
withholding income tax should be remitted to the Bureau of Internal Revenue as a
final tax? Withholding income tax and compensation income.Withholding income tax
on certain passive income.Withholding income tax under the Expanded Withholding
Tax System.All of the above.#.
Dividend received from a foreign corporation
shall be subject to withholding income tax if:In all cases where the foreign
corporation had business in the Philippines.In all cases where the foreign
corporation engaged in business in the Philippines had more than fifty percent
of its world gross income for the three-year period preceding the declaration of
dividend derived from Philippine sources.In all cases where the foreign
corporation engaged in business in the Philippines had more than eighty-five
percent of its world gross income for the three-year preceding the declaration
of dividend derived from Philippine sources.None of the above.#. Which is not a
creditable withholding income tax? Expanded withholding income tax.Withholding
income tax on passive income on passive income.]Withholding income tax at
source.None of the above. #. One of the following statements is correct. A
choice by an individual of the Optional Standard Deductions means that:His
income tax return need not be accompanied by financial statements.He need not
keep books of accounts.He need not have records of gross income.His choice can
still be changed by filing an amended return.#. Which of the following is a
taxpayer required to file an income tax return? An estate which is under
administration.A trust where the fiduciary must accumulate the income of the
trust.A trust where the fiduciary may accumulate or distribute the income of the
trust, at his discretion.All of the above.#.
Which is correct? The income tax
return shall be accompanied by the following:Statement of Net Worth and
Operations, if the gross receipts from business or profession do not exceed
P50,000 in any one quarter.Balance Sheet and Income Statement, if the gross
receipts from business or profession exceed P50,000, but do not exceed P150,000
in any one quarter.Balance Sheet and Income Statement certified an independent
Certified Public Accountant if the gross receipts from business or profession
exceed P150,000 in any one quarter.All of the above.#.
Statement 1.
A

donation on which the donors tax was not paid is not a valid donation.
Statement 2. Title to the donated real property cannot be transferred to
the donee in the Register Deeds unless the donors tax on the donation had been
paid.Both statements are correct.Both statements are wrong.The first statement
is correct while the second statement is wrong.The first statement is wrong
while the second statement is correct.#. One of the following is not an excise
tax in the Tax Code.Value-added tax.Community tax.Income tax.Percentage tax.#.
One of the following statements is wrong: books of accounts are required
to be kept, as follows:Where the quarterly gross sales, earnings, receipts or
output do not exceed P50,000, a simplified set of bookkeeping records.Where the
quarterly gross sales, earnings, receipts or output exceed P50,000 journal and
ledger, or their equivalent.Where the gross quarterly sales, earnings or output
exceed P150,000, the books shall be examined and audited by independent
Certified Public Accountants.May be in language other than native, English or
Spanish as long as it is in the language of the taxpayer.#.Statement 1; Books of
accounts shall be preserved for a period beginning from the last entry in such
books until the expiration of the period of assessment (on transactions recorded
there) that may be made by the Bureau of Internal Revenue. Statement 2: In the
case of the taxpayers whose gross sales, earnings or receipts in any quarter
exceed P150,000, the books of account should be audited and examined by
independent Certified Public Accountants and their income tax returns
accompanied with certified financial statements.Both answers are correct.Both
answers are wrong.First statement is correct but second statement is wrong.First
statement is wrong but second statement is correct.#. Mr. Araki, a non-resident
alien stockholder, received a dividend income of P300, 000 in 2004 from a
foreign corporation doing business in the Philippines. The gross income of the
foreign corporation within and without the Philippines for three years preceding
2004 are as follows:
Sources of Income
2001
2002
2003
From within the Philippines
P16,000,000 P12,000,000 P14,000,000 From
without the Philippines 18,000,000 14,000,000 16,000,000
How much of the
dividend income received by Mr. Araki is considered income from sources within
the Philippines? Zero.P150,000.P270,000.Answer not given.#. The following
information are from the records of the Central Plain University, Inc., a
private educational institution, for the fiscal year ended May, 31, 2003:
Income:
Miscellaneous fees
P
362,600
Tuition fees
2,843,100
Income from rents
60,000
Net income, school canteen
36,200
Net
income, book store
24,800
Dividends
15,000
Interest on time deposits
45,000
Expenses:
Payroll and
administrative salary
1,452,450
Other operating expenses
762,330
Interest on P750, 000 bank loan
82,100
Depreciation, new six-room building
37,500
In the first month
of the fiscal year, the school secured a loan from a bank in the amount of
P750,000. The proceeds of the loan were spent in the construction of a new sixroom building.
How much is the income tax due from the Central Plain
University, Inc. for the fiscal year ended May 31, 2003? P101, 935.P 26,935.P105,
685.Answer not given.#. The West Central College, Inc. is a private educational
institution recognized by the Government. It submitted the following data for
the fiscal year ending April 30, 2004:
Tuition fees
P 9,500,000
Miscellaneous fees
1,200,000
Cash dividends
from domestic corporation
80,000
Income from
book store
350,000
Interests on bank deposit
70,000
Income of school canteen
180,000
Salary, allowances and bonus
6,400,000
Other
operating expenses
2,600,000
Other expenditures for
improvement of school facilities:
Construction of additional classrooms
1,300,000
Furniture and equipment of library
400,000 The income tax due for the fiscal year ending
April 30, 2004:P223, 000.P61, 000.P780, 000.Answer not given.#. The Central
Luzon University, Inc. is a private educational institution recognized by the
Government. The following are financial data for its fiscal year ending April
30, 2004:
Tuition fees
P12, 800,000
Miscellaneous fees
2,100,000
Interest on bank deposits
15,000
Rent income
from school canteen
120,000
Salary and bonus, all personnel

