Business iaw and Taxation sere 70. Jen made the year terest on fazn from sister used to buy office furnitu Interest on bank laan of Jen's secretary secured Dy Jen's llowing interest payments during the taxable 10,000 loan is P200,000 out ‘come. year: Lnterest on bank capes withholding tex 8,000 able fram cient 2igee The deductible interest expense of Jen for the taxable year amounts to: 3. P 36,200 © 20,800 b. P 21,960 d. P 24,200 + end of examination - Please submit your answer sheet Keep the questionnavre, Thank you for taking the PRTC Open Pre-Soard Examinations! © abiorecam ss BER SpenrPai0 ws Excel Professional Services, Inc. Management Fiem of Professional Review and Center (PRTC) {Luzon} Manlia and Ortigas 733-93481734-7803 ~ Calamba, Laguna (048) 5553807 (Visayas) Sacotoe City (034) 4388216 - Cebu City (082) 255-7777 Loc. 122 (shindanaa) Cagayan de Oro City (08822) 725150 * avaa City (082) 225.0088 ‘wemnw.orte.com.oh CPA REVIEW OPEN FINAL PRE-BOARD EXAMINATIONS BUSINESS LAW & TAXATION Exam Coverage — RPCPA Licensu Examination Syllabus Exam Code BLT.OpenFPB. 1909 Date September 25, 2009 Time 12:00 NN to 3:00 PM No. of Questions 70 SET cso preawvedorsis JauiBteIs YO u any 5) TUBWIEIEDS ,.7 2) Si UBWIRIEIS 6 ‘swiswayess Ince oud daysi2i0y2s au cud Seay aUBISISSe Bua ssajun sadojcuia ayy jo syouag 28uuj ajgexe? se paI73y 2q Neus aadojdwa ue jo SquSpUEdap ays 0 JeAo|dwa uP Ag PEpUDIKS souvIsisse jeuoE2ApS Jo 309 SUL - WHUAAS 7 ‘uodn pease Ajensnu Sazy Abu 30u3 BUN {0 pONSd © 20) Jeho\dus ou2 40 Acre yewos 03 s9pun 5! dBK Buy Jey) WALD VaaMIeq yeNLED es uoissejoid 40 Ssoursng ‘apen 109 ARAN S| paxjoAL! APMIS 40 UoReDNpe a192xE] Se po2ed.3 9g LOU |IeUS 43 02 ues duysseroups y - quawareys 5 sje) 5] auswa: Snug 5; 302UI3} uonssodsip 40 9185 yons s9ye sAep (o¢) Aun Gupue poued boeas usu pI axep 24 219/09 sAep (0¢) AURR Suu! 2 ULNA PouAdDEDL uOYa DUE PiOS DOES Jo sOIEYS B4L “> ‘SORUNIIE 40 4903S [EINLBD! ae paseurindas 40 paunboea: usin pue ps OS. Jo seleys ayL “G “32|28 YONS JO SSOIENG JO 850d 2UI Ul PEW PUE OIE 30 SaII[INIES JO sBIeOP e S| Jadedxe? ay “e ydanxe ajqnanpap 89 20u JI@US SenuNDES 40 >9}5 Jo sales Ysem Wo SEs07 "99 vo0'002 6 -P oo0'sei ¢ '¢ od? ooa'seze © uae vocexey fue ney ssausag Aunua sjezedas, feddo ayeioducn, 13: PUR pllen ver ui si ssauisng asoym uoneiedios 2 ui 1 au jenowa: 0} 1alqns ‘papsie PUBL, UOREOGLO3 , K, 30 UOISIAOId nswobeque pue0g 243 50 ALofew Ajuo si que: 'S20W Ag paruasues caw 5 3018 eye Buppueysino 242 10 £/2 Aiud 5} quBulasinbes BuROA ay "SBA “G 9SU0 S30) £/% pue pueog 343 Jo Ayofeu! si pasInba! ICA ay "ON “e ‘aigeuay Aye@6a{ uoRUD}u0> LSX, SI ype1s jeydes Suipueysino By; Jo E/2 BuNuossices Suapiourpo1s ay} jo 230A aaneunyje sya Aq gaAower ag Aju pjno 2u 243 DS6a}/¢ x, “UoNe/apIsuerai 40; uOROW vO. 40;2BuIP J0 94209 Bt} JO UOFIMOSS a.aw Ag PIADWIA! 