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It refers to the taxes that businesses must pay as a normal part of business operations with sole proprietor or a corporation for adhering to tax regulations.
How much is the tax rate for gasoline from 2001 up to 2700 liters?
When should donor's tax be filed?
Which constitutes a taxable gift?
Which of the following is not included in the decedent's gross estate?
Which deductions from the gross estate is allowable provided that the amount shall not be over Php 1,000,000?
Five Star Finance Company presented the following data for the first quarter of 2016: Dividend income on stock investments Php 23, 250 Interest on lending activities with 3 years maturity Php 286, 000 Rental income on company equipment Php 48, 400 Commission/discounts on financial leasing With 6 years maturity Php 372, 500 Interest income on medium term maturity loan Php 82, 650 What is the percentage tax due?
Read and analyze the statements.
Which is NOT included in the BIR registration?
Who is in charge of safekeeping of books?
Which is subject to excise tax?
Who is subject to estate tax on properties situated within the Philippines only?
Leslie Incorporated, a VAT registered trader had the following data during the last quarter of the year: Purchases Sales October Php 627, 200 Php 392, 000 November Php 599, 200 Php 862, 400 December Php 959, 616 Php 789, 600 All of these are inclusive of VAT. How much is the VAT payable for the month of October?
Which receipts from the following entities are subject to VAT?
Lisa, the decedent, owns a property amounting to Php 750, 000 at the time of his death. The said property was sold at Php 350, 000 by Lisa during her lifetime to Enrique. Nevertheless, its fair market value was Php 600, 000. It was agreed that the transfer of ownership will be done after Lisa's death. For estate tax purposes, how much should be included in the gross estate of Lisa?
Which is NOT a requisite for casualty losses to be allowed as deduction from gross estate?
Complete the statement: A real property which was acquired at Php 150, 000, with a fair market value on the date of the death of the decedent of Php 500, 000 but is still subject to a mortgage of Php 100, 000 shall ___
Which of the following judicial expenses is not deductible?
Which is not a requisite of a donation for purposes of the donor's tax?
Which BEST describes a ledger?
Soxy Soriano, a Filipina, passed away in the US with the following properties:
Which refers to ad valorem tax?
Which is NOT necessary for vanishing deductions to be allowed as deductions from the gross estate of a decedent?
Which refers to the tax on the right of the deceased individual to transmit his estate to his lawful heirs and beneficiaries?
Complete the statement: The value added tax on goods sold ___
Which transfer of property is exempt from estate tax under the tax code?
Mr. Lim, an importer, requests to withdraw its importation from the Bureau of Customs. The imported goods were subjected to a 12 % customs duty in the amount of Php 6, 250 and to other changes amounting to Php 4, 750. How much is the VAT due?
Which is NOT included in an official receipt?
Orange Corporation is registered under the laws of the US Teritorry. It has extensive operations in Southeast Asia. In the Philippines, its products are imported and sold at a mark-up by its exclusive distributor, Lam's Trading, Inc. The BIR compiled a record of all the imports of Lam from Orange and imposed a tax on Orange net income derived from its exports to Kim. Is the BIR correct?
Which is NOT subject to franchise tax of 2 % or 3 %?
Which is not a taxable transfer following the tax code?
Banks and non-bank financial intermediaries performing quasi-banking functions are subject to:
What business tax is due on the restaurant business of Mr. Yan?
Which is subject to donor's tax?
On which documents can the tax identification number be used?
Which is NOT taxable?
Rigley, Inc., imported 100 cases of wine from South Africa. The shipment was assessed duties and value-added taxes of P300,000 which Rigley, Inc. immediately paid. The Bureau of Customs did not, however, issue the release papers of the shipment yet since the Food and Drug Administration (FDA) needed to test the suitability of the wine for human consumption. Is the Bureau of Customs at fault for refusing to release the shipment just as yet?
Which is INCORRECT?The judicial expenses that may be claimed as deductions from the gross estate ___
Which is deductible as claim against the estate?
Which is NOT CORRECT?
One of the following is not an intangible personal property situated in the Philippines.
What should be the cost basis in computing gain or loss from the sale or other disposition of property acquired as gift or donation?