8,500,000 Other operating expenses


3,750,000
Construction of classroom building
2,150,000 Repayment of loan
500,000
Quarterly (three quarters) income tax paid
36,000
The income tax still payable by the Central Luzon University,
Inc. for the year ended April 30, 2004:P62,
000.P241, 000.P27, 580.Answer not given. #.
Mrs. Evangelista owns a parcel of
land worth P500, 000 which she inherited from her father in 2003 when it was
worth P300, 000. Her father purchased it in 1990 for P100, 000. If Mrs.
Evangelista transfer this parcel of land to her wholly owned corporation in
exchange for shares of stocks of said corporation worth P450, 000, Mrs.
Evangelistas taxable gain is:Zero.P50, 000.P150, 000.Answer not given.#.
Mr.
Santiago purchased a life annuity for P100,000 which will pay him P10,000 a
year. The life expectancy of Mr. Santiago is 12 years. Which of the following
will Mr. Santiago be able to exclude from his gross income? P100,000.P10,000.
P20,000.Answer not given.#.
A store building was constructed on January 2,
1999 with a cost of P570,000. Its estimated useful life is 16 years with scrap
value of P70,000 after 16 years. In January, 2004 replacement of some worn-out
parts of the building costing P50,000 was spent. After the repairs, the building
was appraised with a fair market value of P770,000. The allowable deduction for
depreciation for the year 2004 is:P35,794.45.P43,750.00.P49,431.82.Answer not
given.#.
Mr. Monte was injured in a vehicular accident in 2001. He incurred
and paid medical expenses of P20,000 and legal fees of P10,000 during the year.
In 2004, he received P70,000 as settlement from the insurance company which
insured the car owned by the other party involved in the accident. From the
above payments and transactions, the amount of taxable income to Mr. Monte in
2004:Zero.P40,000.P70,000.Answer not given. #.
On different dates as
listed below, Mr. Santos purchased common stock of ABC Corporation. On May 31,
2004, he received a 50% stock dividend. Lot
Date No. of
Cost
Total No.
Purchased
Shares
Per Share
Cost
1
Oct. 15, 2003
400
P 100.00
P40, 000.00
2
Jan. 15, 2004
300
120.00
36,000.00
3
Mar. 15, 2004
200
140.00
28,000.00
4
May. 15,2004
100
150.00
15,000.00
On June 30, 2004, Mr. Santos sold 1,400 shares at
P100.00 per share.
Using the first-in-first-out method, the gain or
(loss) of Mr. Santos is:P31,000.P(26,600).P28,938.Answer not given.#.
Mr.
Rivera leased his land to Mr. Gomez. The terms of the contract of lease is for
fifteen (15) years and the rental fee is P36,000 a year. The contract provides
that Mr. Gomez, the lessee, will construct a building and at the end of the term
of the contract, the building will be owned by Mr. Rivera, the lessor. The
building was constructed at a cost of P600,000 and has a useful life of 30
years.
Assuming Mr. Rivera will spread his income over the term of
the contract of lease, for income tax purposes, his yearly income is:P40,000.
P56,000.P76,000.P20,000.#.
Mr. A Pascual bought a 200 square meter land at
a cost of P500,000. He leased the land to Mr. B Franco at an annual rental of
P40,000. The term of the contract of lease is 15 years. The contract of lease
provides that Mr. Franco will construct a building will belong to the lessor at
the end of the term of the lease or at the termination of the lease, the
building was constructed at a total cost of P400,000 and has an estimated useful
life of 20 years which is the basis of a straight-line method of depreciation.
Assuming that Mr. A. Pascual will spread his income over the term of the
contract of lease, the annual income of Mr. A. Pascual is:P46,666.66.P26,666.66.
P66,666.66.P40,000. Assuming the contract of lease was terminated after the
tenth (10th) year or at the beginning of the eleventh (11th) year due to the
fault of the lessee, the income of Mr. A Pascual in the eleventh (11th) year is;
P173,333.34.P200,000.P133,333.34.P400,000.#.
Mr. B, married, is a citizen
and resident of the Philippines. He had the following data on income and
expenses:
Salaries, net of P7,000 SSS, Philhealth,
Pagibig
contributions, and labor union dues P88,000
Thirteen month pay
8,000 Allowances
16,000 Gain on sale of asset
10,000 The income tax
withheld on compensation income:P11,015.P8,900.P7,975.P9,875.#. In question
126, if the income tax was withheld correctly by the employer, income tax still
due at the end of the year is:P2,640.P14,203.P2,000.P1,900.#.
Mr. Richard
Conception, a citizen and resident of the Philippines, married to Mrs. Dawn
Sese-Conception, with the mother of Mrs. Conception living with the spouses, had

the following data for 2004:


Mr.
Mrs. Mr. & Mrs. Gross income
from business
P220,000
Gross income from profession,
net income
of a 10% withholding tax
P180,000
Rent income from land and
building
P48,000
Dividend from domestic corporation
10,000
Interest on notes receivable
2,000
1,000
Interest on Philippine currency
bank deposit
3,000
2,000
8,000 Capital gain on sale directly to buyer at P280,000 of shares
of domestic
corporation
80,000
Capital gain on sale directly to
buyer at
P2,000,000 of land in the Philippines
300,000
Interest on government bonds
5,000
Capital loss thru the
Philippine
Stock exchange at P60,000 of shares of
domestic corporation
5,000
Income tax withheld on rent at 5%
2,400 Income tax withheld on professional
fees at 10%
20,000
Expenses, business/profession
150,000
120,000
10,000
The capita gain taxes paid within the year;P 8,150.P108,000.
P124,000.P108,150.#.
In Question 128, the final tax paid on passive income
within the year:P2,500.P2,600.P3,200.P4,600.#. In Question 128, the taxable
income before personal exemption of Mr. Concepcion:P54,000.P73,000.P91,000.
P92,000.#. In Question 128, the taxable income after personal exemption of Mr.
Concepcion is:P59,000.P91,000.P75,000.P73,000.#.
In Question 128, the
taxable income before personal exemption of Mrs. Concepcion:P68,000.P63,000.
P105,000.P100,000.#.
In Question 128, the taxable income after personal
exemption of Mrs. Concepcion:P73,000.P82,000.P68,000.P80,000.#. Mr. A married,
had the following data for a taxable year:
Gross income, Philippines
P380,600.28 Gross income, United States
255,304.65
Expenses,
Philippines
194,269.03
Expenses, United States
193,248.39
If the
taxpayer is a resident citizen of the Philippines who is married, his taxable
income is:P216,387.P216,387.51.P154,331.25.P154,331.#.
If in Question 134,
the taxpayer was a citizen of the Philippines with residence in the United
States who is married, the taxable income is:P216,387.P216,387.51.P154.331.25.
P154,331.#. If in Question 134, the taxpayer was a non-resident alien engaged in
business in the Philippines who is married and the law of his country allows
full reciprocity on personal exemption, the taxable income is:P216,387.
P216,387.51.P154,331.25.P154,331.#. If in Question 134, the taxpayer was a nonresident alien not engaged in business in the Philippines who is married, the
taxable income is:P186,331.25.P380,600.28.P154,335.25.P380,600.#.
A
corporation, in its first year of operations, had the following data:
Philippines Foreign
Gross income
P400,000
P300,000
Expenses
200,000
200,000
The taxable income, if domestic
corporation and the data are on business, is:P200,000.P300,000.P100,000.
P400,000.#. If in Question 138, the taxpayer is a resident corporation, and the
data are on business, the taxable income:P200,000.P300,000.P100,000.P400,000.
#.
If in Question 138, the taxpayer is a non-resident corporation, and
the income and expenses are on isolated transaction, the taxable income is:
P200,000.P300,000.P100,000.P400,000.#.
A domestic corporation, in its fifth
year of operations in 2002, had the following data:
Sales P2,000,000
Cost of sales
1,000,000 Business expenses
950,000
The
income tax of the corporation is:P17,000.P20,000.P1,000.P340,000. #.
In 2002,
a domestic corporation was in its sixth year of operations. The following data
are for the years 2001 and 2002:
2001 2002 Gross profit from
sales P600,000
P700,000
Business expenses
580,000
650,000
The
income tax for 2002 is:P12,000.P6,800.P4,000.P20,400.#.
In Question 142, the
income tax due fro 2002 is:P10,400.P16,500.P11,300.P17,000.#.
In year 2002, a
domestic corporation had the following data:
Sales P4,000,000 Cost of sales
1,500,000 Business expenses
1,000,000
The gross income tax of the
corporation is:P375,000.P480,000.P600,000.P125,000.#. D. Co. is a domestic
corporation with the following data for 2002 (first year of operations):
Gross profit from sales P2,000,000 Dividend from domestic corporation
20,000
Capital gain on land in the Philippines held for two years (sold at
P1,000,000)
200,000
Capital gains on shares of domestic corporation
held for two months (direct sale to buyer)
120,000 Business expenses
1,100,000
Capital loss on bonds of domestic corporation held for 6
months
30,000
The total capital gains taxes for the year:
P64,000.P54,000.P67,000.P0.#. In Question 145, the normal tax of the corporation

