The Professional CPA Review School mig, 6737, Crm St. cot Espana, Sampale, Mola FC eee 09) 795 001 097-1332365 sal edo: neetyahoo.com QOcESAS teean 3YF GCAM Bid Monteverde St. Davao Cty (DE GUZMAN BLDG. 18 LEGARDA ROAD BAGUIO CITY ever St, "B (074)6200710/0967-3847348 ‘8 0917-1332368 / TAXATION OcTOBER 2022 BATCH FIRST PRE- BOARD EXAMINATION AUGUST 1, 2022; 330pm-630pm INSTRUCTION: Select the correct answer for each of the following questions. Mark only one answer for each item by shading the box corresponding to the letter of your choice on the answer sheet Provided. STRICTLY, NO ERASURES ALLOWED. MULTIPLE CHOICE 1. Lolong, a Filipino decedent, left the following at the time of his death on dune 1, 2022: . © Commercial building amounting to P10,000,000 with monthly rent, income of P200,000 (starting Jafuary 1, 2022) which remained uncollectible as of the time of death; wo * 200,000 common shares in San Juan Corporation acquired at par value for a total amount of 20,000,000, San Juan declared 194 cash dividends prior to Lolong’s death but payment of which was made after death. The common share was selling at lowest orice and P130 highest price during the time of - How much is the amount reportable in the gross estate? a) P36,090, 40 ¢) P38, 009,000 4) 37,000,900 2. STATEMENT I: Encumbrance on the property donated, if assumed by the donee is deductible for donor's tax purposes. STATEMENT Il: Regardiess of the value of the immovable property donated, the donation and acceptance shall be made in writing, otherwise the donacion is void. STATEMENT ITI: As a rule, donation between husband and wife during the marriage is void. a) Prue, Prue b) True, ce) False, a) False, 3. “Mr. Gil, resident citizen and married, died on April 15, 2022. He left the following properties in favor of Mrs, Liza, his surviving spouse and 2 children, Drake and Soph EXCLUSIVE CONTUGAL Family Home Php30, 060,000 Real and personal properties . Php5, 000, 000 14, 000, 000 As of Apr 000, 000. Ho a) Php690, 000 b) Phpi, 560,000 c) Php660, 000 gd) ° Php960, 000 15, 2022, claims against the estate amounted to Php2, is the estate tax due of Mr, Gil’s estate? accounting materials4," whan the donee a) b) A a ‘An TAXATION: 157 PRE-BOARD EXAMINATION tig a stranger, the tax payable is 30% of the net gifts 68 of the gross gifts s oee ict Ge Of the net 71 re applying the grécdated wax -eités 90% exemption from custom duties. ‘The total importer enjoys £ exemption) of the imported goods io S56 seo." “kes vai purposes, how much ohall be the custere wuts to be included in the computation of the tax base? ‘a. Phps00, 000 Php4so, 000 : Pnp30, 000 d. None 6.7 Wie Ts a. TI. a ©) 1, if and 3 a) h of the Soliewing is/are cozcect for # non-VAT individual taxpayer who ied of the 6 income tax rate option? Said taxpayer is not liable to pay the 3% percentage tax based on gross sales/receipts. v The option to be taxed at 8% income tax rate is available to a VAT-registered taxpayer whose gross sales/receipts and ether non-operating income for the year does not exceed P3, 900, 000. v The option to be taxed at 8% income tax rate is available to @ Non-VAT registered taxpayer whose gross sales/receipts and other nen-operating income for the year does exceed P3, 000, 000. T and 111 z only it onty 7 tozada' Express, a non-bank financia! institution had “the foll How mu owing gross receipts for the month of December 2022: ntal income from real properties, 50,000 Dividend income rom a domestic corporation, 100,000 interest income from loans maturing within § years, P1, 000, 000 reoe sag income from loans maturing mere than 5 years, P200, 000 : Interest gue from bank deposits (net. of 20% final withhoiding tax), 216,000 i is the gross receipts tax due for the month? a. P66, 900 b. PS e. PS d. PS 6, 900 6, 600 7, 600 Which of the following is the CORRECT tax credit against a Php100, 000 Phil pine estate tax of a resident citizen's estate? a. Foreign estate tax paid - 25,000; Gross estate, within — P2 million; Gress estate, without - P@ million; Tax credit — P20, 000 million; P40, 000 tax paid - P60,000; Gross estate, within - P6 ign without - Pd million; Tax credit ~- 30,000; Gross estate, within - P4 estate tax paid - Tax credit - Gross estate, without - 6 million; accounting materials10. Mrs. Sam Mm: a. IN: 15T PRE-BOARD EXAMINATION PAGE 3 d. Foreign estate tax paid - P40,000; Gross estate, within ~ P4 million; Gross estate, without - P4 millions Tax credit - P 50,000 Which of the following statement/s. is/are correct? (A) Non-resident citizens are taxable on all income derived from sources within the Pnilippines. ~ (B) Resident. citizens and domestic corporations are taxable on all income derived fem sources within or without the Philippines. 