9q pINOD saGeued j2isuab aur yeuy prey vy 935 943 UsIM pay UIE|SWED body “Asejei29s pue solnseen “sabeueW-je.9090 “Iuapised BUY B12 Sio2yJO ByY Jey SOpiAosd vORBIOdIE) ,v, JO SMe] Ag 341 “UoNe10d.09 pies 20 JeSeueW se uo!isod Sy Woy x & passes vy, woresocuo3 '990z cu03 Bua J0 Bsodind AseuLId 105 puny ayesadsos SBAUT kwadosd ayezodics ays jo je Axenuersqns Bubebuiom ‘SSOUPSIGSPU! PApUOG Jo UBUUAEY >poig 4eude3 jevon|ppe jo a2ueNss] 3 panto) ‘ay0A 51 SB12yS BuNOA-Low UlELayM aguURYSLI BUIKO}OS SEY 40 SM"GOOD “Ajuo Z “ON THONSY 25n QEYAN] Joys JaMSUe LOARUILIEK JnOK JapuRs jim S9zNsB5 QBMOTY SEUNSYUS ON AIRS “papiacsd ways somsue uy UO wy) YOO JO} JamSUE SUO AjUO >eW “SUOESEND Bu/Mmol!O; Su Jo Yea 10 JaMsUe 19g 242 1B/SS :SNOLLINULSNI uae 2 pue ner seauis98Texaton sere 66. Holy Cross College, 2 non-stock, non-profit educational institution, rented the 3,009 square-met 2 weaithy businessman. Holy Cross College then utilized the 2,500 squere-meter portion of the lot as parking space ‘hereby the students were charged parking fees for the use thereof. A bungalow was constructed on the remaining $00 square-meter portion of the lot to serve as official residence of the college president, Which of the following statements is crue? 3. The entire lot and the bungalow are exempt from real property taxes. b. Only the S00 square-meter fot and the bungsiow are exempt from real property taxes Only the 2,500 square-meter property taxes. None of the real properties is exempt from 1 fot is exempt from real roperty esusa (lessor) leased jowing terms end con’ 1: The term af the lease is 10 years effective July 12009; =2: Roberta shall pay Jesusa a monthly rental of P10,000; pay the real property tax on the lot at 2 (lessee) under the construct 8 commercial by 19 to Jesusa upon the ex} ing on the fot ation of the was completed on han estimated useful struction of the 2011 at a cost of P2,000.000 20 years, Assuming thet the building was gutted by fire on December 2, 2012, The salvage value was ?100,000, Roberta was abie to's ire insurance policy taken on the property in Jesuss im the amount of ‘Business Low ane Taxavon sere c. Yes, provided it is approved by 2/3 of the outstanding capital stock, . Yes, under the principle of ‘vested interest” hich of the following is true Delinquent stock can be voted Unpaid stock is necessarily delinquent Delinquent stock cannot be sold at pul Unpaid stocks are entitled to payment of auction ash dividend wi a which of the foliowing is not term as sale a. Venditio| c, Venta D. Vente 6. Benta lowing is oF are vai: A. Sale of future propery 8 ure property C. Sale of future inheritance 5. Sale of a losing ticket for a sweepstakes already cuns to be used as collector's item, Rand B Aang Aand¢ da, Cand D 7. Andy oratty bought two pens from Bernard each worth P300 ‘sale +s divisible, and Andy is willing f0 Duy one per ‘the other. The cantract 's nforceable &. Voidabie >. Valle <. Rescissibie 8. P wrote a Setter authorizing A fo sell mis parcel of ene stueted was purchased by X, out the agent (A) did net give the money ro P, the X ts: 2. Void because the autherty of A is not in a public instrument b. Gnenforceable because the authority of A is not in 2 pul instrument : c. Inexistent because the althority of A is in a privete writing d. Valid and enforceable LF OpanFenio.assooreensdonne OUEST pete odee ‘anoge aus 40 Hy uaWULaAoE (299) stp, Joune Bue qwE.ayiD i900 auip ou s! aE, 3 5} sat}e) aby J0 esudind NBL BSI21 OF S! 1avHO; ay} JO BsodiNd Bays “G neu aut :s: (2) ong aue a1auy aouls uoRexer ‘uemod aayjod 243 Gulsiosaxd S| 12328 mt uonexe? jo semod yp Sulsiouexa $1 J9U0) Bu] “2 rasnedeq sanew 139[ges aWes