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Tax MCQ - Answer Key

Tax MCQ - Answer Key

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Published by cmv mendoza
Assorted tax stuff for the 2011 Bar examinations. Copyright to the owners. Just sharing.
Assorted tax stuff for the 2011 Bar examinations. Copyright to the owners. Just sharing.

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Published by: cmv mendoza on Jan 02, 2012
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02/24/2014

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U
NIVERSITY 
 
OF
 
THE
P
HILIPPINES
C
OLLEGE OF
L
AW
B
AR 
O
PERATIONS
C
OMMISSION
Room 321 Malcolm Hall, Diliman, Quezon City 1101 Philippines Telefax No: 920.5514 loc. 315 | Mobile No: 0917.9823901
TAXATION (Answer Key)
1.One of these is true:a.Waiver of prescriptive period to last until the completion of investigation is valid.
b.Waiver is a taxpayer’s concession to the state, thus, it must be construedstrictly against the state
c.Waiver being unilateral, the state need not express its acceptance, and whenaccepted, the taxpayer need not be notified.d.Waiver being unilateral, acceptance by the state need not observe the level of authority of the officials empowered to accept.2.One of these has no time limit within which to assess:a.Income taxb.Transfer taxes (donor or estate)c.Value Added Tax
d.Privilege tax
3.One of these is not a type of local tax and other impositions –a.Municipal taxes on business & occupationsb.Municipal fees & service chargesc.Real property taxes
d.Taxes on gross receipts of transportation businesses
4.For casual sale of real property, you do not pay –a.Capital gains taxb.Documentary stamp taxc.Local transfer tax
d.Income tax
5.Special classes of real property do not include a.Local water district
b.Public power – generating company
c.Hospitalsd.Schools6.Which is not a levy on real property a.Special education fundb.Ad valorem tax on idle landc.Special assessment
d.Transfer tax on sale or transfer
7.The manufacture of casino rubbing alcohol is subject to:a.VATb.percentage tax
 
U
NIVERSITY 
 
OF
 
THE
P
HILIPPINES
C
OLLEGE OF
L
AW
B
AR 
O
PERATIONS
C
OMMISSION
Room 321 Malcolm Hall, Diliman, Quezon City 1101 Philippines Telefax No: 920.5514 loc. 315 | Mobile No: 0917.9823901
c.specific tax
d.advalorem tax
8.A tax imposed at every stage of distribution process on the sale, barter or exchangeof goods and services and transactions deemed sale, as well as importation of goods andservices.a.privilege taxb.percentage tax
c.VAT
d.excise tax9.Mario disputed a deficiency tax assessment and upon receipt of an adverse decisionby the Commissioner of Internal Revenue, filed an appeal with the Court of Tax Appeals.While the appeal is pending, the BIR served a warrant of levy on the real properties of Mario to enforce the collection of the disputed tax. Granting arguendo that the BIR canlegally levy on the properties, what could Mario do to stop the process?a.Appeal the BIR’s action to the Court of Appealsb.Dispute BIR’s levy on the properties before the Court of Tax Appealsc.File a motion for injunction with the Court of Tax Appeals on the ground that suchcollection will jeopardize the interest of the taxpayer or the government.
d.Secure a temporary restraining order before the Supreme Court.
10.Additional exemption for each dependent child per RA 9504a.P 10,000b.P 9,000c.P 8,000
d.P 25,000
11.Income tax is not aa.personal taxb.national tax
c.excise tax
d.direct tax12.Under RA8424, the allowable deduction for medical expenses of a resident decedentshall not exceed :a.P 50,000b.P 550,000c.P 5,000
d.P 500,000
13.Per RA 9504, how much is the total personal and additional exemption of Mrs. A, whobecame a widow during the taxable year and supporting her mother and one mentallyretarded illegitimate 25 year-old child?
a.P 75, 000
b.P 40, 000c.P 100, 000
 
U
NIVERSITY 
 
OF
 
THE
P
HILIPPINES
C
OLLEGE OF
L
AW
B
AR 
O
PERATIONS
C
OMMISSION
Room 321 Malcolm Hall, Diliman, Quezon City 1101 Philippines Telefax No: 920.5514 loc. 315 | Mobile No: 0917.9823901
d.P 48, 00014.The following is not a taxable income of a resident Filipino citizen:a.income from an illegal businessb.income from a business abroadc.income from casino
d.winnings from lotto
15.Which of the following are excluded from the gross estate?
a.proceeds of life insurance policy payable to an irrevocable beneficiary
b.revocable transfersc.transfer in contemplation of deathd.claims against insolvent persons16.Basically, power of taxation is exercised bya.the President
b.the Congress
c.Judiciaryd.BIR17.The standard deduction of P 1,000,000 from the gross estate is:a.optional
b.in addition to the itemized deductions
c.not available to resident decedentsd.in lieu of all itemized deductions18.The following are the requisites for income to be taxable, except:a.There must be gain or profitb.The gain must be received or realizedc.The gain must not be excluded by law or treaty from taxation
d.The income must exceed the personal and additional exemptions of thetaxpayer
19.Who among the following are NOT required to file an income tax return?a.Filipino citizen with business income from the Philippines.b.Resident alien on income derived within the Philippines.c.Non-resident alien engaged in trade or business
d.An individual whose sole income has been subjected to final withholdingtax.
20.Under RA 9337, a presumptive input tax credit is allowed toprocessors/manufacturers of milk, sardines, mackerel, refined sugar, cooking oil, andpacked noodle-based instant meals at the rate of:a.1.5%

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