at the end of the year:P327,000.P1,070,000.P288,000.P900,000.#. Selected


cumulative balances were taken from the records of ABC Co., Inc., a domestic
corporation, of its fourth year of operations in 2002, which had an income tax
refundable of P10,000 for a preceding year for which there is a certificate of
tax credit:
1stQ 2ndQ 3rdQ Year Gross profit from sales 800,000
1,600,000
2,400,000
3,100,000
Capital gain on sale directly to buyer
of shares
of domestic corporation 50,000
50,000
50,000
100,000
Dividend from domestic corporation
10,000
10,000
20,000
20,000
Interest on Philippine currency bank deposit
5,000
10,000
15,000
20,000 Business expense
600,000
1,200,000
1,700,000
2,100,000
Income tax withheld
15,000
35,000
65,000
115,000 The income tax due at the end of the first
quarter:P39,000.P45,000.P55,000.P60,000.#.
In Question 147, the income tax
due at the end of the second quarter:P50,000.P70,000.P140,000.P44,000.#.
In
Question 147, the income tax due at end of the third quarter:]P66,000.P50,000.
P75,000.P140,000.#.
In Question 147, the income tax due (or refundable) at
the end of the year:P245,000.P350,000.(P10,000).P46,000.#. A domestic
corporation had the following data for 2002, the accumulated earnings for which
year the Bureau of Internal Revenue considered to be improper:
Sales
P6,000,000 Cost of sales
2,000,000
Business expense
1,000,000
Interest on Philippine currency bank deposit
50,000
Capital gain on sale directly to buyer of shares of domestic corporation
120,000
Dividend income from domestic corporation
60,000
Dividend declared and paid during the year
500,000
The
improperly accumulated earnings tax is:P175,300.P221,000.P171,000.P323,000.#.
AB is a general professional partnership, with A, married, and B, single,
participating equally in the income and expenses. The following are data for the
partnership and the partners in a calendar year:
AB
A
B
Gross income
P600,000
P150,000
P200,000
Expenses
350,000
70,000
120,000
The gross income of A from the partnership
is:P300,000.P125,000.P600,000.None.#.
In Question 152, the taxable income of
A is:P80,000.P205,000.P173,000.Some other amount.#. The YZ & Co. is a general
partnership in trade, in its fifth year of operations. In one calendar year it
had a gross profit from sales and business expenses of P2,000,000 and
P1,000,000, respectively. Y and Z share equally in the profits and losses of the
partnership.
The income tax of the partnership is:P40,000.P320,000.
P640,000.P0.#.
The income tax of Mr. Y as a consequence of being a partner in
the YZ Partnership is:P0.P68,000.P77,000.P32,000.#. Thirteenth month pay
P25,000
Christmas bonus
5,000
Productivity incentives pay
8,000 The taxable compensation income is:P38,000.P13,000.P8,000.P1,000.#.
Mr.
A was insured under an endowment policy with a value of P500,000. Total premiums
paid by him during the term of premiums payments of the policy was P40,000. At
the maturity of the policy, Mr. A received P500,000. The income of Mr. A under
the policy is:Zero.P500,000.P10,000.P50,000.#.
A is an employee in a
firm that gives benefits to its rank-and-file employees. He received the
following in a year Salaries, net of SSS, Philhealth, and Pagibig contributions,
and of labor union dues, P360,000; Thirteenth month pay, 30,000; Productivity
incentives pay, 30,000; Mid-year bonus, 15,000; Christmas bonus, 30,000; Rice
subsidy, 20,000. The compensation income of A subject to income tax is:
P590,500.P443,000.P473,000.P290,500.#.
Received by the taxpayer under
policies:
Proceeds of life insurance (as beneficiary of mother)
P400,000
Proceeds of life insurance (as beneficiary of father)
600,000
Insurance purchased from the father at cost to taxpayer of
200,000
Additional premiums paid by the taxpayer to continue the policy
50,000
Amount received upon the death of the father
500,000
Proceed of endowment policy, upon maturity, with premium payments made of
P800,000
1,000,000 Proceeds of comprehensive car insurance
100,000
Crop insurance, from crop destroyed by typhoon
50,000 The income from
the amounts received is:P2,300,000.P500,000.P600,000.P50,000.#. Cost of
leasehold improvement
P1,000,000 Estimated useful life of improvements
50 years
Remaining term of the lease
40 years
Income from the
improvements, if reported in one lump sum:P1,000,000.P800,000.P200,000.100,000.
#.
In Question 160, if the income from the improvements is reported annually,
the annual income is:P 5,000.P 4,000.P200,000.P20,000.#.
In Question 160, if