Mrs. Pulido, a Filipina residing in Malabon died a widow on October 1, 2000, leaving the following properties: A parcel of land in New York Php 1, 000, 000 House and lot (conjugal family home) 600, 000 Claim against an insolvent individual 25, 000 Cash in bank (current account) 50, 000 Proceeds of life insurance with the only daughter as an irrevocable beneficiary 100, 000 Shares of stocks in a foreign corp. based in the US 450, 000 Car in Ireland 125, 000 Total Php 2, 650, 000 The deductions claimed are as follows: Funeral expenses Php 125, 000 Medical expenses 275, 000 Judicial expenses 17, 500 Claims against the estate 36, 250 Claims against an insolvent individual 25, 000 Real property tax for 2001 5, 000 Family home allowance 500, 000 Total Php 983, 750 How much is the total allowable deductions from gross estate?
What should be the amount included in the gross estate if transfer of property is done for insufficient and inadequate consideration in money or money's worth?
For estate tax purposes, the rule of reciprocity applies:I- When the decedent is a non-residents alienII- With respect to intangible personal properties situated in the Philippines
A property which is firmly fixed, settled or fastened is called:
How many days shall be given to corporations, partnerships or persons that retire from business to submit their books of accounts, subsidiary books, and other accounting records to BIR?
If transfer in contemplation of death, revocable transfer or property passing under general power of appointment is made, created, exercised or relinquished for consideration in money or money's worth, but there is no bona fide sale for an adequate and full consideration in money or money's worth, the gross estate will include:
For estate tax purposes, one of the following is not an intangible personal property.
Mrs. Lizardo owns a restaurant. What business tax is due on her income from the business?
Which is NOT included in the gross estate of a non-resident alien decedent?
The executor of a married decedent provided the following data about his estate: I. Properties within the Philippines, Php 1, 250, 000 II. Properties outside the Philippines, Php 2, 500, 000 III. Actual funeral expenses in the Philippines, Php 45, 000 IV. Actual funeral expenses outside the Philippines, Php 30, 000 Assuming that the decedent was a citizen or resident of the Philippines, How much is the deductible funeral expenses?
Which is a similarity between donor's and estate taxation?
Mrs. Santos is a producer of fermented liquors. All taxes on the products and transaction are passed on to buyers in making sales. Which is included in the gross selling price?
Don Bodgie, a Filipino decedent, left the following properties: I. Car, Manila -- Php 275, 000 II. House and lot, Manila – Php 3, 500, 000 III. Shares of stocks, Chicago, USA – Php 125, 000 IV. Accounts receivable, insolvent debtor – Php 100, 000 V. Accounts receivable, with situs in the USA – Php 150, 000 VI. Amount received by heirs from decedent’s employer under R.A. 4917 – Php 200, 000 What is the taxable gross estate?
Which proceeds of life insurance policies is exempted from estate tax? I. Life insurance on the life of Elizia, appointing her sister as the irrevocable beneficiary. II. Life insurance on the life of Elizia, appointing her brother as the revocable beneficiary. III. Life insurance on the life of Elizia, appointing her executor as the irrevocable beneficiary. IV. Life insurance on the life of Elizia, appointing her children as the beneficiary. The policy does not say as to whether the appointment is revocable or irrevocable.
Which is exempted from common carrier's tax?
Mr. Arellano pays the occupation tax as an architect. He is also a building contractor. What tax is due on his business?
When are the proceeds of life insurance not payable to estate, executor, or administrator excluded in the gross estate? If the beneficiary appointed in the policy is ___
Which is NOT true about VAT?
On which situation does the designation of the beneficiary is considered irrelevant in determining whether or not the proceeds from life insurance should be included as part of the gross estate of the decedent?
Mr. Lumapas, a VAT-registered individual, furnished the following information for a taxable month, VAT not included: Domestic sale to consumers Php 350, 000 Domestic sale to export traders Php 100, 000 Direct export sale Php 200, 000 Purchases, total invoice cost, From VAT-registered individuals: Of goods Php 330, 000 Of services Php 220, 000 Given the data above, compute for the input taxes.
Which is NOT included as transactions considered "in the course of trade or business" subject to the business taxes?
