ReSA The Review School of Accountancy ‘®Tel. No. 735-9807 & 734-3989 ‘TAXATION February 8, 2020(Saturday) First Pre-Board Examination 11:45 AM to 2:45 P.M. MULTIPLE CHOICE TNSTRUGTIONS: Select the correct anawer for each of the Following ich of the following questions+ Mark only one answer for each item by shading the box corresponding to the etter of your choice on the sheet provided. STRICTLY MO ERASURES ARE ALLOWED. 1. Mr, Paul Cruise, was an American citizen residing in the Philippines. He died in the United States of America when he visited his family. for Philippine estate tax purposes, the Estate of Paul Cruise would include a. All properties wherever situated. b. All properties situated in USA only. c. All properties situated in the Philippines only. d. None of the choices. 2. A resident citizen died on September 3, 2018. An administrator was appointed on September 15, 2018. The inventory taking of the decedent’s properties was completed on October 10, 2018. When should the estate tax return be filed? 2. September 3, 2019 fe. October 10, 2019 b. September 15, 2019 d. None of the choices 3. The amounts withdrawn from the deposit accounts of a decedent subjected to he 6% final withholding tax imposed under Section 97 of the NIRC, shall ‘2. excluded from the gross estate for purposes of computing the est: (cluded from the gross estate for purposes of computing the estate tax. c. claimed as tax credit against estate tax due, Gd. claimed as deduction fron the gross estate. 4. The administrator of the Estate of Juan Cruz approaches you to ask for your dovice as to which of the following shall not be included in the gross estate of tne decedent. Which of the following will you tell him to exclude from the rose estate? respnolly uncollect ible claims against a debtor who absconded b. Partially collectible clains against an insolvent person fe. proceeds of life insurance of the decedent where the decedent's estate was designated as irrevocable beneficiary d. Personal properties which decedent donated to a son on account of the son's marriage before the decedent died. 5. The administrator of the Estate of Miguel Dimapigil is in a quandary as to which forgiveness of debt will he include in the gross estate of a decedent. Which of the following will you tell him to include in the gross estate of his decedent~client? 3. Forgiveness of debt which followed after the debtor rendered services in favor of the creditor-decedent. b. Forgiveness of debt done during the lifetime of the decedent, debtor did not render services in favor of the creditor-decedent. c. Forgiveness of debt by a corporation in favor of a stockholder- decedent. d. Forgiveness of debt provided in the will and testament of a decedent in tof a debtor who did not render services in favor of the creditor- the favo! decedent.10. To mitigate the harhnes: ReSA: The Review School of Accountancy Page 2 of 11 6. The fair market value of the ‘amily home which is partly exclusive and partly common is as follows: Family lot (exclusive) P 5,000,000 Family house (common) 9,000, 000 Total P14.900,000 How much is the deductible amount for tamily home if the decedent dies on danuary 1, 2018? ‘a. P14,000, 000 e. 9, 500,000 b. P10,000, 000 4. P1,000, 000 7. A resident citizen had a family home in the Philippines. He worked abroad and was temporarily absent from his family home when he-died. The executor of the late inquired from you whether or not to claim family home deduction from the gross estate for Philippine estate tax purposes. What would you tell him? ‘a. The estate would not be ailowed family home deduction because he was abroad when he died. b. The estace would aot be allowed family home deduction because he was a non-resident citizen when he died. c. The estate would be allowed family home deduction because actual occupancy of the family home was not interrupted or abandoned because of his temporary absence. d. The estate would be allowed family home deduction because all decedents were allowed family home deduction The decedent is a married man with a surviving spouse with the following data don February 1, 2019: Conjugal real properties (including P900,000 a property transferred inter vives which was accepted by a son who got married