the income from the improvements was reported annually, and at the beginning of
the twenty-first year of the improvements, when the fair market value thereof
was P250,000, the lessor took possession of the improvements, his income in Year
21 is:P250,000.P100,000.P150,000.P50,000.#.
In Question 160, if the income
was reported annually, and the leasehold improvements were destroyed by fire
before the end of Year 10, when the fair market value was P800,000 and insurance
recovery for the lessor was P40,000 only, the deductible loss of the lessor is:
P5,000.P800,000.P700,000.P45,000.#. Recovery of bad debt written off by a
taxpayer:
No.1: P20,000 from accounts written off in a year which had a
net income of p200,000 before write-off 9write-off for the year was P20,000).
No. 2: P5,000 from accounts written off in a year which had a net
loss before write-off of P36,000 (write-off for the year was P5,000).
No.
3: P10,000 from accounts written off in a year which had a net loss income of
P8,000 before write off and a write off for P12,000. The income from the bad
debt recovery is:P35,000.P20,000.P26,000.P30,000.#. Mr. Joey Baretto, a citizen
and resident of the Philippines, sold to Martin Manzano on July 1, 1998 a piece
of land held as capital asset in the Philippines at a selling price of
P5,000,000. The land had a cost of P250,000 and at the time of the sale had a
fair market value of P6,000,000 and a mortgage of P2,000,000, which mortgage was
assumed by Mr. Manzano. The sale called for a payment of P300,000 on the date of
sale and P200,000 on December 1, 1998. the balance shall be paid in installments
of P500,000 each on December 1, 1999, December 1, 200, December 1, 2001,
December 1, 2002 and December I, 2003. Mr. Baretto will pay the tax on the
transaction in installments, if qualified The initial payments was:P300,000.
P500,000.P700,000.None of the above.#.
In Question 165, the contract price
was:P3,000,000.P2,000,000.P2,500,000.None of the above.#. In Question 165, the
tax paid on the payment received on July 1, 1998 was:P20,000.P50,000.P30,000.
P36,000.#. Selling price of land in the Philippines held as capital asset
P1,700,000 Fair market value of the land at the time of sale
2,000,000
Cost of land
800,000
Payments on the selling price:
Assumption by the buyer of a mortgage on the property
900,000
Cash in the year of sale
300,000
Cash in the
succeeding year
500,000
The capital gain tax in the year of sale
(installment, if qualified):P17,647.05.P53,333.33.P44,444.44.P100,000.00.#.
The taxpayer is a domestic corporation and the taxable year is 2003. it sold a
piece of land and building abroad held as capital asset at a selling price of
P5,000,000 with payment in one lump sum. The capital gain tax:P0.P250,000.
P300,000.None of the above.#.
A citizen of the Philippines sold his principal
residence in the Philippines at a selling price equal to its fair market value
of P4,000,000. the basis or cost of the property was P2,500,000.
If the entire
proceeds of the sale is immediately invested in acquiring a net principal
residence, the capital gain tax is:P240,000.P200,000.P0.Some other amount.#. In
Question 170, how much is the basis of the new principal residence? P0.P249,000.
P2,500,000.Some other amount.#.
In Question 170, if only P3,000,000 out of
P4,000,000 was utilized in acquiring a new principal residence, the capital gain
tax is:P60,000.P240,000.P180,000.Some other amount.#. Calendar year 2002
Taxpayer is a citizen of the Philippines who is single:
Capital gain on
sale of bonds held for 20 months
P50,000
Capital gain on direct sale to
buyer of shares of domestic corporation held for 6 months
120,000
Capital
loss on sale of family car held for 11 months
80,000 Capital loss on sale
of land in the Philippines held for 3 years
60,000 Net capital loss in
2001 (net taxable income of the year was P10,000)
20,000
Total
capital gains to consider at the end of the year:P145,000.P25,000.P120,000.
P130,000.#. In Question 173, the net capital loss carry-over from 2001 would
have been:P40,000.P55,000.P10,000.P0.#. Calendar year 2002:
Taxpayer is a
citizen of the Philippines who is single
Capital gain on sale of bonds
held for 2 months
P45,000
Capital gain on sale directly to buyer of
shares of domestic corporation held for 16 months
120,000 Capital loss on
sale of family car held for 5 years
80,000 Capital loss on sale of land in
the Philippines held for 3 years on a selling price of P800,000
60,000 Net
capital loss in 2001 (net taxable income of the year was P30,000)
20,000
The net capital gain in 2002 was:P50,000.P5,000.None.Some other amount.#.
In Question 175, the net capital loss carry over to 2002 was:P5,000.
P20,000.P30,000.Some other amount.#.
Capital stock issued and outstanding

of domestic corporation Common only


Stock owned:
Acquisition No.
1: 100 shares acquired at P120 per share;
Acquisition No. 2: 50 shares
acquired at P130 per share.
Stock dividend received: (Acquisition No. 3)
20%; Shares sold directly to a buyer 110 shares at P110 per share. If
costing is under the FIFO method, the capital gain tax is:P118.P55.P160.P110.#.
In Question 177, if costing is under the moving average method, the
capital gain tax is:P35.75.P121.67.P39.72.P68.60.#. Property held by an
individual as capital asset (not real property or shares of stock) was sold in
2001. Data on the property follow: Selling price
P60,000
Cost
10,000
Payment in 2002
15,000
Payment in 2003
45,000
Holding period
2 years
Capital gain on installment (if opted to)
in 2002? P6,250.P12,500.P25,000.P25,500.#.
In Question 179, capital gain in
installment (if opted) in 2003? P50,000.P25,000.P18,750.P37,500.#.
In 2002,
a taxpayer borrowed money from Bank A, that gave him an interest expense of
P8,000. He deposited the money with Bank B, and he had an interest income of
P10,000. The deductible interest expense is:P8,000.P3,900.P4,200.None of those
mentioned.#.
A domestic corporation had:
Gross profit
Business
Year from business
Expenses 1998
P600,000
P700,000 1999
500,000
470,000
2000
900,000
850,000
2001
850,000
900,000
2002
920,000
620,000
The
taxable income in 2001:P50,000.P0.Loss (P20,000).Some other amount.#.
In
Question 182, the taxable income in 2002 is:P250,000.P0.P300,000.Some other
amount.
#.
A taxpayer, a resident citizen who is married, with six
qualified dependent children, had a gross compensation income of P180,000, net
of exclusions from gross compensation income, premium payments on health
insurance for the family of P4,000, and expenses related to his employment of
P70,000.
The taxable income is:P113,600.P116,000.P177,600.Some other amount.
#.
The taxpayer is a resident citizen who is married, with gross income from
business of P500,000, business expenses with supporting receipts of P40,000 and
premiums on health insurance of P3,000. If choosing the itemized deductions
from gross income, the taxable income is:P460,000.P428,000.P418,000.Some other
amount.#.
In Question 185, if the taxpayer chose the Optional Standard
Deduction, the taxable income is:P460,000.P450,000.P418,000.Some other amount.#.
A citizen who is married, had the following data in 2000: Gross revenues
from services
P400,000
Capital gain on sale of asset held for 2 years
10,000
Dividend from resident corporation
15,000 Direct costs of the
services
100,000
Capital loss on sale of asset held for 6 months
5,000 If choosing the Optional Standard Deduction, the taxable income is:
P288,000.P256,000.P246,000.Some other amount.#. In 2002, an employer gave the
following fringe benefits, in cash and in kind, to its employees:
To
management level employees
P2,040,000 To rank-and-file employees
5,000,000
The fringe benefit tax is:P960,000.P652,000.P680,000.Some other
amount.#.
In Question 188, the deduction from the gross income of the employer
for Fringe Benefit Expense is:P3,000,000.P2,040,000.P8,000,000.P7,040,000.#.
Journal entry: (Debit) Fringe benefit expense P389,000
(Debit)
Fringe benefit tax expense
136,000
(Credit) Cash
P389,000
(Credit) Fringe benefit tax payable
136,000
Means that the
grossed-up monetary value of the fringe benefits to supervisory personnel had a
gross monetary value of:P425,000.P289,000.P186,000.P389,000.#.
In Question
190, the monetary value of the fringe benefit to the rank-and-file employees is:
P425,000.P100,000.P289,000.P389,000.#.
A management employee borrowed from
his employer (advances against salaries) P120,000, payable from his salaries at
P5,000 every payday (fifteen days). Since check-off was to be made against
salaries, there was no interest charged to the loan.
The fringe benefit
tax is:
P0.P14,400.22.P6,776.47.P21,178.49.#.
Included in the
compensation package of an executive was the free use of the companys
residential condominium unit in Makati City, Philippines. Data on the
condominium unit follow:
Fair market value in the Real Property Declaration
P1,000,000 Zonal value
2,000,000
Fair market value
2,500,000
The monthly gross monetary value of the fringe benefit
is:P1,500,000.P2,000,000.P6,127.45.P4,166.67.#. In Question 193, how much is the
fringe benefit tax? P326,400.P705,832.35.P1960.78.P945,176.47.#. A corporation
bought a piece of land with a building at a cost of P4,000,000 for the land and
P1,000,000 for the building. It was not the intention of the corporation to use

