RED NOTES 2001-2002 MOST FREQUENTLY ASKED QUESTIONS IN TAXATION

SUBJECT
GENERAL PRINCIPLES
A. POWER OF TAXATION 1. NATURE OF THE POWER 2. 3. 4. 5. 6. LIFEBLOOD THEORY TAX VS. DEBT SITUS MOBILIA SEQUUNTUR PERSONAM COMPENSATION / SETOFF 1996 2000 1991 1992 1994 1992 1992 1996 1994 2000 1997 1996 1995 1996 1997 1996 1 1 1 1 2 1 1 1 1 1 1 1 1 1 1 1

INCLUSIVE YEAR

FREQUEN C Y

TOTAL

2 1 1 2 1 2 2 1 1 1 2 1

7. DIRECT VS. INDIRECT TAX 8. IMPRESCRIPTIBILITY OF TAXES 9. TAXPAYER’S SUIT 10. CONCURRENCE AND PREFERRENCE OF CREDIT B. DOUBLE TAXATION C. TAX EXEMPTIONS 1. STRICT CONSTRUCTION D. LIMITATIONS ON THE POWER OF TAXATION a. INHERENT 1. PUBLIC PURPOSE b. CONSTITUTIONAL 1. UNIFORMITY AND EQUALITY

1991 1991 1995 1998 2000 1992 2000 1992 1994 2000

1 1 1 1 1 1 2 2 1 1

1

2. NON-INFRINGEMENT OF CONTRACTS 3. ART. VI (28)(3) 4. POWER TO GRANT TAX EXEMPTIONS 5. NON-STOCK NONPROFIT EDUCATIONAL INSTITUTIONS E. TAX ENFORCEMENT AND ADMINISTRATION 1. ISSUANCE OF REV. REGS. 2. INSPECTION AND EXAMINATION OF TAXPAYER’S BOOKS 3. REQUEST FOR REINVESTIGATION 4. INQUIRY ON TAXPAYER’S BANK DEPOSITS 5. FRAUDULENT RETURN 6. FALSE RETURN 7. POWER TO COMPROMISE AND ABATE TAXES 8. DEFICIENCY ASSESSMENT

4 1 2 2 2

1994 1995 1999 1992 1998 1999 2000 1996 1998 1996 1998 1996 1992

1 1 1 1 1 1 1 1 1 1 1 1 1

2 1 1 3 2 2 1

TAXATION LAW

1

CAPITAL ASSET CONCEPT OF GROSS INCOME DISGUISED DIVIDEND COMPENSATION INCOME 18. TAX AVOIDANCE II. PRIZES INSURANCE PROCEEDS ECOLA RETIREMENT PAY 1991 1992 1993 1997 1998 1995 1995 1994 1996 1997 1993 1995 1996 1994 1991 2000 2000 1991 1991 1995 1996 1994 1995 1996 1994 1994 2000 1 1 2 1 1 1 1 1 1 1 1 2 2 1 1 2 1 1 1 1 1 1 1 1 1 1 1 1 5 1 1 1 2 5 1 3 1 1 1 2 3 1 2 2 25. CONCEPT OF RESIDENCE 8. TAX TREATMENT OF NRA WHO STAYED IN THE COUNTRY FOR MORE THAN 180 DAYS 12. TAX TREATMENT OF A DC 11. 23. GIFT VS. 16. TRANSPORTATION AND REPRESENTATION ALLOWANCE 20. TAX BASE OF BRANCH PROFIT REMITTANCE 13. SEPARATION PAY 26. CONCEPT OF INCOME 4. RETIREMENT BENEFIT 21. CAPITAL 6.RED NOTES 2001-2002 9. TAX TREATMENT OF A NRC 10. IN GENERAL 1. 22. BASIC FEATURES OF THE INCOME TAX SYSTEM 2. INCOME TAXATION 1. CHRISTMAS BONUS 27. FREE LIVING QUARTERS AND MEALS 19. SYSTEMS OF INCOME TAXATION 3. SITUS 7. GSIS PENSION TAXATION LAW . 24. TAX EVASION 12. CAPITAL GAINS TAX 1995 1995 1995 1996 1998 1996 2000 1995 1995 1997 1 1 1 1 1 1 1 2 1 1 2 1 1 2 2 2 2 1996 1994 1997 1994 1997 1998 2000 1995 1991 1999 1991 1991 1994 1997 1997 1999 1997 2000 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 3 1 1 2 1 3 2 1 1 14. TAX CONSEQUENCES OF A CONDONED DEBT B. NATIONAL TAXATION A. INCOME VS. 17. FRAUD SURCHARGE 10. 15. DEFICIENCY INTEREST 11. CONCEPT OF TAXABLE INCOME 5. CONCEPT OF A PARTNERSHIP 9. INCOME 2.