on January 25, 2019, delivery was not made before the decedent dies) P10, 500,000 Conjugal personal properties (including P800,000 bank deposit which was withdrawn and subjected to 6% final withholding tax) 4,800,000 Exclusive family home 30, 000, 000 Conjugal ordinary deductions claimed, (including P200,000 funeral expenses and P300,000 judicial expenses) 2, 500, 000 Medical expenses claimed 300, 000 ‘The taxable net estate is: ‘a. P42, 000,000. cc. P27, 000,000. b. P32, 000,000. a. P21, 000,000. A decedent died on January 15, 2018 and left a gross estate of P20,000. One of the heirs inquired from you whether or not a notice of death was required to be filed. What would be your answer? 3. there was no need to file a notice of death because the value of the gross estate did not exceed P20,000. b. There was a need to file a notice of death because according to Regulations a notice would be cequired if the value of the gross estate was P20,000 or more. c. Filing of a notice of death would be discretionary on the part of the heirs of the decedent. d. Filing of notice of death had been deleted under the TRAIN so there would be no need to file it under any circumstance. 5 of successive taxation of the same property occasioned by the death occurring within a short period of time, the law allows ae deduction: ‘a. Claims against the estate. b. Claims against insolvent pers>" c. Vanishing deduction. d. Share of surviving spous*-SA: The Re’ Review School of Accountancy Page 3 of 11 11. Donor’s tax is: a. a property tax. c. an excise tax b. a personal tax. d. an indirect tax. 12, Which of the following statements regarding donor's tax is Incorrect ‘a. A donation inter vivos ts deemed perfected form the moment the donor learned of the dones's acceptance ot the donation, making the donee the absolute owner of the property donated. b. “Title to inmovable property doow not pasa from the donor to the donee by virtue of Deed of Donation until and unless it has been accepted in a public instrument and the donor duly notified of such acceptance. c. “Tf the acceptance of the donation 1g made in a separate instrument, the donor must be notified in an authentic form, and the sane mist be noted in both instrument: d. An acceptance clause does not indicate that the donation is inter vivos, since acceptance is not a requirement for donation inter vivos, such requirement is for donation mortis causa. 13. Mr. Julian Reyes, transfers his car to his nephew on a condition that he passes the CPA Licensure Examination. The nephew tops the CPA Licensure Examination. The transfer is subject to: Estate tax. Donor's tax Either donor's tax or estate tax. Neither donor’s tax nor estate tax. 14. Under the TRAIN, the donor’s tax for each calendar year shall be: ‘a. six percent (68) computed on the basis of the total gifts made during the calendar year- b. six percent (6%) computed on the basis of the total gifts in excess Of Thee hundred thousand pesos (P300,000) exempt gift made during the calendar year. c. six percent (68) computed on the basis of the total gifts including those made in the previous calendar year in excess of Two hundred fifty thousand pesos (P250,000) exempt gift made during the calendar year. d. six percent (6%) computed on the basis of the total gifts in excess of Two hundred fifty thousand pesos (P250,000) exempt gift made during ‘the calendar year. 15. Which of the following shall not be exempt from donor's tax? ‘2. Donation to the Integrated Bar of the Philippines (IBP) b. Donation of parcel of land to the Government made by a Philippine Corporation to be used as relocation site for the less fortunate c. Donation to parish church where not more than 30% of the said gifts shall be used by the parish church for administration purposes Gd. Donation to a political party which failed to file a return of contributions with the COMELEC 16. Lalaine donated P110,000,00 to her friend Kimberly who was getting married. Patricia gave no other gift during the calendar year 2018. What is the donor's tax implication on Patricia's donation? ‘The P100,000.00 portion of the donation is exempt since given in consideration of marriage. b. A P10,000.00 portion of the donation is exempt being a donation in consideration