the building but to have it razed to make the land available for the
construction of its offices. Upon razing the old building at a cost of P200,000,
the corporation shall have a deductible loss of:P0.P1,000,000.1,200,000.
P200,000.#. A Co. had investments in shares of stock of B Co. that it acquiered
at a cost of P20,000. it had also investment in shares of stock of C CO. That
it acquired at a cost of p40,000. The value of the shares of stock of B Co. had
decreased to P15,000, while the share of stock of C Co. are now worthless, and
has to be written off. The deductible loss is:P45,000.P40,000.P60,000.P0.#.
Contributions and donations were made by a taxpayer, as follows: To the
Quiapo Catholic Church P15,000
To the Society for the Blind, Inc.,
Philippines
10,000
To beggars in the streets
5,000 To the Sistine
Chapel in Rome
20,000
The actual contributions to be compared with
the 5%/10% limitation is:P50,000.P25,000.P45,000.P20,000.#. Husband and wife,
with five qualified dependent children, (with husband claiming the additional
exemptions) had the following data for 2002:
Wife:
Salaries
P180,000
Thirteenth month pay
15,000
Premiums on
health insurance paid
5,000
Husband:
Sales 2,000,000
Dividend from domestic corporation
20,000
Dividend from
resident corporation
15,000
Interest on Philippine currency
bank deposit
100,000
Royalty from patented invention
60,000
Royalty from books
30,000
Capital gains
on assets held for not more than 12 months:
On sale directly to
buyer of shares of domestic corporation
135,000
On sale
directly to buyer on bond of domestic corporation
40,000
On sale thru the Philippine Stock Exchange of shares of domestic
corporation
60,000
On sale thru a real estate broker
of land in the Philippines (fair market value-P2,800,000, selling priceP3,000,000)
500,000
On sale of vacation house and lot in
Malaysia
200,000
Cost of sales
980,000
Capital loss on asset held for more than 12 months:
On sale
directly to buyer of and in Indonesia
250,000
On sale
of family car
100,000
On sale directly to buyer of
bonds of domestic corporation
25,000
Contributions to churches
5,000
Business expenses
500,000
The income tax
withheld on the compensation income is:P20,400.P24,500.P32,650.P35,400.
#.
In Question 198, the final tax on passive income is:P35,000.P39,200.
P20,000.P37,000.#.
In Question 198, the capital gain tax on real property:
P150,000.P180,000.P100,000.P120,000.#.
In Question 198, the capital gain tax
on shares of stock:P8,500.P17,000.P13,500.P27,000.#. In Question 198, the net
capital gain (loss) at the end of the year:P105,000.P(135,000).P52,500.P40,500.
#.
In Question 198, the income tax due at the end of the year from the
husband and wife:P155,790.P130,920.P163,245.P145,364.#.
The year is 2002. a
domestic corporation in its sixth year of operations had a gross profit from
sales of P2,500,000, and net income per books of P700,000 after considering:
Dividend income:
From domestic corporation
P 20,000
From resident corporation
15,000 Interest income:
From
trade notes receivable
5,000
From Philippine currency bank deposits
8,000 Capital gain on sale at P4,000,000 of land in the Philippines
held for ten years
100,000 Capital gain on sale of bonds with maturity
of 10years
6,000
Capital gain on sale of shares of stock of a
domestic corporation held for eight months, sold directly to buyer
12,000
Income from trust indenture with the Equitable PCIBank
4,000 Bad debts (direct writ-off)
18,000 Salaries and wages
100,000
Taxes and licenses (including income tax on interest income and on
capital gain of P243,000)
260,000 Utilities expense
75,000 Losses
90,000 Depreciation
40,000 Pension trust
16,000
Income tax (three quarterly income taxes)
80,200 Capital loss on sale
of bonds of a domestic corporation held for two years
5,500
Dividend
declared and paid
200,000 The income tax due from the corporation:P200,984.
P50,000.P298,758.P0.#. In Question 204, if the accumulation of profits in 2002
is adjudged to be improper, the improperly accumulated earnings tax (IAET) is:
P72,328.32.P50,364.86.P37,944.56.P29,901.60.#.
Mr. A sold property which had a
cost to him of p110,000 for a selling price of P200,000. The sale was on July I,
2002, and under the terms of the sale, the buyer was to assume a mortgage of