LEVY PENDING PROBATE PROCEEDINGS 6. CONCEPT OF VANISHING DEDUCTION 4. CAPITAL GAINS VS. BUSINESS EXPENSE 34. DEDUCTIBILITY OF INTERESTS 33. DONOR’S TAX 1. INTERESTS FROM TIME DEPOSIT 29. DONATION INTER VIVOS (TAXABLE?) 2. INCLUSION IN THE GROSS ESTATE 3. PERSONAL AND ADDITIONAL EXEMPTIONS 40. SOURCES FROM WITHIN AND WITHOUT 43. LOSSES 36. ORDINARY GAINS 44. WORTHLESS SECURITIES 39. ESTATE TAX IMPOSED ON A NONRESIDENT DECEDENT 7. WITHHOLDING TAX SYSTEM 1994 1995 1993 1993 1992 1999 1993 1993 1993 1998 1998 1999 1999 1999 1993 1997 1998 1993 1994 1997 1998 1999 1999 1998 1998 1 1 1 1 1 2 2 2 1 1 1 1 1 1 1 1 1 2 2 1 2 3 1 1 1 1 1 1 1 3 2 2 2 2 1 1 3 10 1 1 1 41. ESTATE TAX 1. BAD DEBTS 38. DAMAGES 30. DEDUCTIONS FROM GROSS ESTATE 8. TAX BASE FOR LESS THAN FULL & ADEQUATE 4 1 1 1 3 TAXATION LAW . WITHDRAWAL OF BANK DEPOSITS 5. FINANCIAL ASSISTANCE TO A STRIKING UNION MEMBER 31. CONCEPT OF STRANGER AS DONEE 3. ALLOWABLE DEDUCTIONS IN GENERAL 32. WHERE AND WHEN ESTATE TAX RETURN FILED D. CAPITAL GAINS TAX DEFERRAL OF PROCEEDS FROM SALE OF NATURAL PERSON’S RESIDENCE USED TO BUILD ANOTHER RESIDENCE C.RED NOTES 2001-2002 28. DEPRECIATION 37. TAX BASE 4. WHO BEARS THE BURDEN OF PAYING THE INCOME TAX DUE FROM THE ESTATE 42. CONCEPT OF GIFT TAX 2000 1 1 1994 1994 1994 1992 1998 2000 2000 2000 1991 1992 1994 1996 2000 1995 1999 1 1 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 1 1 1 1 2. CHARITABLE CONTRIBUTIONS 35.

DONATION TO A NON-STOCK. A. EFFECT OF PAYMENT ON SEIZURE AND DETENTION 5. TAXABILITY OF REAL PROPERTY 7. POWER TO ISSUE INJUNCTION IN SEIZURE AND FORFEITURE PROCEEDINGS 7. NIRC 10. TRANSACTION DEEMED SALES III. REMEDIES OF AN IMPORTER TAXATION LAW 4 . PROCEDURE FOR DELINQUENCY SALE 4. DONATION TO A PARISH CHURCH 6. EVAT 1. ZERO-RATED TRANSACTIONS 3. REMEDIES 1994 1996 2000 1996 1998 1998 1991 1991 1996 1996 1996 1997 1997 1991 1991 1991 1993 1997 1998 1993 2000 1991 1992 1997 2000 1991 1995 1997 1991 1994 1991 1992 1996 1991 1995 1995 1997 1996 1997 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 4 2 1 1 1 1 1 2 2 1 1 1 2 2 1 1 B. TARIFF AND CUSTOMS 1. SALES TAX 2. PERSONS LIABLE 4. POWER TO ISSUE WARRANT OF SEIZURE AND DETENTION 4.RED NOTES 2001-2002 5. SEIZURE OF VESSELS 6. NON-PROFIT PRIVATE EDUCATIONAL INSTITUTION 8. TARIFF POWERS OF THE PRESIDENT 2. REAL PROPERTY TAXATION 1. PROCEDURE 3. POWER OF LGUs TO IMPOSE TAX 2. PROCEDURE IN SEIZURE PROCEEDINGS 3. DONATION TO A SPORTS ASSOCIATION 9. DONATION TO A NON-STOCK. SPECIAL CUSTOMS DUTIES 9. NON-PROFIT ORGANIZATION 7. SPECIAL LEVY 3. CONCEPT OF IMPORTATION 8. FUNDAMENTAL UNDERLYING RPT 2. EXEMPT TRANSACTIONS 6. CHARACTERISTICS 5. REMEDIES UNDER TCC vs. LOCAL TAXATION 1. DONATION TO A MUNICIPALITY 10. REMEDIES 5. REALTY TAX ON IDLE OR VACANT LANDS IV. DONATIONS TO AN ELECTION CANDIDATE E.

ASSESSMENT (PERIOD) 1991 1992 1997 1999 1991 1993 1996 1992 1992 2000 1992 2000 1991 1992 1993 2000 1992 1993 1994 1997 2000 1995 1996 1999 1998 1996 1998 2000 2000 2000 1996 1 1 1 2 1 1 1 1 1 1 1 1 1 1 1 1 2 1 1 1 2 1 1 1 1 1 2 1 1 1 1 5 3 1 2 2 4 7. TAX REFUND / CLAIM FOR TAX REFUND 8.RED NOTES 2001-2002 11. REMEDIES UNDER NIRC vs. GARNISHMENT PENDING PROTEST / APPEAL TO THE CTA 11. JUDICIAL REMEDIES. JURISDICTION OF CTA OVER CUSTOMS CASES. WHEN PROPER 12. NO INJUNCTION RULE 3. THEORY OF SUPERVENING EVENT RE: REFUND OF ERRONEOUSLY OR ILLEGALLY COLLECTED TAXES 4. IN GENERAL. IN GENERAL. ADMINISTRATIVE REMEDIES. WHEN PROPER 6. NO CAUSE OF ACTION FOR REPLEVIN FILED IN THE RTC OVER SEIZED GOODS V. REMEDIES 1. COMPROMISE 12. TCC 7 1 2 1 4 1 1 1 TAXATION LAW 5 . WHEN PROPER 5. COMPROMISE PENALTY 14. ABATEMENT 13. JURISDICTION OF THE CTA 2000 2000 1 1 1 1 2. DISTRAINT AND LEVY 9. PROTEST 10.

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