of marriage. ©. Patricia shall pay a 6% donor's tax on the P110,000.00 donation. d. The P110,000.00 donation is exempt from donor's tax. 17. A resident alien donor donated to a Philippine domestic corporation a property located abroad valued at P500,000. The foreign donor’s tax on the donation was 20,000. A donation earlier within the same calendar year, was donated to a legitimate daughter, a property valued at P300, 000. How much was the total net gifts subject to tax? ‘a. P 900,000 ic. P500, 000 b. P $50,000 d. None of the choices FAXATTON — FIRST PRE-BOARD EXAMINATION (BATCH 39) &page 40f 11 ReSA: The Review School of Accountancy 18. 19 20. 21 to 23 are based on the foliowing: Using the sane data in the preceding number, how much is the donor’s to payable? ‘a. P33, 000 c. P16, 060 b. P13, 000 4. None of the choices rte his brother Samuel for 400,000. The sold car costs 500,000, At the time of the transfer, the car has a fair market value of 300,000, John inquires trom you whether or not he is required to file donor's tax return and pay donor’s tax. What will you tell him? a. He has to file a donor's tax return because the transfer will be considered a transfer for inaufficient consideration because the selling John transfers his c price is less then the c b. He does not have to file a return because it is a transfer for sufficient consideration, hence, no aonor's tax is du c. He has to file a donor's tax return and pay donor's tax because transfers to relatives are gene/ally subject to donor’ tax. d. He does not have to file a return because the BIR will not be in a position to know the transfer as it is done between brothers. _. Mr. John Paul George is a citizen of Georgia. Georgia does not impose transfer taxes of any kind. He donates the shares of stock he has with San Miguel Corporation in Manila to his son who is getting married to a Filipina who resides in Manila. He asked you if he is liable to pay the Philippine donor's tax. What will you tell bin? ‘a. Yes. He is liable to the Philippine donor’s tax because the shares of stock are properties sitvated in the Philippines. b.No. He is not liabie to the Philippine donor's tax because the shares of stock, being intangible personal properties, shall not be subject to Philippine donor’s tax at all times. c. Yes. He is liable to the Philippines donor’s tax because his son is getting married to a resident Filipina and as such the shares of stock will be jointly owned by his son and his Filipina wife who is a resident citizen. d.No. He is not liable to the Philippine donor’s tax because his country does not impose transfer taxes of any kind. Friendly Harriet Properties Company leases several units and has the following annual gross receipts: 21. 22. 23. 24. Gross receipts residential units (P15,000 per unit per month) 3,500,000 Gross receipts residential units (20,000 per unit per month) 3,000,000 Gross receipts commercial units {20,000 per unit per month) 2,500,000 How much is the VAT-exempt iow. a. P9,000,000 b. P7,500, 000 c. P3,500, 000 d. None of the choices How much is the VAT-subject amount? a. 6,000,000 cc. P3,500, 000 b. P5,500, 000 d. None of the choices How much is the output VAT? a. P720,000 c. P4200, 000 d. None of the choices b. P660, 000 Jose Cruz, mango plantation owner, sold ripe mangoes to Juan Santos, canned sorte manufacturer. Mr. Santos sold the canned mangoes he manufactured to Me pedro Reyes, owner of grocery store that selle canned fruits. Who shall be subject to value-added tax on sales? a. Jose Cruz only b. Jose Cruz and Mr. Ji c. Juan Santos and Pedro Reyes d. None of the three. juan SantosReSA: The Review School of Accountancy Page 5 of 11 25. Me. Andres, vat- held for sae a registered reat estate deater, transferred a parcel of land Purposes, ane (oyhig_fon_ 98 JTF on account of nie graduation. For VAT a. not subject to VAT be be subject to VAT because it is a deemed gale transaction 7 not subject to VAT because it is subject to gift tax. + subject to VAT because it is considered an actual. sale 26. Juana Cruz, not VAT-registered, was sent a package of ter who was abroad. The package was claimed by Juana Customs required her to pay VAT on importation. Juana refused to pay the tax on the ground that she