In January 2011, the BIR issued a ruling that Oliver's vodka imports were not subject to increased excise tax based on his claim that his net retail price was only Php 200 per 750 milliliter bottle. This ruling was applied to his imports for May, June, and July 2011. In September 2011, the BIR revoked its ruling and assessed him for deficiency taxes respecting his May, June and July 2011 vodka imports because it discovered that his net retail price for the vodka was P250 per bottle from January to September 2011. Does the retroactive application of the revocation violate Oliver's right to due process as a taxpayer?
Peter gave a cash of Php 80, 000 as a birthday gift to his son Edward in 2006. Peter has not given any other gifts or donation for that year but made only a donation to his daughter in the same amount in 2007. With the above information in 2006, Peter is ___
Mr. and Mrs. Garcia, citizens and residents of the Philippines, made the following donations: June 5, 2001 To Mario, a legitimate son, on account of marriage, Php 230, 000 To Nieva, a legitimate daughter, property with mortgage of Php 2, 000 which was assumed by Nieva, with fair market value of Php 10, 000. Oct. 7, 2001 To Dennis, a legitimate son of Mrs. Garcia by a prior Marriage, given on account of marriage, Php 40, 000 April 3, 2002 To Our Lady of Fatima Parish, Php 50, 000 To Merle, a family friend, Php 20, 000 How much is the donor’s tax for the October donation ?
Global Link Communication, Inc. has gathered the following data for the last quarter of 2015:
The lease of property, real or personal, by a bank is subject to:
Leila D. imported a car from the U.S. for her personal use. The total landed cost is Php 250, 000 including the custom duties of Php 50, 000. How much is the VAT payable?
Which of the following acquisitions or transfers of properties is deemed taxable under estate taxation?
Read and analyze the statements: I. In the books of accounts of a VAT-registered taxpayer, purchases are recorded net of input taxes. II. In the books of accounts of a VAT-registered taxpayer, output taxes are included as part of sales.
One of the following statements is incorrect.
L and M are married couple. J and K are their legitimate children. N is L's illegitimate child. L died and left a total estate of P 6M. How is his estate going to be divided?
Which is NOT included as part of the gross estate to be allowed as deduction there from?
Which is allowable as deduction from the gross estate of a nonresident, not a citizen of the Philippines decedent?
Which deductions from the gross estate is allowable provided that the amount shall not be over Php 500, 000?
Which is NOT considered a percentage tax?
Which is not included as part of gross estate for purposes of determining the net estate subject to estate tax?
Which is NOT a requisite for property previously taxed (vanishing deduction) to be allowed as deduction from gross estate?
Which proceeds of life insurance policy is NOT included as part of the gross estate?
Mr. Lumapas, a VAT-registered individual, furnished the following information for a taxable month, VAT not included: Domestic sale to consumers Php 350, 000 Domestic sale to export traders Php 100, 000 Direct export sale Php 200, 000 Purchases, total invoice cost, From VAT-registered individuals: Of goods Php 330, 000 Of services Php 220, 000 Given the data above, find the output taxes
Kelvin, a non-VAT taxpayer, bought goods amounting to Php 5, 600.00, VAT inclusive, from Vincent, a VAT registered seller. The passed on VAT of Php 560.00 on the purchases is ___
Which is NOT a requisite in order that claims against the decedent's estate may be deductible?
Below is the data of selected accounts of a taxpayer, with VAT and non-VAT business. No inventories were done at the start and end of the taxable period. Purchases, all from VAT suppliers, Exclusive of VAT Php 750, 000 Sales, exclusive of any tax: Exports, VAT business 850, 000 Exports, non-VAT business 600, 000 Domestic sales, VAT business 200, 000 Domestics sales, non-VAT business 250, 000 How much is the net VAT payable (refundable) for the month?
Which is NOT exempted from transfer tax?
Which is NOT considered as export sale under the Tax Code?
Given the data from the previous number, how much is the net VAT payable (refundable) for the month?
Which is not commonly used for estate valuation purposes?
Mr. Linao donated the following properties:
Which is NOT allowable as deduction from the gross estate of a nonresident, not a citizen of the Philippines decedent?
Which of the following shall also be considered as personal property?I- Obligations and actions which have for their object movables or demandable sumsII- Shares of stock of agricultural, commercial and industrial entities, although they may have real estate
What theory of taxation provides that the estate tax being paid is considered as the share of the state in the accumulation of property as a "passive and silent partner"?
