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b.
protection
clause
Equal
d.
Progressivism
clause
d. Tax Lien
clause
d.
Reciprocal
theory
d.
Auditor
External
Necessity
d.
Territoriality
Theory
d.
Executive
Department
28.
True; False
True; True
False; True
False; False
1,000,000
property
2,000,000
400,000
Funeral expenses
300,000
1,300,000
Medical expenses
1,000,000
P1,250,000
P2,250,000
P1,150,000
P2,450,000
True; False
True; True
False; True
False; False
a.
b.
c.
d.
41.
c. P 8,400
d. P17,400
Purchases,
209,000
VAT
inclusive
b. P36,500
d. Zero
b. P104,000
c. P54,000
d. None
P464,000
P530,000
P640,000
P940,000
d. P117,000
b. P147,000
c. P24,000
d. None of the above
53.
Angelei Corporation
organized in 2000, has the following
records in 2007:
Sales
Cost of sales
P430,000
Operating expenses
1,585,000
P2,100,000
c. MCIT of P29,750
d. RCIT of P28,050
5
4
.
59.
First statement:
Second statement:
a.
b.
c.
d.
5
5
.
6
0
.
First
distincti
on:
Second
distincti
on:
a Exemption is P200,000.
.
56.
5
7
.
b.
c.
d.
Donative intent.
6
1
.
First
stateme
nt:
Second
stateme
nt:
a Succession
.
c Donation
.
b Remission
.
d Taxation
.
personal
c Donation
of
intangible
. (movable property.
personal
6
2
.
First
stateme
nt:
Second
stateme
nt:
1.
To
supplement
and
prevent
circumvention of the estate tax.
2. To prevent avoidance of income
taxes through the devise of splitting
income amount numerous donees to
escape the efect of the progressive
rates of income taxation.
3. To make the act of receiving a gift
taxable.
4. To subject all properties wherever
situated to gift tax.
a 1 and 2 only
.
b 1 and 3 only
.
First
stateme
nt:
c 2 and 3 only
.
6
3
.
Second
stateme
nt:
d 3 and 4 only
.
First
stateme
nt:
Second
stateme
nt:
6 First
4 questio
. n:
Second
questio
n:
Is
donative
intent
always
essential to constitute a gift? No.
Where the property, other than
real property classified as capital
assets, is transferred for less
than an adequate and full
consideration
in money or
moneys worth, the diference
between the fair market value at
the time of transfer and
consideration received is subject
to donors tax.
How is the gift of conjugal
partnership property made by
the spouses treated for donors
tax purposes? The gift is taxable
to the husband being the head
of the family as long as the wife
gives consent to the donation.
a.
b.
c.
d.
6 First
7 stateme
. nt:
Second
stateme
nt:
6
5
.
6 First
8 case:
.
Secon
d
case:
69.
70.
a. P1,600
b. P27,000
c. P54,000
d. P3,600
71. Which of the following statements is
incorrect?
a. A taxpayer whose annual gross
receipts/sales exceed P1,500,000
shall pay VAT even if he is not VATregistered.
b. A taxpayer whose annual gross
receipts/sales
do
not
exceed
P1,500,000 but who is VAT-registered
shall pay VAT.
c. Percentage tax may be imposed
together with VAT.
d. Percentage tax may be imposed
together with excise tax.
72.
74.
a.
b.
c.
d.