was not VAT-registered and therefore not an importer. Was Juana’s ground in refusing to pay VAT correct? a. Yes, because only VAT-registered importers should be subject to VAT. b. No, because importations, unless exempted, should be subject to VAT. i Yes, because the goods were for her personal use, and therefore, was not an importer; d. No, because the package of goods goods by her The Bureau of she nt by her sister had value. Sale of orchids and other ornamental plants is: a. subject to 128 VAT. c. exempt from VAT. b. subject to 0% VAT. d. none of the choices 28. The sale of residential lot valued at P1,500,000 by a VAT-registered real estate dealer: ee a. shall be subject to VAT because is VAT-registered. b. shall be exempt from VAT even if the seller is VAT-registered. c. shall be subject to VAT when it is included as part of the aggregate sales of the VAT-registered real estate dealer. shall not be included in the total sales when VAT return is filed. 29. Which of vat? a. Sale of food, drinks, dessert and other consumable items served by the establishments, including value-meals and promotional meals, offered for consumption. of the general public b. Sale of single serving seat meals with beverage for an individual senior citizen Bulk orders which are within the context of pre-contracted or pre~ arranged group meals or packages d. Sale of medicines from drug stores, hospital pharmacies, medical and optical clinics and similar establishments including non-traditional outlets dispensing medicines thé following sales to senior citizens shall nat be exempt from 30. A taxpayer was registered under the VAT system in the second month of the second fiscal quarter. The fiscal year started June 1, (2016) His Certificate Of Registration shows the effective date on the first day of the third month SE the second quarter. To comply with VAT requirements, what will he file initially? ‘a. Monthly VAT declaration on or before October 20 b. Monthly VAT declaration on or before Novenber 20 . Quarterly VAT return on or before December 25 or next working day d. None of the choices. 31. A restaurant owner who sells food and drinks in his restaurant is: a. a seller of goods. b. a seller of services. c. a seller of both goods and services. d. not subject to value-added tax. TFAXATION ~ FIRST PRE-BOARD EXAMINATION (BATCH 39) gReSA: The Review School of Accountancy Page 6 of 11, 32. Mr. Jose San Jose owns a restavtant. His gross receipts for the for the first month of the current year ia P1,000,000, He. asks you if he is required to register under the VAT system. Wha! will your advice be? a. Mr. San Jose is not required Lo register under the VAT system because owners of restaurant are generally exempted from VAT. b. Mr. San Jose has to register under the VAT ayatem because there is a Teasonable to believe that his qross receipta will exceed the VAT threshold amount during the 12-month period, c. Mr. San Jose may or may not register under the VAT system because it is Rot clear that his qrovs receipts will exceed the VAT threshold amount during the year d. Mr. San Jose is not required to register under the VAT system because his gross receipts will not exceed the VAT threshold amount during the year. 33. A VAT-registered hotel owner contends that agricultural food products to the hot contention correct? a. Yes. His contention is correct because, as a rule, the sale agricultural products is exempt from VAT . b. No. His contention is incorrect because the sale of the agricultural products is incidental to thn sale of services of the hotel. ©. Yes. His contention is correct because his gross receipts may not exceed the VAT threshuid amount. G. No. His contention is not corcect but requires a clear BIR ruling. the sale of fresh fruits and other 1 quests is not subject to VAT. Is his 34. A VAT-registered taxpayer is engaged in several VAT-subject transactions. What will he file? a. Only one consolidated quarterly VAT returns or monthly VAT declarations covering the results of operations of the head office as well as the branches for all lines of business subject to VAT b. Separate quarterly VAT returns or monthly VAT declarations covering the results of operations of the head office as well as the branches for