ay2 uo suomsodun (z) omg 243 udeNGEG JIYOI OU si BIDqL 19}0G wea}s pies 24) UO S29} pasodw soqey jo qeunedsd su) 40 Si9|J0q wears oy UO sexed pasodu sDuey au aieIpndas ue2 sossezons ay ‘uosse00ns Uy xen a2ersa 03 paqaata yy BY _O2 ssed rUBPaDEp euL 5 PBI PU SAG} “osssanaAS 29 wea Jossazans ay, “G 21 Sty Burnout suapazsp 25 22 Bl ‘BN Si JUDUIOYEIS 4.7 Ontyue |5123 Si qUaWeIeIs asiay cue squsweres Woe swuowAojdusa jo a2ep woay shep {oT nSiq anuansy ayeudoidde ayy qususies 2 FaUOISSIUIUIED SU) 9438 suvrgaueone Soa 58 9 ae ‘201d 20; Sule}a1 saseyzund 2 4 BUR ASpUN aGeGriOw: aqui Peunsase exe aseyoinday ob YS e@ UM ales jo SPEED “17 Baoge ‘3428 ayy (a3ue) 1 DEKE JO} UONDE Ue ALL “e Apauias 2u7 2) 1eAng ays “pjOS Sul} 212 UO soesywOW Joey e snIeKE 0} paxnbar sem i94ng aug "9I/9S ayy Aq UaLuEZID: yuowyersur jends og Ul aqeded | BDU n09'00zs 1 wEWARG Umog “e 'SMO}O) Se 3)G2Aed Q00'DGO' Td jeISU! UO BOOT ABD EDUOH seINDiUeC e w4BNIG g “OF sayolg eo} ulewed Af pue} “Pp sax0ug © 0} uewad 3 uosssiuuos @ 63 wieyed 4 Be yorssnniuos @ 0} uetied 2 Jax0Ug 10 qUaBe UeiSsivOD OL ulead squewsies enoge ay] Juloum autuetDg uoRDesues; out oF sanued 2: ny asoym AseIpsuNOIU! Ue Bung 03 $1 ui S95 410 saseupend ay unig 942 pesuen 4 Jo WelGo 3uR Si YOIuM Auradoud un Uym Osj2 Ing 'SuB|]as 40 s1dhNq BIR pue ‘Jediuud sly UM Aju JOU UONeRY © sey oH “T 494019 2 10 abe VOISSIWLOD & JAYS Oo} WIEYEd swsweyES SUMO) B41 “6 9438 onenes pu mer ssouINgBusinase Low and Taxation sere ‘ statement is true while 2° statement is false 6, Both statements are true 60, 2" Statement - A person may refuse to pay a tax on the ground that he receives no personal benefit from it 2° Statement - There can only be 2 tex if there is iavr ‘posing the tax. Bath statements are false b. 1 stacement is faise while 2° statement is true ¢. D*staiement is true while 2” statement is false G, Both staremenis ave true 61. 1% Statement - Taxation and Police Power may be exercised simultenecusiy. Statement 2: In the exercise of taxation, the state can tex anything at anytime and at any amount. a, Both statements are faise b. 1 statement is false while 2 statement is true © 1 starement is true while 2° statement is false d. Both statements are true 62. In a foan agreement between the Bengko Sentral ng P| (2s borrower) and private international banks (as tenders), it is stipulated that all payments of interest by the Bancko ‘as to the lenders shall be made free and Clear from aif Philippine taxes which may be imposed thereon 15 the stipulation valid? a. Yes, Based on international cor b. Yes, based on the doctrine government. c. No, violative of the inhere: 6. No, violative of the constitutional limitations. 63, © Statement - Failure of any person to register as 2 VAT- 38 Laur and Taxation sero 2. Tonly ¢. Land Itt b. Land IT di, Hand 12. P delivered to A 10,000 pieces of Cebu fabricated shell craft Jewelry for the pursose of selling them at 1.00 each. Out of the proceeds of the expected sale, A is to receive a 10% commission 3 da roe, A sold all the items at 2.50 each to B, but on 30-day credit. Under the situation 'A must pay P10,000 immediately A cannot be compelied to pay 2t all pay P5,000 iy and P10,000 after 60 the above 43. Which of the T. Commoda! H. Precarivm