P50,000 on the property, pay P50,000 on the date of sale and P50,000 every July
1 thereafter.
The income in 2002 reported under the installment method was:
P22,450.P30,000.P90,000.None of the above.#.
Cielo Co. sold a piece of
land(ordinary asset) which had a cost to it of P1,000,000 for a selling price of
P4,000,000. The sale called for an assumption by the buyer of the mortgage on
the land of P1,500,000, cash of P500,000 on the date of sale and installment
payment of 500,000 every year thereafter. The income to report in the year of
sale under the installment method of reporting income is:P500,000.P750,000.
P375,000.P1,000,000.#.
Del Mundo Co. sold a piece of land (ordinary asset)
which had a cost of P2,000,000 for P4,000,000 on December 1, 2000. The sale
called for a payment on date of sale of P1,500,000, and the balance, evidenced
by a mortgage note for P2,500,000, payable at P1,500,000 on December 1, 2001 and
P1,000,000 on December 1, 2002. The note had a fair market value at the time of
execution equal to eighty-five percent of its face value.
The income in
2000 under the deferred payment method of reporting income:P3,000,000.
P1,625,000.P1,500,000.P2,000,000.#.
In Question 208, the income in 2001
when
P1,500,000 is collected:P0.P235,000.P225,000.P1,500,000.#. The taxpayer is a
resident citizen who is married with two qualified dependent children. For 2002
which is under investigation, he had the following data:
Net worth, beginning
of the year P400,000
Net worth, end of the year
600,000
Interest
received on long-term investment in banks
2,000 Dividend on shares of stock
of domestic corporation
5,000 Rent income per books (out of an advance
rental of P60,000)
10,000 Income tax paid for 2001
60,000
Income tax shown on the return for 2002
29,000 Interest paid on
money borrowed for use in acquiring long-term investment
1,000 Personal,
living and family expenses
100,000 Cost to repair residential house
partially destroyed by fire
30,000 Premiums on family health and
hospitalization insurance
77,400 Capital gain on bonds of a domestic
corporation held for 8 months
30,000 Capital loss on bonds of a domestic
corporation held for 18 months
70,000
The taxable income per
investigation:P327,000.P466,000.P356,000.P283,000.
#.
Mr. A is not a
dealer in securities. In 2002, he had the following transactions of common
shares of stock of Z Co., a domestic corporation:
Purchase on January 5, of
100 shares P7,000
Sale of June 18, of the shares purchased on January 5
6,000 Purchase on June 22, of 60 shares
6,500
Sale on October 5, of the
shares purchased on June 22
8,000
The loss not recognized on the sale of
June 18:P1,000.P600.P0.Some other amount. #.
In Problem 211, the basis of the
shares purchased on June 22, 2000 is:P600.P7,100.P6,500.Some other amount.#. In
Problem 211, the gain on the sale of October 5, 2000 is:P900.P1,500.P0.Some
other amount.#.
Anson Co. was merged into Bono Co., and only Bono Co.
continues to exist. Mr. Arnold Custodio, a stockholder of Anson Co. was asked to
surrender his 100 shares of Anson Co. that he acquired for P100,000 and received
under the merger 100 shares of Bono Co. with a fair market value of P130,000 and
cash of 30,000.
The gain to Mr. Arnold Custodio on the merger is:P60,000.
P30,000.P0.Some other amount.#.
In Question 214, the basis to Mr. Arnold
Custodio of the shares of Bono Co. received is:P100,000.P130,000.P70,000.Some
other amount.#.
M CO., a domestic corporation, had the following data for
2000: Taxable income, Philippines
P1,000,000 Taxable income, X Foreign Country
600,000
Taxable income, Y Foreign Country
400,000
Income tax paid to X Foreign Country
250,000
Income tax paid
to Y Foreign Country
120,000
Philippine income tax paid, three
quarters of the year
110,000
Tax credit for foreign income taxes
paid? P540,000.P370,000.P312,000.P340,000. #.
In Question 216, the Philippine
income tax still due, after credit for foreign income taxes paid is:P218,000.
P356,000.P570,000.P0.#. If in Question 216, the corporation chose to deduct the
foreign income tax paid (instead of availing of a foreign income tax credit),
how much would have been the income tax due? P521,600.P640,000.P411,600.Some
other amount.#.
A revocable transfer, with a consideration received:
Consideration received P200,000
Fair market value of property at the
time of transfer
300,000
Fair market value of property at the time of death
250,000
Value to include in the gross estate:P300,000.P250,000.
P100,000.P50,000.#.
A decedent was married at the time of death and under
the system of conjugal partnership of gains. Among the properties in the gross

estate were:
Land, inherited before the marriage, fair market value
P100,000
Family home built by the spouses on the inherited land
800,000
Deduction for family home:P900,000.P500,000.P400,000.P450,000.Preweek Quizzer
CPA Reviewer in Taxation
#PAGE ##PAGE #17#
ANSWER KEY TO QUIZZERS#.
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Letter C is the correct answer.Solution:
Gross income, within the
Philippines, 2001, 2002 and 2003
P42, 000, 000. 00 Gross income without
the Philippines, 2001, 2002 and 2003
48, 000, 000.00
World

gross income, 2001, 2002 and 2003


P90, 000, 000.00 Percent
of Philippine income in relation to the world income
46.67%
Since the Philippine gross income is less than 50% of the world gross
income, the entire dividend income shall be considered as derived from a foreign
source. #.
Letter C is the correct answer.Solution:Income: ###
Miscellaneous fees #
362,600 ## Tuition fees # 2,843,100 ## Income from Rents
#
60,000 ## Net income, school canteen #
36,200 ## Net income, book
store #
24,800 ## Total # 3,326,700 ## Deductions: ### Payroll and
administrative salary # 1,425,420 ## Other operating expenses #
762,330 ##
Interest on P750, 000 bank loan #
82,100 ## Expenditure for new six-room
building #
750,000 ## Total # 3,019,850 ## Taxable income #
306,850 ##
Income tax at 10% of P306, 850 #
30,685 ###.
Letter C is the correct
answer.Solution:Gross income: #### Tuition fees ##
9,500,000 ## Miscellaneous
fees ##
1,200,000 ## Income from book store ##
350,000 ## Income from
school canteen ##
180,000 ## Total ## 11,230,000 ## Deductions: ####
Salary, allowances and bonus # 6,400,000 ### Other operating expenses (assumed
that #### capital expenditures were capitalized and #### operating expenses
include depreciation thereon) # 2,600,000 #
9,000,000 ## Taxable income ##
2,230,000 ## Income tax at 10% ##
223,000 ###### Alternative: #### Gross
income (see above) ## 11,230,000 ## Deductions: #### Salary, allowances
and bonus # 6,400,000 ### Other operating expenses (assumed that # 2,600,000
### Deductions for capital expenditures (as alternative
#### allowed to
educational institutions): #### Construction for additional classrooms #
1,300,000 ### Furniture and equipment of library #
400,000 # 10,700,000 ##
Taxable income ##
530,000 ## Income tax at 10% ##
53,000 ###.
Letter C is the correct answer.Solution:Gross income: #### Tuition fees
## 12,800,000 ## Miscellaneous fees ##
2,100,000 ## Total ## 14,900,000 ##
Deductions: #### Salary and bonus #
8,500,000 ### Other operating expenses
(assumed that #### capital expenditures were capitalized and #### operating
expenses include depreciation thereon) #
3,750,000 # 12,250,000 ## Net income
from school activities ##
2,650,000 ## Add: Net income from school canteen ##
120,000 ## Taxable income ##
2,770,000 ## Income tax at 10% ##
277,000
## Less: Quarterly income tax paid ##
36,000 ## Income tax still due ##
241,000 ###### Alternative: #### Gross income (see above) ## 14,900,000 ##
Deductions: #### Salary, allowances and bonus #
8,500,000 ### Other operating
expenses #
3,750,000 ### Construction of school building (as alternative
#### allowed to educational institutions) #
2,150,000 # 14,400,000 ## Net
income from school activities ##
500,000 ## Add: Net income from school
canteen ##
120,000 ## Taxable income ##
620,000 ## Income tax at 10%
##
62,000 ## Less: Quarterly income tax paid ##
36,000 ## Income tax
still due ##
26,000 ###.
Letter C is the correct answer.#.
Letter C is the correct answer.#.
Letter C is the correct answer.
Solution:Construction cost # 570,000.00 ## Less: Scrap value #
70,000.00 ##
Depreciable value # 500,000.00 ## Less: Depreciation from January 2,1999 ### to
January, 2004 (P500, 000/16 yrs. X 5 yrs.) # 156,250.00 ## Book value at the
time of capital expenditure # 343,750.00 ## Add: Capital expenditure #
50,000.00 ## New depreciation base # 393,750.00 ##### Depreciation for 2004
(P393, 750/11 yrs.) #
36,795.45 ###.
Letter C is the correct answer.#.
Letter C is the correct answer.Solution:Selling price ## 140,000.00 ##
Less: Cost #### 600 shares of Lot 1 # 40,000.00 ### 450 shares of Lot 2 #
36,000.00 ### 300 shares of Lot 3 # 28,000.00 ### 50 shares of Lot 4 #### (P15,
000/150 shares x 50 shares) #
5,000.00 # 109,000.00 ## Gain on Sale ##
31,000.00 ###.
Letter C is the correct answer.Solution:Rental fee ## 36,000
## Income from leasehold improvement #### Cost # 600,000 ### Less: Depreciation
over the remaining
#### term of the lease- #### P600, 000/30 years x 15 years
# 300,000 ### Estimated book value when the lease expires # 300,000 ### Annual
income (P300, 000/15 years) ## 20,000 ## Yearly income from the lease agreement
## 56,000 ###.
Letter C is the correct answer.Solution:Income from rent ##
40,000.00 ## Income from leasehold improvement: #### Cost # 400,000.00 ### Less:
#### Depreciation during the remaining #### term of the lease #### P400, 000/20
years x 15 years # 300,000.00 ### Estimated book value of leasehold improvements
#### when the lease expires # 100,000.00 ### Annual income (P100, 000/15 years)
##
6,666.66 ## Annual income ## 46,666.66 ##Note: The problem failed to give
the remaining term of the lease from the date the improvements were completed.