Who are mandated to keep a journal or ledger of accounts?
In computing the percentage tax on domestic carriers and keepers of garage, which of the following shall be considered correct minimum quarterly gross receipts?
Which proceeds of life insurance should be included in the taxable gross estate?
All persons liable to VAT such as manufacturers, wholesalers, service providers, among others, shall be required to submit summary lists of purchases if their quarterly purchases:
Who is considered a stranger under the donor's tax law?
Complete the statement:A donation of one hectare of timberland ___
Which sales by VAT-registered person shall NOT be subject to zero percent (0 %) rate?
Which should be secured from the BIR to facilitate printing of the official receipts?
How much is the tax rate for vehicles worth Php 500, 000?
Who shall conduct an annual inspection of the books of accounts?
The following are the amounts of total invoice costs/prices: Mr. A, a non-VAT taxpayer, sells to Mr. B, a VAT taxpayer Php 27, 500 Mr. B, a VAT taxpayer, sells to Mr. C, a VAT taxpayer Php 44, 000 Mr. C, a VAT taxpayer, sells to Mr. D, a VAT taxpayer and an exporter Php 77, 000 Mr. D, a VAT taxpayer, exports Php 137, 500 Find the VAT of Mr. C.
Which deduction from the gross estate is deductible without amount limitations?
On which factor is estate taxation similar to donor's taxation?
Which is a creditable input tax allowed on one who became subject to VAT for the first time?
Which has a tax rate of Php 10.00 per metric ton?
Which is NOT true? [2]
Which is subject to tax besides estate tax?
Letty is a restaurant owner. What business tax is due on his business?
What should an invoice contain in order for it tax? I. The VAT registration numberII. The total amount which the purchaser pays or obliged to pay to the seller
Fortune Finance Company presented the data for the first quarter of 2017: Interest, commissions, discounts from lending Activities / financial leasing: On short-term maturity Php 47, 500 On long term maturity (over 7 years) Php 107, 500 On medium term maturity Php 87, 500 Rental income on personal properties Php 22, 500 Dividend income Php 12, 500 Other ordinary income under the NIRC Php 180, 000 How much is the total percentage tax due?
What should an invoice contain in order for it tax?
An individual becomes subject to the value added tax for the first time can have an input tax out of the inventory of goods, material and supplies on hand at the time he became accountable. What do we call this tax?
the common characteristic of transfer taxes is the transfer of property:
Which of the following statements regarding donation of an immovable property is incorrect?
Which is not included, partly or completely, in the gross estate for the purposes of determining the net estate subject to estate tax?
Complete the statement:Books and records shall be subject to examination and inspection by internal revenue officers; Provided, that for income tax purposes, such examination and inspection shall be made only once in a taxable year, except when ___
The administrator of the estate of a decedent who is unmarried has presented the following data which may or may not be relevant in the determination of the net estate subject to tax: Gross estate ( appropriately determined) Php 2, 500, 000 Medical expenses 175, 000 Funeral expenses (actual) 300, 000 Judicial expenses 25, 000 Casualty losses 50, 000 Claims against insolvent individuals 75, 000 Income tax incurred by the estate 62, 500 Transfers for public use 100, 000 Estate tax paid in a foreign country 40, 000 Unpaid mortgage on a property included 87, 500 in the above gross estate How much should be the funeral expenses to be deducted from the gross estate?
Which is NOT VAT-Exempted?
Bread Chat bakeshop sells pastry items to canteens in the National Capital Region. Based on records, the canteens are allowed credit. For April of 2015, the total amounts received or receivable from sales by the shop amounted to Php 110, 000, including the value added tax. 75 % of the sales are usually on account. What is the VAT on the sales amount for the month of April?
Which is NOT exempted from the excise tax?
Leslie is an operator of parking lots. What business tax is due on his income from the business?
What business tax is due to the income from the business of Wowie who is an operator of parking lots?
First Statement: Donor's tax shall be levied, assessed, collected and paid upon the transfer of property by any person, resident or non-resident, as a gift.
International carriers doing business in the Philippines is subject to the:
How much is the annual registration fee for every place of business or establishment?
Which unpaid taxes are NOT deductible from the gross estate?
Which is NOT a major business internal revenue tax in the Tax Code?