7 (c) Foreign corporations, whether engaged or not in trade or business in the Philippines are taxable from sources within or without the Philippines. x (D) Aliens, whether residents or not of the Philippines, taxable only from sources within the Philippines. « + Statements 5, C and D are correct. > Statements A, B and D are correct. + Statements A and D are correct. + Statements C and D are correct. are antes | a non-VAT registered lessor, leases out two She collected monthly gross residential units for the year. ‘Bow receipes of P15, 000 on one unit and Pi8,000 on the other. much is the quarterly percentage tax due? a. PL, 620 B. P540 ce. d. P50 Which of the following statement/s is/are CORRECT? Statement I: Excise tax on domestic goods shall be paid by the manufacturer or producer before the removal of such goods from the place of production. Statement Ii: Excise tax for indigenous petroleum, locally ed natural gas and liquefied natural gas shall be paid by or producer. stra manutact Statement If: Excise tax on exported products shall be paid the owner, lessee, concessionaire or operator of the mining claim. atemel , TL AND IIE are correct. b) Statements J, and IT are correct. @} Only Statement f is correct 4) JI is correct. ch of the following statements is/are CORRECT: ATEMENT I: If the value of the movable property donated is P5,000 or more, the donation and the acceptance shall be made in writing; otherwise, the donation shall be void. STAVEMENT If: Regardless of the value of the intangible property donated, the donation and the acceptance shall be made in writing; otherwise, the donation shall be void. STATEMENT 1 Regardless of the value of the immovable property donated, the donation and the acceptance shall be made in a public instrument; otherwise, the donation shall be void. a) IIT only b) I and IT ) If and iif 4} II only /rehiede/2 accounting materialsTAXATION: 15T PRE-BOARD EXAMINATION PAGE 4 13, Which of the following percentage taxes is NOT -paid Guarterty basis? Ba) stock transaction tax Tb) Amusement Pax y ©) Franchise tax? €) Tax on winnings 14, iconnmet Telecommunications has the following data for the first month of the second calendar quarter of 2022: * Gross receipts, domestic calls -, P5,000,000 - + Payments received, overseas calls (originating from the Philippines) — 3,000,000 * Purchases of supplies used in connection with domestic calls, het of Value Added Tax (VAT) - P300,000 + Purchases of equipment used in connection with both domestic calls and over alls, net of VAT - ?800,000 * Business expenses ~ P1,900,000. vw» How much is the VAT payable, if any? 4) 504,000 > by Pasa, cao <) 828,000 #1 None, not subject to, VAT 1s Which of the following individual taxpayers is NOT entitled to Claim the P250,000 tax exemption from their gross business income? 4) A Japanese ‘residing in home country, whe stayed in the ippines for two {2) months for vacar tpino citizen who stayed in the # ines for 183 days during the taxable year — ©) An American eitizen not doing business in the Philippines who Stayed in the Philippines for more than 180 days during the taxable year @) An Arab businessman who stayed in the Philippines for more than one (1) year, JS Uncier the TRAIN Law, who among the following alien individual/s, ig/are entitled co an exemption of 250,000 for purposes of computing their income tax? I. Resident alien II. Non-resident n engaged in trade or business in the Philippi T1I. Non-resident alien not engaged in trade or business in the Philippines a) land TIT b) T only e) 1, It, and r11 yt and 11 iv. Narsing died leaving a farm iand. In his will, he transferred the ownership to Bitoy, but. subject to the condition that Cardo will have the right to use the land for a period of ten years. In the