The solution assumed a remaining term of the lease equal to (? ) the term of the
lease of 15 years.Fair market value of the improvements #### when the lessor
took possession #### Cost # 400,000.00 ### Less: Depreciation of the
improvements at the end of #### the 10th year- P400, 000/20 years x 10 years #
200,000.00 # 200,000.00 ## Less: Income from the improvements already ####
reported from year 1 to year 10 (P6, 666.66 x 10 years ##
66,666.66 ## Income
in the eleventh (11th) year ## 133,333.34 ###.
Letter C is the correct
answer.Solution:Salaries #
88,000.00 ## Allowances #
16,000.00 ## Gross
compensation income # 104,000.00 ## Less: basic personal exemption #
32,000.00
## Taxable compensation income #
72,000.00 ## Income Tax #
8,900.00 ##
Note: The thirteenth month pay is an exclusion from the gross income. The SSS,
PhilHealth, Pag-ibig contributions and labor union dues of the employee are
exclusions from the gross income. These exclusions reduce the gross pay to
arrive at the amount subject to withholding income tax.#. Letter C is the
correct answer.Solution:Salaries #
88,000.00 ## Allowances #
16,000.00 ##
Gain on sale of asset #
10,000.00 ## Total # 114,000.00 ## Less: Basic
personal exemption #
32,000.00 ## Taxable income #
82,000.00 ##### Income
tax #
10,900.00 ## Less: Income tax withheld on compensation income #
8,900.00 ## Income tax still due #
2,000.00 ###. Letter C is the correct
answer.Solution:On shares of domestic corporation (P80, 000 x 5%) #
4,000.00
## On land in the Philippines (P2,000,000 x 6%) # 120,000.00 ## Total #
124,000.00 ###.
Letter C is the correct answer.Solution:On interest on
Philippine currency bank deposit: #### Mr. Concepcion #
3,000.00 ### Mrs.
Concepcion #
2,000.00 ### Mr. And Mrs. Concepcion #
8,000.00 ### Total #
13,000.00 ### Final tax (P13, 000 x 20%) ## 2,600.00 ## On dividend from
domestic corporation P(10, 000 x 10%) ## 1,000.00 ## On interest on government
bonds P5, 000 x 20%) ## 1,000.00 ## Total ## 4,600.00 ###. Letter C is the
correct answer.Solution:Gross income from business # 220,000.00 ### Less:
Expenses # 150,000.00 # 70,000.00 ## Interest on Notes Receivable ##
2,000.00
## Rent income (1/2 of P48, 000 #
24,000.00 ### Less: Expenses (1/2 of P10,
000) #
5,000.00 # 19,000.00 ## Taxable income before personal exemption ##
91,000.00 ###.
Letter C is the correct answer.Solution:Taxable income
before personal exemption #
91,000.00 ## Less: Basic personal exemption #
32,000.00 ## Taxable income #
59,000.00 ###. Letter C is the correct answer.
Solution:Gross income from profession #
200,000 ### Less: Expenses #
120,000 #
80,000 ## Interest on notes receivable #
1,000 ### Net
rent income (See above ) #
19,000 #
20,000 ## Taxable income before
personal exemption ##
100,000 ###. Letter C is the correct answer.
Solution:Taxable income before personal exemption # 100,000 ## Less: Basic
personal exemption #
32,000 ## Taxable income after personal exemption #
68,000 ###.
Letter C is the correct answer.Solution:Gross income,
Philippines # 380,600.28 ### Less: Expenses, Philippines # 194,269.03 #
186,331.25 ## Gross income, Unites States # 255,304.65 ### Less: Expenses,
United States # 193,248.39 #
62,056.26 ## Total ## 248,387.51 ## Less: Basic
personal exemption ##
32,000.00 ## Taxable income ## 216,387.00 ##Note:
Centavos are dropped in taxable income#. Letter C is the correct answer.#.
Letter C is the correct answer.#.
Letter C is the correct answer.
#.
Letter C is the correct answer.Solution:Gross income, Philippines #
400,000.00 ### Less: Expenses, Philippines # 200,000.00 #
200,000.00 ## Gross
income, Foreign # 300,000.00 ### Less: Expenses, Foreign # 200,000.00 #
100,000.00 ## Taxable income ##
300,000.00 ###.
Letter C is the correct
answer.#.
Letter C is the correct answer.#. Letter C is the correct answer.
Solution:Sales # 2,000,000.00 ## Less: Cost of sales # 1,000,000.00 ## Gross
profit from sales # 1,000,000.00 ## Less: Business expenses #
950,000.00 ##
Normal tax taxable income #
50,000.00 ## Normal tax at 32% of P50, 000 #
16,000.00 ## Minimum corporate income tax at 2% of P1, 000, 000 #
20,000.00
## Due #
20,000.00 ###. Letter C is the correct answer.Solution:Gross
profit from sales # 600,000.00 ## Less: Business expenses # 580,000.00 ## Normal
tax taxable income #
20,000.00 ##### Normal income tax at 32% of P20, 000 #
6,400.00 ## Minimum corporate income tax at 2% of P600, 000 #
12,000.00 ##
Due #
12,000.00 ###. Letter C is the correct answer.Solution:Gross profit
from sales # 700,000.00 ## Less: Business expenses # 650,000.00 ## Normal tax
taxable income #
50,000.00 ##### Normal income tax at 32% of P50, 000 #
16,000.00 ## Minimum corporate income tax at 2% of P600, 000 #
14,000.00 ##