each lines of business subject to VAT c. Only one consolidated quarterly VAT returns covering the results of operations of the head office as well as the branches for all lines of business subject to VAT 4. Only one consolidated monthly VAT declarations covering the results of operations of the head office as well as the branches for all lines of business subject to VAT 35. A non-VAT person decided to optionally register his VAT-subject transactions under the VAT aystem. He becane ViT-registered during the year. He was also engaged in the sale of agricultural and marine food products in their original state. le wanted to, Likewise, register, under the VAT system, his VAT-exempt sales. He approached you to seek advice as to what business tax Will he be liable to. What will be your answer? ‘a. He is liable to VAT on his VAT-subject transactions including the sale of agricultural and marine food products in their original state. b. He 18 liable to VAT on his VAT-subject transactions but exempt from VAT on the sale of agricultural and marine food products in their original state. c. He is not Liable to VAT on his VAT-subject transactions and the sale of agricultural and marine food products in their original state d. He is not liable to any business tax because he is not qualified to optionally register under Lhe WAT system. 36. wno of the following is not subject to tax on winnings under Section 1267 ‘ a. Person who wins in horse raco3 2y winners fron double, forecast/quinella and trifecta bets cc. Winner in cockfighting 4. Owners of winning race horses ‘The percentage tax ist wing is incorrect? 37. Which of the following ae or ean on a sate of aie cf Sascted' on a sale of 90008 Bs imposed ogether wich the value agded tax, G- jmpeed together with the excie DORRD EXANINATEON (BATCH 39) TaaaTIOn — FIRST PRESReSA: The Review School of Accountancy Page 7 of 11 38 and 39 are based on the following: Ube Paspas Bus is a common carrier by Jand.” Tt 1s not vaT-registered because the grona receipts fron traneport of ° argoes do not exceed the VAT threshold - During the first quarter 0 the current year, it hes the following gross receipts yn ney MArERE Of ‘Transport of passengers P 3,200,000 Transport of goods 400, 000 ansport of cargoes 300,000 38. How much is the total percentage taxes? a. P 117,000 e. P 21,000 b. P 96,000 d. None’ of the choices 39. When shall the Percentage Tax Return be filed? ‘a. April 25, 2020 fc. March 21, 2020 b. March 20, 2029 d. March 25, 2017 40 to 44 are based on the following: Vanderwoodsen, not VAT-registered, is a ‘radio-TV broadcasting franchise grantee. ‘The previous year, its gross receipts Gid not exceed P 10,000,000. In the first quarter of the current year, it had the following data: Gross receipts, sale of airtime Payments received from user of radio station's P 2,000,000 conmunications facilities for overseas communications 500,000 Gross rentals of office spaces 3,500,000 Business expenses connected to rentals, net of VAT 700,000 Business expenses connected to sale of airtime, VAT included 896,000 40. How much was the franchise tax due? a. P 75,000 c. P 40,000 b. P 60,000 d. None Of the choices 41. How much was the overseas communications tax? a. P 250,000 cc. P75, 000 b. P 200,000 d. P50, 000 42. How mach is output VAT, if any? ‘a. P420,000 ce. P300, 000 b. P336,000 d. None of the choices 43. Can the franchise grantee register under the VAT system? a Yes. Franchise grantees of radio and/or television broadcasting whose annoal gross receipts of the preceding year do not exceed P10, 000,000 derived from the business covered by the law granting the franchise may opt for VAT registration. Tet franchise grantees of radio and/or television broadcasting whose Mijoal gross receipts of the preceding year do not exceed P10,000, 000 Gerived from the business covered by the law granting the franchise cannot opt for VAT registration. a. Yeo. As a rule, it is mandatory for franchise grantees of radio and/or television broadcasting whose annual gross receipts of the preceding year do not exceed P10,000,000 to register under the VAT system. b. Ho. Tt is unwise to register because the taxpayer cannot claim input tax credits. 