seventh year, Cardo died, surrendering his right over the land to Bicoy, What is the tax implication of the transfer from Cardo to Bitoy? a) The transfer is both an inclusion from the gross estate b) The transfer is subject to estate tax ¢) The transter is subject to donor’s tax #1 The above is a tax-exempt ‘transfer accounting materials.as. 20. di} Pi,8 notice to the BIR 25 days operate or cancelled. registration shail file the quarterly and monthly VAT returns within 25 days from the close of the initial quarter. + III, The monthly and quarterly VAT filed on or before the 25” day after the close of the month / 3 15 PRE-t E-BOARD EXAMINATION PAGE 5, fe cee Hots Korean domiciled in South America, died in 2022. the following property: a-Rest house in Jeju Island B.A villa in Mexico gr Shares of stock in s Corporation, South Korea +Shares of stock in Jollibee Corporation, Philippines ~ €-Shares of stock in LBM Corporation, a foreign corporation ¢_qihexe 85% of ite business is in the Philippines f.Time deposit, Philippine National Bank, Quezon City G-Lease contract over his Incheon, Seoul, South Korea apartment leased to the Philippine Consulate Which of the properties shall be included in Kim Soo Won's Philippine gross estate, assuming reciprocity rule does not apply? a) Only property £ b) Proverties d and £ ©) Properties d and e @) Properties d, e and f Jomar Fajardo, resident citizen and single, died on June 30, 2022. He lett the following properties in favor of his heirs: * Real properties - 30,000,060 * Personal properties - P14,000,000 included in the real properties is a family home valued at P7,000,000. As of the time of his death, there is an unpaid to one of the real property amounting to P2,000,000. During the settlement of the estate, it incurred the following expenses: xpense - P150,000 * Judicial expenses ~ P500,000 h is the estate tax due a) 1,761,000 3 b) P1, 770,000 1, 620, 000 10, 000 mortgage attache: * Funer Jomar's estate? owing statements is/are CORRECT? person who retires from business with due ll file a final quarterly VAT return within from the end of the month when the business ceases to n the VAT registration has been officially Which of the fol I, A VAT-registere VAT-registered person, whose effective date of II. A newly s on the third month of the taxable quarter, returns shall be paid and quarter, respectively.» 21. /roh/cde/2 a) II only b) I and IT c) I, If and III a) I only Value-added tax shall apply to goods or properties sehen Ee sale or use in business, and capital goods, which are cm oto? as of the occurrence of the following transactions, one. Which is the EXCEPTION? accounting materials‘TAXATION: 15* PRE-BOARD EXAMINATION — i a) Change of business activity from VAT taxable status’ to VAT. exempt status ae si (Csr approval of a request for cancellation of registration due £ = reversion to exempt status cio ©) Merger of consolidation of corporations tie thu who commenced business with the expectation of gross sales or receipts axceeding P1,500,000, but failed to exceed this amount during the rirst twelve months of operation . : following data taken 22. Libertad, a VAT registered taxpayer has the fol from its books for the month of December 2022 {assume all amounts are exclusive of VAT: Revenues on credit for the month of December 2022 - P500, 000" Cash revenues for the month of December 2022 - 800,000 ; Increase on outstanding balance of trade receivables from December } to 31, 2022 — P100,000. ‘ How much is the output tax due for the month of December 2022 assuming the taxpayer is engaged in sale of services? a) P144, 000 b) P156,000 c) P268,000 9) P 96,000 . 23. which of the following statement/s is/are CORRECT? 