HL. Depo: IV. Mutuum and Il lowing contracts is essentially gratuitous: 14, Which of 1 make the inst To Joven Mariano and Paul Macapi ©. "To Joven Mariano, or in jano and another drawee name; Manager's check may be treated and considered a promissory note Secause ‘a. The drawer and drawee are the same persons b, The drawee is fictitious ¢. The instrument is ambiguous 4. Aft of the above eae ease z Bir OeenrPeie.05ower az 25t nag S| LUOWAIEIS 5.7 diy Bsjey SI URUAIEIS 1 “Gg ej sie Squswiazes yeR “e wozexey o2 sauiddipyd INS me] @ SSE ja SS3s6U0} Buby, - 2URWERS ,Z uy 39 $32204 pouty 242 BUND: uonenwy ievonMyAsuCD cu aisinosd Auoyepuews e ed @ Se payoidsoze) ag 0} 1 vonrapsuoD aur Aq payepueu se ssei6u0> Aq panjond 3q 0} uoneKe} jo WalsAs anissa.60:0 ay; - 1U24IBIEIS 1 “6S eae eoaisei 29\2) 91 IUBLIRIENS 5 nay S) JUBWOIIS ..g SYuM asles st UALIATEIS Tg asigy aie squauezys ylog e (onj2x2} 30 wiaysAs anisseitoad 2 anjond oy paSeuew aney 0} pres S} Saxe} empul VEU SOxE2 JouiD a1OW Sasodun JU USWUsOANB Y - LOUIS ,.2 ‘aWES OLR J9 LuDULAedUON 40) SoUOSIEcWwI a9 JOULE Saxe) Siu Aed 03 SO5YD1 40 Sieg CUM Z9AedXE] Y - YUBWEIEIS 1 “8S ean 1 5) ROIS 2 aU 5 uawaners swawseis Woe Saxe) Auado.d [ess 8} pajeno} are siusiuusaA06 UBtaioy Jo selssequia S1suM puE} dug Belgns dou BWSR auIddiGE SUL - WOWEIIS 5.7 "y SsR0x9 Aipijon Ae d}eIS BR B10I9q ‘VORNRASUOD ay 0 Mel AG + powers Aisso1dxe 99 uy JsMUs UONEXE} 10 ZDMOD OY] - WBWSIES Asoxeyip rou s! 98e2 BUL “9 passesse 12 aut Biqnop 3528) Je 10) puEG e Jo Sus “2 xe} ap jo aun ous vy qewersnemnm 92199 280 __svorassuecosse uomebygo wa “4 pequos send 2 -2 S83 YISUOD 31 6678D9G 000'O0Zd JO IUSWAET s$a2x9 28s JOUNED SOOIy JO SRY B41 “0000 TA AIlOA pled Arejunjon soS.y Jo S184 7060) 4) BIZ VW “000'00Z'Td pas ue 009'000'td O} Suyunome AOA od $85 ‘sayadoud [e101 :SMOl}O] Se o]23S9 siy Suiaes] paip sobiy ‘6T ord wunjey pue 3s en wioe “e injeiy sou “2 wimigiyosd whew -g 2S ur winen “2 BIR i oIGeH Atepuonss you si Aved areipauue) Aazadod ‘spo08 st efqns au 2Sul aiqenoBau @ saquasep Suimoyoy uy 30 SIUM “ZT ue Tp iLpui > pu A (P85) “000'00Td 'K J9 29040 943 0} Ked 0} osu: COO'GOTd X 30 49pI0 BYR OD AEd “TUEIS 4 “.000'00Td "x Jo Japio aur o2 Aeg ‘arep seye Shep Of. ‘I ‘Gumeljoy 842 s9pUN sep By} ASU! ew JOpIOY KUy “OF 943s Lonede ove wer sseu8neBasi ines Lau and Taxation sere 2. Both statements are false b. 2 statement is false while 2™ statement is true c. 1% statement is tru: 2% statement is false 4. Both statements are true ing @ Fraudulent return” by the BIR to Fraud must be intentional, consisting of Geception willfully and deliberately done or resorted to :9 10 avoid payment of 24 Seatement: Frau proved. Fraudulent in: emanate from ersore methods utiized for determnat 2. Both statements b. 1° statement is false while 2 statement i ¢. 1% statement is true while 2 statement is false 4 statements are State: * The taxpayer may claim his defense of prescriotion = e the case 's pending before the BIR or 2 Statement - A con cases ly decided by the courts as there is no longer any necessity or nise iS not permitted reason for the exercise of the power. Both statements are false 5. 