44. assuming the taxpayer decides to optionally register under the VAT system the radio/television franchise, how much is the VAT payable? a. P660,000 ce. P480, 000 b. P564,000 d. None of the choices 45. A proprietor of bowling alleys has the following gross receipts during the month of July, 201 Gross receipts from bowling operation 2,000, 000 Gross receipts from sale of food and drinks inside the bowling alley 1,000, 000 Gross receipts from rental of stalls inside the bowling alley 500,000 a GAERETON FIRST PRE-DOARD EXAMINATION (BATCH 39) gReSA: The Review School of Accountancy Page 8 of 11 How much is the amusement tax? a. P1,050, 000 ce. 525,000 b. P630,000 d. None of the choices 46. A nonresident alien individual who shall come to the Philippines and stay therein for an aggregate period of more than 180 days during the calendar year shall be deemed a “nonresident alien doing in the Philippines”: ‘a. regardless of whether or not ne is actually engaged in business in the Philippines b. only when he is actually engayed in business in the Philippines. when his income ons not come trom the performance of personal services in the Philippines. d. when he comes to the Philippines for a definite purpose which in its nature would require an extended stay and to that end makes his home temporarily in the Philippines, although it may be his intention at all times to return to his domicile abroad. abie income’ as applied to imlividuals means: 47, Under the TRAIN, the term ‘a. the pertinent items of gross income specified in the Tax Code, less deductions if any, authorized for such types of income by the Tax Code or other special laws. b. the pertinent items of gross income specified in the Tax Code, deductions including personal exemptions, if any, authorized for such types of income by the Tax Code or other special laws. c. the pertinent items of gross income specified in the Tax Code. Gd. the pertinent items of gross income specified in the Tax Code excluding salaries received from employment . less 48. Under the TRAIN, the income tax due from compensation income is: come tax rates under Section 24 (A) ea/receipts and other non-operating income ‘a. based on graduated b. 8& income tax rate on gross sal in excess of P250,000. either graduated income tax rate or 8% income tax rate on gross sales/receipts and other non-operating income in excess of P250,000. d. Based on taxable income after deducting expenses and exemptions. 49. A nonresident citizen arrives in the Philippines on duly 31, 2018 to reside here permanently after many years of living abroad. The following data for the year 2018 on his incone are made available: ‘Gross income, orsign sources (in Philippine pesos) January 1 co July 31 500,000 Gross income, Philippine sources, August 1 to December 31 300,000 Gross income, foreign sources, (in Philippine pesos) 400, 000 ‘August 1 to December 31 For Philippine income Lax purposes, how much is his taxable gross incone? ‘a. PB00, 000 'P400, 000 b. P700, 000 d. P300, 000 50. Under the TRAIN, the number of pages of Corporate Income Tax Return (1TR) shall be: b. five. c. four. d. two. 51, A minimum wage earner has several sources of income. Which of the following be subject to income tax? may. Holiday pay g. night shift differential pay b. overtime pay d. Hazard pay Ss, ee ‘Wimamartos — Fins PRE-|ReSA: The Review School of Accountancy ae 52 and 53 are bas: 82 and $3 are based on the following: An individual taxpayers, gross sales, aod nonsoperating income for the yaar amounts to 2,500,000 | and 500, 000 pectively. He is not VAT-registered. The taxpayer signifies in his first quarter return, his desire to avail of the 84 income tax rate 52. How much is the income tax due? a. P240, 000 ec. 200,000 . F220, 000 d. Wone of the choices How much is percentage tax. if any? a. P30, 000 cs None, not subject to percentage tax b. P75, 000 1, tone of the choices egistered, can he avail of the 8% income tax 54. Assuming the taxpayer is VAt rat acYes, because his gross sales and non-operating Vat’ threshold b.No, VAT-registered taxpayers, cannot opt for the 8 income tax. Yes, because his gross sales of threshold. d.No, because taxpaye! income tax rate under any circumstance. income do not exceed the regardless of annual gross sales/receipts, 2,500,000 do not exceed the VAT rs engaged in sales of goods cannot opt for the 88 55. 