1. Excise tax on domestic goods shall be paid by the acturer or producer before the removal of such goods manuf from on. Co. exe: indigenous petroleum, locally extracted natural gas and liquefied natural gas shall be paid by the manufacturer or producer. v i T1!, Excise tax on exported products shall be paid. the owner, lesses, concessionaire or operator of the mining claim.y 3) Statements II and I are correct. b) Only Statement I is correct. ¢) Statements I, I1 and III are correct. d) Only Statement IZ is correct, able to pay the excise tax on indigenous petroleum? tng the petroleum 24. tho is a) Taxpayer proces: b) First buyer haser of petroleum ¢) End user of petroleum @) Taxpayer extracting the petroleum personal, received by bank and non- performiag quasi-banking functions property, real intermediarie: gross receipts tax of 5% ubject to gross receipts tax of 7% @) Subject to 3% OPT if annual gross receipts do not exceed the vat threshold . Cardo, head of the family, died intestate on August 20, 2021 leaving the following properties: ii use (family home) PB, 000, 000 “land inherited from his years before his died 2 800,000} accounting materials:s 1ST PRE-BOARD EXAMINATION PAGE? es [Other Feat properties 7905, 068 other tangible personal properties 200, 004 Bark Geposic, siis-wanila representing fount received by heirs under R-A- hearin y 500,000 properties follow: Obligation of and charges against certain fid_charges against bee Medical expenses of last iliness es of the time of death, supported PY) 24, Joly bills and statements from hospital) e Actual funeral expenses (30% paid se 6 fron, the estat ‘or etem | toe, eacaes: 70% paid adéieGo Gudicial expenses incurred within six f 190,000 (6) months after death x 001 01 gains e ce other than v Claim against the estat 270,000 unpaid mortga : Unpaid moreqage on The value of the agricultural land at the time of inheritance was P50N,000. It had an unpaid mortgage of P80,000. How much was the taxable net estate? on a) P 6, 684,822 b) P 6,696,557 c) P 6,790, 893 “aye 0 27, Real property with a cost of P300,000 and a fair market value at the of death of P1,000,000, but ct to a mortgage of p200, 900: ble net estate at P800,000. all be in the gross estate at the decedent's equity of P8090, 000. all be in the gross estate at P300, d) Shall be in the cross estate at the os ayShall be in‘the b) 0. mez's equity of P100,000. The deced: non-resident citizen, a married man with a survivi with the follow. properties P10, 000, 000] 2,000,000 2,500, 000|- | 2,500,000] 7 1,450,000 enses (including unpaid | 700, 000 d 14 months before hospita bills amounting to | The a) P3,775, 000 b) P1,250, 000 7 ) P1,275, 000 8 ay P1,850,000 cant 29. Mr. Carlo Lesey transfers inter vivos a personal property to his son on March 15, 2022. His son who lives in another province let his father know that he is accepting the gift on March, 31, reh/cde/z accounting materialsPAGES ‘TAXATION: 157 PRE-BOARD EXAMINATION livered and received on April day to file the donor's tax ae 2022. The personal property was 15,7022. When shall be the last return and pay the donor’s tex? a) April 24, 2022 b) April 30,2022 ©) May 15, 2922 d) tone of the choices antahing deduction is availed of by @ taxpaye! 20. tunsantng auduce to e ) is output value-added tax liability. Oeics hie ccounting secords to reflect the actual deductions a) Reduce the decedent’ s gross estate. hl [a teeatla ea a Lending investor Iiebls to 12 vat on 1:8 oxosa feonipts trem interest incone and from gross selling price from Gale of unciained properties. bi ta not treated as a lending investor but Liable zo 5% gross receipts tax under Section 122 of the Tax Code on its gress receipts from interest income and from gross selling price from sale of med properties. . m 12% vat and Oj } Gross sales = specialty feeds fo T Sales = fighting P7, 300, 000 rect business tax of Cesar during the quarter? a) P 876,000 b) P 276,000 ©) P_ 69,000 a) nil 33. For value-added tax purposes, which of a VAT yer may not be ze A. Export the Asian Development Bank export oriented enterprise 34. Sap-Oro, quarter, January 4, manufacturer of alcoholic beer. During the lowing transactions (net of VAT): gned beer to a retailer in: Mandaluyong city ported P1,000,000 worth of beer to North Korea+ President of Golden Meadows celebrated his “ay, Consuming P50,000 worth of beer given to him by the company as a birthday gift March 20, 2022 ared property dividend of one case of beer for every 10 shares, amounting te P150,000. Additional information: wv From January to March, domestic sales to wholesalers amounted to P6CC,000. The consignee returned no beer until the end of the accounting materialsB. 