What theory of taxation states that the estate tax is paid in return for the services rendered by the state in the distribution of the estate of the decedent and for the benefits that accrue to the estate and the heirs?
Mr. Ang, an importer, requests to withdraw its importation from the Bureau of Customs. The imported goods were subjected to a 12 % customs duty in the amount of Php 6, 250 and to other changes amounting to Php 4, 750. How much is the VAT due?
Unfortune Insurance Corp. provided the data for the final quarter of 2013 as follows:
What is the maximum tax rate for diesel and gasoline?
Which refers to a successor to an estate, whether through a last will and testament or not?
Which is a valid donation?
Which is an exemption to the authority to suspend by the Commissioner of Internal Revenue?
Alex Pambid, an unmarried Filipino decedent, had the following data on the date of his death in 2001: I. Real property (excluding the family home) Php 1, 000, 000 II. House & lot (family home) 400, 000 III. Other properties 800, 000 IV. Charges and obligations on the estate 375, 000 (excluding the family home allowance & standard deductions) How much is the taxable net estate?
Which of the following donations inter vivos may not require that it be made in writing?
Which is NOT applicable when a purchase from a VAT-registered person is for use both in the VAT and non-VAT business of the purchaser?
Which is NOT subject to excise tax?
Malia, an agent of a foreign insurance firm, provided the following data for the final quarter of 2015: Total receipts of non-life insurance premiums Php 225, 000 Insurance premiums receipts (included above) Deemed exempted from the percentage tax Php 12, 500 Rental income on business assets Php 7, 500 Compute for the percentage tax due.
Which allowable deduction is fixed in amount?
What is the explanation for the formula: output taxes - input taxes = value added tax payable?
Which is a funeral expense that is NOT deductible?
One of the following transfers is not included in the gross estate.
Which is an appropriate distinction between donor's and estate tax?
What should be done to the certificate or receipts showing payment of taxes issued to a person engaged in a business?
Which is NOT a requisite for claims against the estate to be deductible from the gross estate?
Which is NOT exempted from the registration fee?
Complete the statement by choosing the appropriate situation. The value of the gross estate of the decedent shall be determined by including the value at the time of his death of all property, real or personal, tangible or intangible, wherever situate: Provided, however, that ___
880 Corp. is a VAT-registered dealer of appliances. The following details were provided for the final quarter of 2014:
What should be the basis of the data in the Account Information Form?
Which is not replaced by VAT?
How much is the tax rate for diesel from 1801 to 2300 liters?
What tax should Engr. Junio pay as a building contractor?
Which deduction from the gross estate is allowable provided that the amount shall not be over Php 1,000,000?
Which of the statement/s is/are correct? I. The estate tax accrues at the moment of death of the decedent. II. In estate taxation, the taxpayer is the decedent.
A VAT-registered individual, Mr. Agonias, posted the following information for a taxable month, VAT not included: Domestic sale to consumers Php 350, 000 Domestic sale to export traders Php 100, 000 Direct export sale Php 200, 000 Purchases, total invoice cost, From VAT-registered individuals: Of goods Php 330, 000 Of services Php 220, 000 What is the VAT of the sales?
Which properties or transfers are NOT exempted from estate tax under a special law?
Which is a requisite for donation given to qualified children on account of marriage to be deductible?
Which is NOT true about medical expenses as allowable deductions from gross estate?
Tony and Fely bakeshop sells pastry items to hotel cafes in the National Capital Region. Based on records, the hotels are allowed credit. For May of 2015, the total amounts received or receivable from sales by the shop amounted to Php 110, 000, including the value added tax. 75 % of the sales are usually on account. What is the VAT on the sales amount for the month of May?
Willy is an operator of parking lots. What business tax is due on his income from the business?
Mr. Wurtzbach, a resident alien, died leaving the following net estate: Location of Net Estate Fair Market Value Foreign Estate Tax Paid Philippines Php 500, 000 _________________ Japan 3, 000, 000 500, 000 Korea 1, 500, 000 230, 000 Total Php 5, 000, 000 730, 000 How much is the allowable tax credit and the Philippine estate tax due (before tax credit)?
Which is TRUE about excise tax?
What business tax is due on the restaurant business of Mr. Laudico?