2% statement js faise Both statements are ts which of the following is not 2 requ ac of tex co be mace by the BIR, upon proof of ene fol} the Court of Tax Appeais i Jeopardize the interest of the taxpayer jeopardize the interest of the governm: RRR = LF Openraaioes Busines Lass ano Taxon sere 20. "Tl give you my car one year after your death." The obliga~ con's re to come. 8 8 c a 2. Ama can portraits using brushes inserted mpit, ¥ entered unto a contract the former to have fis own portrait done and P50,00 payment therefor. After he has started the portrait but was sideswiped by a speeding ca 1e way cau ime impossibie by reason of of the debtor. nt performance in terms of damages performance Sy compelling X to go on painting fe performance by allowing a third person to expenses therefor charged te X. 22, ing is not an obligation with 2 period a. “Payable soonest’ D. An obligation payable hittle by little c. Payable 2 years from today ne of the above The reason why an obligation exists. a. Active subject D. Passive subject & Vineulum juris ©. Prestation €. All of the above mks on a tady customer, spills ct rogm and take ot BT SpaniraIa oSso0regsuedo 118 Bowes se “seulddiug au apiszno s1 zepuayo OUR J! UaRa ‘Me; BB Jo UOReIOIn dL1 JO UojSs}uOD acy Jo Aep 8ig wo uns op uldag yous u: SIU URI punyas yons yasyo ssajeyLenau Keu! 34 ‘uoRdudsord Ag pasted ADzauIe 8 BwES 94) pue Saxe} Joud siy SuIpsebo: Punjou x@3 © 03 ponaue Sem sosedxer 2 aiaym - UdWDINS ,t “£5 Bujodaioj 243 Jo auON -p somied ayy uasmjag Iuawoaube uazum quonbssans © Aq popusixa 2q jOUUE> siedA (£) 93.1 UiMBIM Xe1 ay? Jo suaUIAed Joy wi ayy SUNS JBA]|dxey Ou pYe YID Oy uasMIag SuNUM 4) BWEEIBe uy Xe} au} JO BYep snp 242 WIOy) Sie94 OY UINRIM Xe] Buy SsOESE ABW Yig B49 “UOISeRD xe] JO ase Ul -o anges By sie04 oT ase 10 ase Imo}foy BU 49 2il4 03 Uo|ssIuIO atp Jo ArBAODSID ay Wo. @>Q0u auswssesse Aue ynourim und. y ABW WIE Buy ‘win! E ayy oF Bun, gp4409 5 SquaWiSIeIS ‘SusoGai0y ay 30 su0N -p ‘SUBS Ou 224 mod Buamnsur Jo pEaysut Ay -2nKo 35 0} SUO}se ajgeuoswas Lexo JSNwW YIG auL “> ‘wes ayy Asc 0} SeaiBe sadedxe? quad SsUUOIMWOD Jo aInpayIs 243 jad asiwoscwon & © suonse $9529 x2} 9| yy se Buo se s 03 wojues Jou pau. auoN “p ‘Du 843 Aq paquasaid saryjewuo} A MIM Alduio> 0} ayes SaHOU auiSsassy “2 'siseq [e729y 0/pUe 1e53| u1 Bune woussesse KieiIIGIy “¢ quawissasse Aniecoat “e ouas votesey ve nor seouens sororgeuuodorsre rE DeR smsstes duysiautied aa aajossip 204 pip aBeiuew O43 ‘oN “q SsuNe? 949 BuoWe AymbS Ul aBueyD e 5) Ban ssnenag ‘Beuiew 243 Aq psnjossip s! diysiounied aus ‘sea -e eclusaduUEd O43 sajossip sSeuseW 243 PIG “poLeud JOB 1 pue y ‘SUIVOW § 40} Loerado Jaxy “wownaSu syemud e Ur Guusseuyied-09 0 ajoiuie ve pexnaxa sroUed 941 -000'00Se YHOM qweuidinds parnqiquo> 3 pue Oo'ddSd YUM We> 2 8 “C00'00Se painguzuo> y ‘gz ‘pT Auenigay uo Avadosd 2USSB/0 2 jo diisisuued jesienun 2 powcr 9 pue g "y"¢z wmepounuod so yesIUED “p olsiauyied jo eRUe) > fouaBe yo pesuey *¢ ase9j Jo 1DeI2U0} “=e ydadxe sigissmusue:s 704 B12 UOReBHGD pue sYBH au; seRAUOD BUOY} aun JPEN ‘9 quBn8 SoMa} oy np Sem S80] 94 pue Aejap jet} ur jou axe Adu senezaG PaysinGunxe s! uoRebigo > pue g ang Ae|ap UI ADEaLIS S2¥ ay B8neD9q SieBAS 40 4225 OOO'OE aU 204 aIqey sy “Pp 3uBA2 snoynUE} OF BNP Sem S50] ay asnedaq aigey you si > pus gy “> 3uan@ snOYNLOs Aq 150 Sem 19Lqo aus