192,009 © c! 120/000 D. 60, 000 35. Dolores is the winning bidder to exclusively supply face shield and equipment required by their city. During the month it had the following (amount given are exclusive of the VAT): faies Php400, 000) “¥ foe eee a, Purchases of merchandise oe Jburchases of delivery equipment 5 years life | 1,200,001 a Purchases Of utilities (paid to Paleco) 30,004 34 How muck VAT payable for the month: 2) 36,000 b) 32,400 ©) 13,600 a) 10,000 The following information was gathered pertaining to the business of Linda, red person for a taxable period: le F200, 000 Zero-rabed sales #00, 000) - los Exempt. sales [300,000] ~ G [Input tax - taxable aales 35,000]. Input tax = zero-rated sales 210,000 ~exeupt sales 7 15, 000 Ss tax chat cannot be| 20,000 [attributed to any transaction 1 applicable input taxes are to be claimed as credits t VAT payable is: Assuming a against ou Be P51, BL p35, 000 c.. P25,000 D. P6,C00 27 Persons liable to excise tax on imported Articles are the following except: a. Person wh found in possession of articles which are exempt from excise taxes other than those legally entitled to exemption be Producer | c. Owner d. Importer 38. Which of A. Speciz B. Ad valorem ¢ C. Both are ty; of excise tax D. Neither are types of excise tax 39A Certified Public Accountant certification containing the itemized assets and liabilities of the estate is required if: a, The gross estate exceeds Php200,000 b. The gross estate exceeds Php2, 000,000 c- The gross estate exceeds Php500,000 Ireh/ede/2 accounting materialsTAXATION: 15° PRE-BOARD EXAMINATION as @ The gross estate exceeds Php5, 000,000 4p@ an example of a tax where the concept of progressivity finds POR business owned by an individual, with an aggregate gzoss sales or receipts not exceeding P100,000 during any i2-month period, shall be subject to what kind of business tax? a. Value-added tax b, Other percentage tax c. Excise A. Exempt trom business tax Subsequently, to a taxable 43. The goods were imp the. goods i Person, Who re liable for che w The non-exempt buyer of goods b. The VAT-exempt importer » ¢. Both non-exempt buyer of goods and vat-exempt importer» @. Neither non-exempt buyer of goods nor vat-exempt importer, ho are required to submit quarterly list I. Taxpayers who are liable to Va Il. Ta of sales and purchases? Added Tax (VAT) T with quarterly total gross @ 1,500,000 liable to eding P1, 000,000. with quarterly gross ‘ax computation purposes, the consumption of © for sale of goods or properties generally of what method of accounting in recognizing . For Value Added = method at the taxpayer’s option d. Accrual or method whichever comes first (hybrid method} 46. Which of the following is NOT deductible from the gross selling price for the purpose of computing the Value Added Tax on sales? Discounts granted for prompt collection of receivables + Sales returns for which proper credit was made during the month or quarter te the buyer for sales previously recorded as taxable sales wot I accounting materials#15" PRE-BOARD EXAMINATION PAGE 11. ir Rebates Sranted on which proper credit was made during the mi or quarte: reviously recorded ata eo x for sales pi y b.T and Ir . IT only STILT only “TeMr, Sinatshan had a heact attack’and’ wis admitted t6, Sin ‘Soon Mgical Center for “a by-pass operation. hich of the following charges to Nr. Kinabahan shall be subject to value added tax? qf. Hospital bills for the admission of Mr. Xinabahan iI. (Laboratory fees charged by the hospital TI. “Professional fees charged by resident doctors a ET only b. I, IT and 31 ¢. I and IT d. TIT only “Gur. Bibico established a private hospital and @ private educational institution. Are the two entities subject to value p added tax (VAT) on their primary course of business? Da Both entities are not exempt from VAT b. Both entities are not subject to VAT €- Only the hespital is subject to VAT d. Both entiries are exempt from YAP 49- One of the following frenchise grantees is not subject to VAT. , (Which is. ite : fq 2 Brenchise grantees of gas and water utilities whose annual receipts of the preceding year exceed P10,000, 000 grantees of telephone and telegraph businesses ‘| grantees on toll road operations gh VAT-registened tise grantees of radio and television broadcasting businesses whose annual gross receipts of the preceding year do not exceed P10,000, 