Due (whichever is higher between P16,000 & P14,000) #


16,000.00 ## Less:
Excess minimum corporate income tax in 2001 ### over the normal tax (P12, 000
less P6, 400) #
5,600.00 ## Income tax still due #
10,400.00 ###.
Letter C is the correct answer.Solution:Sales # 4,000,000.00 ## Less:
Cost of sales # 1,500,000.00 ## Gross profit from sales # 2,500,000.00 ## Gross
income tax at 15% of P2, 500, 000 #
375,000.00 ###.
Letter C is the
correct answer.Solution:Capital gain tax on shares of domestic corporation: ####
On P100, 000 at 5% # 5,000.00 ###
20, 000 at 10% # 2,000.00 #
7,000.00 ## Capital gain tax on land (P1, 000, 000 x 6%) ## 60,000.00 ## Total
## 67,000.00 ###.
Letter C is the correct answer.Solution:Gross profit
from sales # 2,000,000.00 ## Less: Business expenses # 1,100,000.00 ## Normal
tax taxable income #
900,000.00 ## Normal tax at 32% of P900, 000 #
288,000.00 ###.
Letter C is the correct answer.See solution in question 150.
#.
Letter C is the correct answer.See solution in question 150.#.
Letter C is the correct answer.See solution in question 150.#.
Letter C is the correct answer.Solution:#1st Q#2nd Q#3rd Q#Year##Gross
profit from sales#800,000.00 #1,600,000.00 #2,400,000.00 #3,100,000.00 ##Less:
Business expenses#600,000.00 #1,200,000.00 #1,700,000.00 #2,100,000.00 ##Taxable
income #200,000.00 #400,000.00 #700,000.00
#1,000,000.00 ##Normal income tax 32%#64,000.00 #128,000.00 #224,000.00
###Less: Income tax refundable #(10,000.00)#####Income tax withheld
#(15,000.00)#(20,000.00)#(30,000.00)#(50,000.00)##Income tax, previous
qtrs##(64,000.00)#(128,000.00)#(224,000.00)##Income tax due#39,000.00
#44,000.00 #66,000.00 #46,000.00 ##The normal income tax is compared with the
minimum corporate income tax only at the end of the year. Thus, at the end of
the year.Normal income tax at 32% of P1,000, 000#320,000.00 ##Minimum corporate
income tax at 2% of P3,100,000#62,000.00 ##Due before tax credits#320,000.00 ##
#.
Letter C is the correct answer.Solution:Sales##6,000,000.00 ##Less: Cost
fo sales##2,000,000.00 ##Gross profit from sales##4,000,000.00 ##Less: Business
expenses##1,000,000.00 ##Normal tax taxable income##3,000,000.00 ######Minimum
corporate income tax at 2% of P4, 000, 000##80,000.00 ##Normal income tax at 32%
of P3, 000, 000##960,000.00 ##Due##960,000.00 ######Capital gain tax on shares
of stock of domestic corp.:####On P100, 000 at 5% and on P20, 000 at
10%##7,000.00 ######Final tax withheld on passive income:####On Philippine
currency bank deposit at 20% on P50,000##10,000.00 ######Improperly accumulated
eranings tax: ########Net taxable income##3,000,000.00 ##Add: Interest on
Philippine currency bank deposit #50,000.00 ###Capital gain on sale of shares
of domestic corporation #120,000.00 ###Dividend income from domestic corporation
#60,000.00 #230,000.00 ##Total##3,230,000.00 ##Less: Normal income
tax#960,000.00 ###Capital gain tax on shares of stock#7,000.00 ###Final income
tax on passive income#10,000.00 ###Dividend declared and paid during the year
#500,000.00 #1,477,000.00 ##Improperly accumulated profits##1,753,000.00
##Improperly accumulated profits tax at 10% of P 1, 753, 000##175,300.00 ###.
Letter C is the correct answer.Solution:AB gross income#600,000 ##Less:
AB Expenses#350,000 ##AB net income#250,000 #####Gross income of A (1/2 of P250,
000)#125,000 ###.
Letter C is the correct answer.Solution:Gross income
from AB (1/2 of P250, 000)#125,000 ##Own gross income#150,000 ##Total gross
income#275,000 ##Less: expenses#70,000 ##Net income#205,000 ##Less: Basic
personal exemption#32,000 ##Taxable income#173,000 ###.
Letter C is the
correct answer.Solution:Gross profit from sales#2,000,000 ##Less: Deductions for
business expenses#1,000,000 ##Taxable income#1,000,000 #####Minimum corporate
income tax (P2,000,000 x 2%)#40,000 ##Normal tax (P1,000 ,000 x 32%)#320,000
##Due#320,000 ###.
Letter C is the correct answer.Solution:#.
Letter
C is the correct answer.#. Letter C is the correct answer.#.
Letter
C is the correct answer.#. Letter B is the correct answer.#.
Letter
C is the correct answer.#. Letter A is the correct answer.#.
Letter
C is the correct answer.#. Letter A is the correct answer.#.
Letter
C is the correct answer.#. Letter B is the correct answer.#.
Letter
A is the correct answer.#. Letter D is the correct answer.#.
Letter
B is the correct answer.#. Letter C is the correct answer.#.
Letter
C is the correct answer.#. Letter C is the correct answer.#.
Letter
A is the correct answer.#. Letter B is the correct answer.#.
Letter
D is the correct answer.#. Letter A is the correct answer.#.
Letter
A is the correct answer.#. Letter B is the correct answer.#.
Letter

C is the correct answer.#. Letter A is the correct answer.#.


Letter
C is the correct answer.#. Letter B is the correct answer.#.
Letter
B is the correct answer.
#.
Letter A is the correct answer.#.
Letter A is the correct answer.#.
Letter B is the correct answer.
#.
Letter C is the correct answer.#.
Letter B is the correct
answer.#.
Letter A is the correct answer.#.
Letter D is the correct
answer.#.
Letter B is the correct answer.#.
Letter B is the correct
answer.#.
Letter C is the correct answer.#.
Letter D is the correct
answer.#.
Letter C is the correct answer.#.
Letter A is the correct
answer.#.
Letter B is the correct answer.#.
Letter B is the correct
answer.#.
Letter B is the correct answer.#.
Letter D is the correct
answer.#.
Letter B is the correct answer.#.
Letter A is the correct
answer.#.
Letter C is the correct answer.#.
Letter B is the correct
answer.#.
Letter A is the correct answer.#.
Letter D is the correct
answer.#.
Letter B is the correct answer.#.
Letter D is the correct
answer.#.
Letter B is the correct answer. #.
Letter C is the correct
answer.#.
Letter B is the correct answer.#.
Letter B is the correct
answer.#.
Letter B is the correct answer.#.
Letter A is the correct
answer.#.
Letter B is the correct answer.#.
Letter A is the correct
answer.#.
Letter C is the correct answer.#.
Letter A is the correct
answer.#.
Letter C is the correct answer.#.
Letter D is the correct
answer.#.
Letter B is the correct answer.
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