1f at any time during a given taxable year, @ taxpayer's | gross seiecyreceipts exceeded the VAT threshold, what are the tax consequences? {- Tneone tax under graduated income tax rate Ii - percentage tax under Section 116 for VAT-exempt under Section 108 (eB) Tir ~ Value-Added Tax on the excess of the VAT threshold Ir c. I only, a I I 1 only d. I and II only b. T and 56. Which of the following is an example of ad valorem excise tax? Su Excise tax on Cigarettes Packed by Hand Blexcise tax on Cigarettes Packed by Machine C_Excise tax on petroleum products Excise tax on alcoholic products 67. In the case of indigenous petroleum, natural gas or liquefied natural gas, which are exported, the excise tax shall be paid by the: weeemer, lessee, concessionaire or operator of the mining claim. Ee ereSt buyer, purchaser or transferee for local sale, barter or transfer. Glowner or person having possession. None of the choices 56. Who is the taxpayer as far as excise is concerned on the goods manufactured br produced in the Philippines for domestic sales or consumption or for any other disposition? 2. Manufacturer of the domestic goods b.Wholesaler of the domestic goods c.Consuner of the domestic goods None of the choices 59. Distilled spirits shall be subject to: a. specific excise tax only blad valorem excise tax only. ciboth specific and ad valorem excise tax. Gineither specific nor ad valorem excise tax. TAXATION ~ FIRST PRE-BOARD EXAMINATION (BATCH 39) gReSA: The Review School of Accountancy Page 10 of 11 60. The gross, selling price for excise tax purposes: a.excludes both VAT and exciee Lax. bexcludes VAT but includes excise tax cu includes both VAT and excise tax di includes VAT but excludes excise tax Cargo Company, VAT-registered with TIN 61 to 65 are based on the following: I { ¥Nt, for the month of January, 134-456-789-0000, has the following data, net 2019: Gross receipts, sale to private entities 12,000,000 Grose receipts, services rendered to international shipping transport operator 3,000, 000 Purchase of materials 200,000 Purchase of supplies 500, 000, 300, 000 Importation of warehouse equipment, estimated life 4 years Purchase of truck, estimated life 5 years Local purchase of office equipment, estimated 1 Domestic purchase of services Input tax carried over from previous period 10, 000 09,000 600,000 30,000 fe 3 years Additional information: ‘a. Address of LBT Cargo Company: b. Telephone no: 02 734 39 89 ce. RDO Code: 32 Sr Beesident of the company: Jose Crux Santos, Se. (TIN 456 769 100 0000) go PiSSscrer of the company: You are the Treasurer (Your TIN 165 224 99 000) £. All acquisitions are divectly attr: except the purchase of materials. fhe input tax attributed to zero rated sale. 146 Libertad Street, Sampaloc, Manila 1008 buted to VAT-subject transactions taxpayer will use as an input tax credit using BIR Form No. 2550M, answer the following: 61. Amount to be shown in item 16% ‘a. P16,000, 000 ce. P13,000,000 b. P15,000, 000 d. None of the choices 62. Amount: to be shown 168 a. Pi, 800,000 cs 1,400,000 bs PI, 440,000 d. None of the choices 63. Amount to be shown in irem 19 ‘a. P326, 000 c. P276,000 b. P321, 200 fd. None’ of the choices 64. Amount to be shown in item 2) a. P326, 000 ce. P276,000 b. P321, 200 1. None’ of the choices item 2 65. Amount to be shown 3 ce. 1,114,000 a. P1,474, 000 : b. P1, 164, 000 d. None of the choicesReSA: The Review School of Accountancy 66 to 70 are based o; oni Deceabee! te cate following: Mr. Rodolfo Felix made the following gifts Page 11 of 11 a. P250,¢ ceegtee cash to Ana, TIN 143-770-553-003, his acknowledged natural laughter on account of he ct J er marriage celebrated on January 2, 2018 The donor, provided that 120,000 be given to the ehitch where the arriage is solemnized oe b. Piece o} : Piece of land with fair market value of 2,500,000 to the same donee with unpaid mortgage of P500, 000 and unpaid realty tax of 7100, 000 both assumed by the donee Previous to December 14, 2018, he donated the following April 15, 2018: Sold his residential house and lot (500 sq. m. with TCT No. 111012) to his brother for P1,500,000. The fair market value of the residential house