Dinsaq Aion ui Apeauie 212 Aays DsneDaq JeBNs Jo SDs 000°06 +05 ager way Jo Aue pjoy UZ> X “q 3uBA@ SONI) Aq 350} sem algo Bu} Apeauj@ ale X43 asneDaq Je6ns jo syses (2 pue g “y) way) Jo usea ploy ver x -e 380} ‘7019 Aerep 000'9E 10 aq 303 SEM Ie6NS Jo Sy285 Q00'06 anus 24) pUe 6: 40 Ssneoaq BSROYSIEm sa ul INO ayO1G a 2 “eoOe Arenuel uc s9nMoH “ue6NS au iamap 0} y Woy papuewiap X ‘6002 ‘9 Atenuer uo “6o0z 's AlenueL uo asnoyeiem SA. Ul 4207S 10 S9>€3 nO0'06 x 0% Janlfop 02 DUNG aue 5 aUE “@ “Gz a saBewep jeioy -¢ WY > saBewepenioy -e £03 paRRue si zewoysnd Ane| ays ‘padewep S19m sBworsn> Ape] ey) Jo soyRo|D B41 “ABOIOde kus 254) dias vonezes pue sey ssoueng‘ausiness Law and Taxation sere 2° Statement Where the tax withheld as shown on the tax return and the actual tax remitted by the withholding agent to the BIR do not match, a final notice of assessment may be issued without need of 2 pre-assessment notice. Both statements are false 1 statement is false whi tatement is true Both statements are 27 statement is true le 2° statement is false 48, 1" Statement - The taxpayer must pay the tax under protest as 2 condition prececent for filing a written ciaim for tax refund or credit. 2" Statement The 2-year prescriptive geriod for fi for tax refund or tax credit is not interrupted by any supervening cause. Both: statements are false 1% statement is false while 2° statement is true 1* statement is true while 2* statement is false Both statements are true 49.1" Statement ~ The CIR does not need any court order in nquiring into the bank deposits of the taxpayer for the purpose of determining the gross income of the decedent's Undivided estate. fe the bank records of the latter's taxable net estate. 2° Stavement - The CIR may ex deceased in order to determine © 3. Both statements are false b. 4% statement is false » cD statement is true wi G. Both statements are true atement is true 2 2 statement is false 50. w 1g cases does not justify the CIR's 3c payer's offer to comaromise ground of reasonable doubt as to the validity assessmen:? Sao a yr aera ‘Business Lav and Texaton sere c. No, because spouses cen enter into 2 universal partnership. Yes, because it becomes unlewful for the business of the partnership to be carried on or for the members to carry it fon in partnership 28. An incidental eiement of a contract ‘2, implied warranty against eviction b. Payment of interest in a loan €. Delivery of the ebject in contract of pledge a f the above 29.8 in @ contract between two persons in favor of a who must accept such ben~ efit before the same is withdrawa is known as: a tin por autrul. —_¢. Pactum reservati demini b, itacion . Counter-offer ich of the following statements is correct when a partner dies? ‘The cecreased ‘The deceases partner's estate partner's exes would be free from The partnership would automat would be cissolve become @ pai automatically a ves Yes, b, ves No c No No 4 No yes 35.