ABC Financing, Corp. gathered these data on the third quarter of 2014 as follow: Dividend income from various stock investments, Php 29, 800. Only 85 % of such income was received by the company. Rental income on personal property of the corp., Php 72, 500. Only 65 % on said income was collected by the company. Interest, discounts and commissions earned: Short term maturity Php 317, 500 Medium term maturity Php 248, 350 Long term maturity (over 7 years) Php 197, 950 Long term maturity ( not over 7 years) Php 292, 700 Only the following percentage based on the above amounts were collected respectively: 75 %, 65 %, 40 % & 60 %. Other gross income earned and collected Php 97, 500 What is the percentage tax due (rounded off)?
Which is NOT a major class of deduction from the gross estate of a resident decedent?
Liza, an American residing in the Philippines, bought garments from Hanash Corp., a domestic corporation, and exported the same to the US. The total value of export is Php 50, 000. Compute for the VAT (output tax) due?
Safer Inc., a local insurance company, provided the following data for the second quarter of 2015 as follows: Total insurance premiums due and collectible Php 912, 500 The above premiums consisted of the following: Life and disability insurance premium Php 300, 000 Marine insurance premium Php 212, 500 Health & accident insurance premium Php 250, 000 Property insurance premium Php 150, 000 Collections during the quarter on the above premiums were 65 %, 45 %, 50 %, and 70 % respectively. What is the percentage tax due?
Which is NOT true?
The following are motives of a taxpayer that preclude the transfer in contemplation of death except one. What is it?
When should an individual subject to any internal revenue register with the appropriate Revenue District Officer?
Which is NOT a justification for donation made by a stockholder to a corporation which is subject to a donor's tax?
Which refers to all the properties owned by the wife prior to the marriage, as well as all the properties she acquire during the marriage which the law considers as her exclusive property?
What is the amount of funeral expenses that may be deducted from gross estate?
Below is the data of selected accounts of a taxpayer, with VAT and non-VAT business. No inventories were done at the start and end of the taxable period. Purchases, all from VAT suppliers, Exclusive of VAT Php 750, 000 Sales, exclusive of any tax: Exports, VAT business 850, 000 Exports, non-VAT business 600, 000 Domestic sales, VAT business 200, 000 Domestics sales, non-VAT business 250, 000 How much is VAT payable on domestic sales?
Complete the statement:A tax minimization scheme which is done by spreading the gift over numerous calendar years to avail of lower tax liability ___
Mr. Lumapas, a VAT-registered individual, furnished the following information for a taxable month, VAT not included: Domestic sale to consumers Php 350, 000 Domestic sale to export traders Php 100, 000 Direct export sale Php 200, 000 Purchases, total invoice cost, From VAT-registered individuals: Of goods Php 330, 000 Of services Php 220, 000 What is the VAT of the sales?
Mr. Abad is a dealer of locally manufactured wines and liquors. What tax is due on his sales?
Statement I. The account title, "VAT payable" refers exclusively to the excess of output tax over the input tax.
Using the data from the previous number, and assuming the decedent was a non resident alien, how much will be the deductible funeral expenses?
How much is the inspection fee for cigarettes?
If a VAT- registered person issues a VAT invoice or VAT official receipt for a VAT- exempt transaction, but fails to display prominently on the invoice or receipt the words "VAT-exempt sale", the purchaser shall:
When should be the donor's tax due on donations be settled?
What is the tax on the interest, commission, discounts and all other items treated as gross income of other non-bank financial intermediaries doing business in the Philippines?
Which CANNOT be found in the books of a VAT taxpayer?
Seven Aces Finance Company presented the data for the first quarter of 2017: Interest, commissions, discounts from lending Activities / financial leasing: On short-term maturity Php 47, 500 On long term maturity (over 7 years) Php 107, 500 On medium term maturity Php 87, 500 Rental income on personal properties Php 22, 500 Dividend income Php 12, 500 Other ordinary income under the NIRC Php 180, 000 How much is the total percentage tax due?
Which properties or transfers are not exempt from estate tax under a special law?
In the case of life insurance proceeds in which the designated beneficiary is a third person, which is relevant in determining whether or not such proceeds should be included as part of the gross estate?
Which is NOT necessary for claims against the decedent's estate to be allowed as deduction from the gross estate?
