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Answer Key Tax 501 by Ampongan

Answer Key Tax 501 by Ampongan

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Published by: Harriet Caryn Albaño on Jun 26, 2012
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08/07/2014

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PAGE 1
EXERCISE 2–1
1. The query should be addressed to the Commissioner of Internal Revenue2. I will inform him that a compromise is not allowed anymore3. Piolo is correct.4. I will request for a compromise of the assessed tax on ground that the financial position of thetaxpayer demonstrates clear inability to pay the assessed tax.5. The claim for refund should be denied on ground of prescription.6. The Commissioner may not grant the refund when there is a deficiency tax assessment against theclaimant-taxpayer.7. Yes.8.a. The counting of the two (2) year period commences to run from the date of final payment.b.Augusto has thirty days from receipt of the decision of the CIR to file an appeal with the CTAc.He is given 30 days from receipt of the CIR’s decision but not exceeding 2 years from the dateof final payment.
EXERCISE 2-2. MULTIPLE CHOICE
1.C2.C3.A4.B5.D6.C7.B8.A9.D10.D
 
PAGE 2
11C12.D13.B14.B15.C
EXERCISE 2-3
1.D2.A3.D4.C5.D
EXERCISE 2–4
 The proper party to question, or seek a refund of an indirect tax is the statutorytaxpayer, the person on whom the tax is imposed by law and who paid the same evenif he shifts the burden thereof to another.
EXERCISE 3-1
1.The partnership is not liable to pay income tax.2. The contention of Judge Nitafan is wrong. .3.Income subject to tax/Fair discountedvalue80,000b.
 
PAGE 3
Income subject to tax, 201110,000c. Income reportable in 2012 ( 20,000 x50%)P 10,0004.Whenever a stockholder is indebted to the corporation and said creditorcorporation decides to condone the debt, such condonation has the effect of apayment of dividend to the stockholder..5.Hilario is not required to report income on the condonation considering that thecondonation of debt was given without requiring him to render services.6.Yes.7.Under the tax benefit rule, whenever a bad debt is claimed as deduction fromgross income and it resulted to a reduction in its tax liability, the recovery of suchis subject to tax.8.a.Value-added tax- not taxableb.Real property tax- taxablec.Income tax- not taxabled.Stock transaction tax- not taxablee.Special assessment- not taxablef.Occupation tax- taxableg.Estate tax- not taxableh.Income tax paid to a foreigncountry- taxable if claimed as deductioni.Community tax- taxable j.Excise tax- taxable9.a. Yes,b. subject to a final tax of 10%c. They are not subject to tax.d. both the stockholders who were paid stocks and cash dividends are subject tofinal tax.10.a. Dividends received from domestic not taxableb. Dividends received by resident foreign fromdomestic- not taxablec. Dividends received by nonresident foreign corporation from domestic – 15%final tax if the country in which the nonresident foreign corporation is domiciledshall allow tax credit of 15% in its income tax payable in such foreign country.11.a.Miss Supsup is entitled to 10% of the value of confiscated smuggled goods butnot exceeding P1,000,000.b.The reward received by Miss Supsup is subject to a final withholding tax of 10%.

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