and lot at the time of sale was P2, 000,000. June 20, 2018: Sold personal car to Boy, his friend, for P500,000, value of the car at the time of sale was P900,000 300,000 campaign contribution to a close friend who plans to run for an elective office November 20, 2018: P@00,000 cash donation to a legitimate daughter and P500,000 cash donation to a corporation he controls December 10, 2018: 320,000 cash donation to the Hospicio de San jose, a charitable institution. using BIR Form 1600 (Donor’s Tax Return) answer the following: 66. What amount shall be shown in item 27? ‘a. P2,750,000 cc. P2, 130,000 b. P2, 500,000 d. None of the choices 67. What amount shall be shown in item 34? ‘a. P2,230, 000 c. P2, 130,000 b. P2,150, 000 d. None of the choices 68. What amount shall be shown in item 36? a. P3,830, 000 cc. P3, 860, 000 b. P3, 850,000 d. None of the choices 69. What amount shall be shown in item 38 a. P3,830, 000 c. 3,500,000 b. P3,580, 000 d. None of the choices 70. What amount shall be shown in item 19? a. P142,800 ce. P123, 000 b. P127,800 d. None of the choices END OF EXAMINATIONapibika ra Pipnas \Stterwremon _ Monthly Value-Added Tax SE ewanitan 99 Renta internas 550M : Declaration Fema 07 CS 2 " ak atucometades “ Ese ie Seen dn & ac eee ‘TA Ter Cunt pa naan 78S Tere Gn neg PM en Pi Pl {fo Penaeus tre omen, {TF Total Sum ofan 17A:178:576 70 BITE) Curent Transactions ‘TBAT Purchaee of Catal Goods nt seg Pont) {OID Purchase of Capel Goo cing ono ch) ‘EF Domestic Pyrehases of Goods Other than Capital Goods ‘18GMM imponon of Goods Ofer than Capt Goods ‘18/4 Domestic Pucnese of Services ‘KIL Services renred by Nentesderts AEM Purchases Not Qual for np Tax SOMO Ore 18P Ta Cert chaos ta ttn sas: sai ince and arec pursuit othe Srl ef fhe Nona interna Revenue Code, a amended, and Be reaulaions sued Undo 2 28 % (Surat Ow Pda)Republi ofthe Pi Plippnes Gromer ee 7 7 sure ofintrnal Revenue ] goo. - DONO'S Tax Return Ica ee T 0 OTHEENGS 7 | ae ] zamena aun? | Tveol Tuo 7380 0 Seals TRefannerc ue Altachod Tax Code arc) , ON O10 Part ~ Taxpayer information Sonera Taper Moncton Number hg 7 ny Danas NAMM (Ls New, Fat Nae, May None a rm : Mid) 0L¢Ao0 cee aja nae ees re rare tA 21° Cote 9 Resdance Adios tds cr es 9A Coon | raiconiact Number Tal Aes a Donee’s Name (Atach aan anew neces) Donee's Taxpayer Kentficaton Number you aval of ial under a Clves(_]no [84195 | Part I= Computation of Tax "4 Total Nat is Suc to Tax om Pa 738) 5 Roglcable Dons Tax Rate _ = 1 Teal Donate Tax Due acta 1) 77 Less Tax Cadi Parents {TA Payers x Pc Git Dre Cake Year ; i mae I rg Dna Tas Pa at ri ty me es = 7C Tax Pain Prenousiy Fed Fin, sis Arend eum 5 i at ann Tt Tax CedtPayrens (Sc 7 0) i ele 7 18 TaxPaytioremayer er as 70 ; fee eee 19, Peas sascha ia 7 198 rest fos hss 19C Carrere et : 180 Toe Peres ce Tt 1 ae, : ZOTOTAL AMOUNT PAYABLE Overpayment (/0n 50) ep tals ae gs ga TC ee pee eee ° a Pa i ap apa an a a a aa gone PORTE snes iy fear [intr Par i Detalls of Payment Detais ofPayment | aaa | Number | Date aacoowrrn | | zt ceee oe ema) rani 22 Chock F | 23 Tax Debit Memo BA_Oth@rs (oecty tow) STE Tes BAD Pras PORG APRO ET oR HTH1800 " Donor’s Tax Return eel Paves | Modo ENC P TIN — a | Donor's Name. ~ _ ch Sener — 1 i 10,0,0,0,0 | Pant N= Computation of Tax i 25 Personal Properties (ram Pat VScteca Ta sels [2a Peern ram rn ek ae a ome team ands esi tooo oo : Pe - 1 1 : ° L 1 pun * Po 1 L 1 a Ir" L L 1 J fe 4 44 1 1 33 Total Deductions Alowed Sunof tars 281952) 1 1 Tl Net Gat tis Reta (es 27 es a 23) 1 1 35 Ac Total Prot Net Gis Ouang the Calendar Your tam of Raten Pray Fawn im yo) i i a 36 Td Not Gis (Se of hens 34158) 37 Less Exempt Gt fi a Tt Net ats Suet Tax tr os 7) A i 1 . = Port = Schedules ‘Schedule A~ Description of Donated Personal Propey Ac adsl shoots nasa) PARTICULARS LT j z z — ae aia pe 5 : aoe p = Ko} - TOTAL (orien Schedule B ~ Description of Donated Real Properiy Ah wevuna wens foes “GETTTCTICCT NO. TAK DECLARATION WO. TOEATION ef - s - § 7 6 9 7 : fo = ~ [[Schoduie B= Continuation ofthe Description of Donated Real Property “AREA | FARRMARKET VALUE PHY) PER TO PY PER ZONAL VALUE) a ame 5 = FAL (fo Pt V rm 28) Sa La gece Eno Ti Consonmn Reaae CL SET: Pea Ano estore Pepa nam Co cammaveal conan PSPanrg Set