000 50. Presumptive input tax is equivalent to : 4.2% of the gross value in money of all non-VAT purchases: to be used as inputs in the production of the product. B of the gross value in money of purchases of primary : agricultural products to be used as inputs in the production of the product c.4% of the gross v. jue in ‘money of purchases of primary agricultural products to be used as inputs in the production of the produc d.4% of the gross value in money of 411 non-VAT purchases, to be used es inputs in the production of the product. Liowed to withhold vat from its vat suppliers? Entities, organization, business or corporation duly egistered with Philippine Economic Zone Authority (PEZA). b. Nonresident individual and corporatioris % ©. Government or any of its instrumentalities | including government owned and controlled corporation # Resident foreign corporation doing business in the Philippines 52. Value added tax i ‘h. Is an indirect national tax levied on the value added ia ee Production of 4 good (or service) as it moves throug! various stages of production. /reh/ece/z accounting materials‘TAXATION: 15° PRE-BOARD EXAMINATION re B. Is ad valorem tax. ‘ S. Is preferred in place of a personal income tax by many economists because income “taxes are a disincentive to work, whereas a VAT discourages unnecessary consumption. D. All of the above. “STTUATIONAL SITUATION A - VALUE-ADDED TAX GOLDEN ACERS CORPORATION is a VAT-registered company engaged in the business of restaurant operation ‘The following data were made available for the first quarter 2022: Reveniied Phpis, 000, 000. ved Cost of Services 18, 000, O00 Operating Expenses 4, 000, 060 Receivables, beginning | 800, 900 Receivables, ending 500, 000 Additional information made available were as follows: ¥ All revenues for the quarter were cash and credit card sales. * Receivables at the beginning and ending of quarter are outstanding receivables from credit card companics. Amounts are VAT inclusive. > ALL revenues from senior citizens are cash sales. sounting to P400, 000. 4 joes for the quarter > Revi ues is net of senior citizens discount + Input tax credit from purchase of goods and si amounts £6 P00, 000 * faciuded in the operating expense ia entertainment, amusement and recreation expense anounting to P200, 000 53. How much is le output tax-due for the first quarter of 2022? a. Pi, 560, 0) + >. Pl, 526,060 {7 c. Pi, 644,000 d. Pl, 608,000 54, He the deductible creditable input tax for “the 1: SITUATION B - The fol! ate of Paul Salas: claim agai ut person (fully uncollectible) | P 500,000 Claim against ho absconded (fully uncollectible) 300, 000 Claim against ent person (20% collectible) 100,000 “How much could be included in the gross estate? #. P900,900 ) b. P800, 660 c. P500, 000 a. P400, 000 : accounting materialsIFT PRE-BOARD EXAMINATION PAGE 13, + How mact PO60, gual Be deducted tron the gross estate? >>. P5280; v0 . c. P100,000 qd. 80,000 STTUATION C ~ PERceWTAGe TaxEs DITO Tereconn 7 ‘Unications has the following data for the first month.of he second cai dar quarter of 2022: S receipts, donastic colle F_ 5,000,000 [Payments ceceived, overseas calle (originating from the Philippines) : 3,000, 000 Berchases of uppiies used in connection with mosiic calls, net of VAT _ | 300,000) on with both calls and overseas calls, net of VAT 800, 000 ess expens: — 1,000,000 the overseas communications tax? 260,000 8v0,000 500, 000 200, 000 58. How much is the business tax payable, if any? A, 828,000 VAT 4B. 504,000 var ©. 468,000 opr BP. $04,000 opr SITUATION D - va ADDED TAX Gu a vat made a seles to the government inveiced at P112,000 inclusive of t. He purchased the same for P90, 00! Df P10,809 input eopold Corporation. The government effected payment; net of the i tax. niry to record the sale te the government is Cash P 107,000 Standard input vat 5,000 Sales P100, 000 Output vat 12, 000 B. Cash P 100,000 Standard input vat 5,000 Output va 7,000 Sales P100,000 Output vat 12,000 Cc. cash P 100,000 Standard input vat 5,000 Sales 106,000 Output vat 5,000 De Cash P 106,400 Standard input vat 5,600 Sales P100;000 Output: vat 12, 000. Yeah/ode/2 CS accounting materialsPAGE 14 TAXATION: 15" PRE-BOARD EXAMINATION. 