Which transaction by a VAT-registered person does not result to output VAT?
Jenny, a Korean residing in the Philippines bought clothes from Choi Corporation, a local corporation, and exported the same to Korea. Total value of export is Php 100, 000. How much is the output tax due on the transaction?
Wowa died leaving the following properties: I. Stocks of Leslie Corp. (2,000 shares) – listed in the Phisex (highest-Php 40; lowest-Php 39) II. Common stocks of Pesto Corp. (1,500 shares) – not listed in the stock exchange. Cost-Php 50 per share; book value – Php 45 per share. III. Car (cost-Php 600, 000; book value – Php 350, 000; market value – Php 400, 000). IV. Real properties (zonal value – Php 120, 000; assessed value – Php 72, 000) How much is the gross estate?
Which deductions from the gross estate is deductible without amount limitations?
In January 2011, the BIR issued a ruling that Oliver's vodka imports were not subject to increase excise tax based on his claim that his net retail price was only Php 200 per 750 milliliter bottle. This ruling was applied to his imports for May, June, and July 2011. In September 2011, the BIR revoked its ruling and assessed him for deficiency taxes respecting his May, June, and July 2011 vodka imports because it discovered that his net retail price for the vodka was P250 per bottle from January to September 2011. Does the retroactive application of the revocation violate Oliver's right to due process as a taxpayer?
If the decedent was a nonresident alien (with reciprocity), how much is the gross estate?
The following are the amounts of total invoice costs/prices: Mr. A, a non-VAT taxpayer, sells to Mr. B, a VAT taxpayer Php 27, 500 Mr. B, a VAT taxpayer, sells to Mr. C, a VAT taxpayer Php 44, 000 Mr. C, a VAT taxpayer, sells to Mr. D, a VAT taxpayer and an exporter Php 77, 000 Mr. D, a VAT taxpayer, exports Php 137, 500 Compute for the VAT of Mr. C.
Which transaction by a VAT-registered taxpayer is not subject to VAT?
Who should pay for the excise tax on exported products?
Motivated by love, Mr. D donated a car to his brothers, Mr. E and Mr. F,the naked title to Mr. E and usufruct to Mr. F for one year. Is the transfer of the car, naked title to Mr. E and usufruct to Mr. F a valid donation?
Which is/are TRUE? I. An individual subject to execise tax is also subject to value-added tax. II. An individual subject to value-added tax is also subject to percentage tax.
Who should pay for the excise tax of indigenous petroleum, natural gas or liquefied natural gas for local sale?
Which deductions from the gross estate is allowable provided that the amount to be deducted shall be the lowest among the actual, 5 % of the gross estate, or Php 200, 000?
Mr. Yusingco furnished the following records of his horse races in the first quarter of 2012: Horses a. Lucky 7 1st Php 45, 000 b. Skyline 3rd Php 125, 000 c. Pigeon Hole 4th Php 30, 000 d. Paco 2nd Php 87, 500 e. Jurassic 5th None How much is the percentage tax due?
Casualty losses are deductible from the gross estate if ___ I. such loss was incurred during the settlement of the estate II. such loss was incurred not later than the last day for the payment of the estate tax
When is the tax on overseas dispatch, message or conversation originating from the Philippines paid?
Which is not a difference between estate tax and donor’s tax?
Mr. Cinco furnished the following records of his horse races in the first quarter of 2012: Horses a. Lucky 7 1st Php 45, 000 b. Skyline 3rd Php 125, 000 c. Pigeon Hole 4th Php 30, 000 d. Paco 2nd Php 87, 500 e. Jurassic 5th None How much is the percentage tax due?
Paco imported a car from Japan for his personal use. Total landed cost is Php 125, 000 including custom duties of Php 25, 000. How much is the VAT payable?
Which transfer of property is exempted from estate tax under the tax code?
Which of the following is NOT true if a donor is a non-resident, not a citizen of the Philippines?
Which is an example of excise tax?
Lifeline, a domestic insurance corporation, posted the following data for the third quarter of 2000:
In default of testamentary heirs, the law determines who are to succeed to the inheritance of the deceased. Which ranks first in the order of succession?
The BIR Commissioner has the power to suspend the business operations of a taxpayer given certain circumstances. Which is an exception?
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