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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
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%