60. ‘he actual input vat that will be charged to’ cost or expense is 4 Ae 2,000 va. 3/800 £. 8,000 D. 7,000 SITUATION E - VALUE-ADDED TAX beblen, a VAI'_registered taxpayer-imported goods _as_follows: Cost price of imported goods 900,000] - Insurance premiums 125,000 |- [Freight charges 135, 000 Customs duties 600, 000 har Fage teas 20,000 Be _ - 30,000 ‘ssing fee 40,000 | broter fees 80, 000 Sianp tax 50, 000 : “other bank charges 30,000, storage fees 100, 000 _ 120, 000 = Facilitation fees a 50, 000 61. The value to be used as the basis of assessment of the tariff or customs duties or the dutiable value is A. 1,280,000 B. Pl,160,000 ©. Pi, 760,690 D.. P1, 880,000 62.“The landed cost is A. P2, 350,000 B. 1,760,900 ©. 2,300,000 D. P1,880,000 SITUATION F ~ DONOR’S TAK the follow Answer the q wo (2) independent CASES covering several topics. corresponding to the Case cited. CASE A: In June 2022, Will Pasovich sold 1,000 shares Jollibee stocks directly to his daughter Kyrie Gosiengfiao-Dasovich for P1, 000,000. The Jollibee sh of stocks are actively traded in the Stock Exchange owing price index per shar ° open ~ P1,690 CASE B: In 2022, Rduardo donated the following properties to Yna, his _ favorite daughter: Land 5,000,000 Cash 10,000,000 accounting materials1ST PRE-BOARD EXAMINATION PAGE 15 cme and wan don, ads lo during the Y . a account of Yna’s,macriage to Angelo Fociset™ who is also the incumbent mayor of thelr City is seeking oxclusively toy LR® UPComing elections. ‘the cash was donated and used EONSY £08 campaign purposes for the upcoming elections. ated. on O3. CASE A Question ~ tow much ia the donor’s tax due on the sale of the Wollibee shares of stocks, if any? Gy Br Subset fu p2ai0n donorrs eax ade Eo" inadequate consideration “" BeNone, because the sale is subject to capital gains tax i ylbleet eo 27,000 donor's tax due to inadequate consideration #. None, because the sale is subject to stock transaction tax 84. B Question- How much is the donor's tax due for the year The donation is subject to 885,000 donor’s tax bs the donation is subject to 285,000 donor's tax ¢- the donation is subject te P300,000 donor's ‘tax a. None, because Sarah is the running for re-election SITUATION G > vane ADDED TAKES Dr. Winnie Au, a VAP-registered medical practitioner had the following data for the 2 quarter of 2021 (amounts are exclusive of VAT, otherwise stated: Fos: receipts billed directly to patients (inclusive Pi, 000, 000: of gross of gross receipts from senior citizens amounting to b200 [Gross receipt threugh hospitals (gross of 500,000 [withholding tax Compensation i holding tax amou ivate company (net of 190,900 200, 000 VAT 32,500 30, 000} t 15, 000 65. How much is the output VAT due for the 2” quarter of 20217 a. P156,000 b. P 96,000 <. P120,090 . d. P180,000 68. How much is the input VAT credit for the 2% quarter of 20212 a. P22, 967 b. P26, 500 c. P27, 482 d. 14,133 : accounting materials /reh/ede/zTAXATION: 15% PRE-BOARD EXAMINATION PAGE 16 SITUATION H - VALUE-ADDED TAX VILLAR REALTY is a VAT-registered real estate lessor. It owned a building which is leased for residential and commercial use- During the month of April 2023, the following information was made available (all amounts are VAT exclusive): Gross receipts from lease of commercial spaces F450, 000 Gross receipts from lease of residential spaces 150, 000 | at_P15,000 per _unit Uneoliccted rentals for the month of April 2021: | + Commercial spaces 300,000 > Residential spaces 100, 000 Purchases from VAT suppliers » Final payment made to contractor of the| 1,200,000 building for lease {20 years) ¥ Purchase ©f generator sét for the whole| 1,000,000]... building (20 years life) - * Purchase of furniture and equipment (3| 300,000 ~ fe years life) [Ee "for office supplies 350,000] “ 6]: ‘How much is-the output VAT due for the month? ae a. P 72,000 ” b. P 90,000 “ ‘ Zz. 9 54,000 a. Pi20,000 6@., How much is a. P114,750 b. P153,000 +P 8,536 VAT credit for the month? 69, “How much is the deferred input VAT as of May 1, 20217 a. 294,600 b. Pi1a,000 c. P159,000 d. P153,000 70. Until when shail the deferred input VAT from purchase of capital goods be applied in full? } a. December 31,- 2023 . December 31, 202 . January 1, 2024 d. January 1, 2025 > End ~ accounting materials