€, @ partner In “C” partnership, assigns his interest in "Y" partnership to X, who is not made a partner. After assignment X asseres the right to 4. Participate in the 2. C's share in the su 3. May compel the ‘anagement of "Y" partnership. ius profit her partners that he (x) becomes @ Be Ser ee inane—eeeraanmedowe Ce amuErNeNoR ye jo oes Jeassyg SUR2A ¢ iKy 89 A@u! vondaljo2 pue joarei2 Azonorsip Wos vet uo apew Alpen aq Aes usLIssosse “Ke 242 BpeAd qm wines quainpnex sues wos “p aS IuOWaES .T -> OWES. -g seAedxey su Bulsseiey 32 pauie quaussosse ue Si quBUssasse Apsedoat y - WaUIEIS yt “op woneuoduu Yons Uo LWA Buy ded yeys vosiad ydwoKD-LOU ~r9seU9sNd ays ‘vosiad Iduwaxs-uoU 2 o} SBME peLodu fnbasqns uoneuedu uM vosiad © UB “Pp voneusaaiine specb ayy zsye paUnoUl sesu Ses|a1 a1e SPOOE pauedui! ays 910/99 swoysn3 Jo nesing uj o} pled si UoReUOduN UO I¥A LYA 03 Balqns i98u0) lym spo08 pexocuyy “2 0} 243 J 38UD “Ge 0U axe xe) asI9x9 0} aKQNS Oe ypeueDur 5} siuawarers Bu! ez “p ooo'cat ¢ a 00°09 d “2 so0'nee ge 'S} Wualudinbs 243 J0 91eS au} YO xe} NCIC 2A UL “LYA 10 BAISNPx= ‘Q99'90G'zd 404 ALOYsMY UoUICo|enEG. 5ueID aun Yim parsysiGa1 asudiaIUs ue ‘AueduioD AIsea oF suaUIdiNbS 95943 pIOS UBL] 94 “L¥A 40 BASN_OxO ‘500'C0S' Te JO unowe sy) u! sabiey> pug soaNp suo snd anjen SU pled 34 “eUlYD Woy uaUidiNdS UIBUED pauodwi) BUSTLE “py ouas uotenes pus me seeusnes sooreaesoue EEN wena asia; a12 qwawiawis yog “¢ ena} aie squouimers yjog “@ loa S| weiduED diussaued By “A\jequ9A OU) pasoqUS S| peAUE? 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Auladosd 2 Jou 1 Burmojo) ayy Jo UDIYyA Ze epuez'p Auoe -q Auuo Z "> epuet -e SUIGT SSSUY JO TNYW OY Se YEUOT STR 9438 a fo, 00.66] seouneBosinass Law and Taxation sere Mubers, jobless, married to Winle with 1 dependent cmig and Jason, sngle, 2an,500 (tae employee with @ monthly gross salary of ld for tne years PS0,200), come of the estate distributed to the hei amounts to P $0,000 each for Hubert and Jason. ne taxable income of Xman's estate for tne taxable yeas 2009 is 2. ? 280,000 © 180,090 b. P 200,000 4 900 42, 1" statement - Aside from the estate tex, the Income derives by the estate of ¢ decedent is also subject to income tax. 2" statement - Corporation are inta: shares have acquired a businass situs in the Philippines, 2. Bath statements are false b. 2° statement is false whi © 3" statement is true w 4d. Both statements are true order to make the donation 3 valid transfer, A resident alien 1 entitled to claim a reign gift tax paid to tus country from 2 gift tax. Both statements ere 4" statement is faise whl 1 statement is true wi 2% statement is true 2% statement is false during 2009 shares of stock issued by a foreign ible personal property within if these ratement « The donee must exoress his acceptance of the Bopess Lew and Texati 35. sere c. 1% statement is true and 2" statement Is false d, 1* statement is false and 2" statement is true Which of the following is (are) valid consideration for the pur- chase of stocks of a corporation? 1, Real estate IL, A negotiable promissory note in money jonetary consicieration for services to be performed An exchange solely in kind in a merger means property of the absorbed corporation are exchanged for the shares of stock of the absorbing corporation. 2° Statement - where the agreement in 2 merger calls fo the distribution of the cash received by the absorbed corporation to its stockholders, any gaia resulting from the exchange shall be exempt from income tax a. 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