Professional Documents
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TAXATION - ASSESSMENT
1. Hello KT, a non-VAT reg. professional, accumulated sales of P1,819,500
for the fiscal year ending September. Will the company be required to
become VAT registered this year?
a. No. VAT threshold is not reached yet.
b. No. VAT threshold is not breached yet.
c. Yes. VAT is applicable.
d. The company is required to be OPT registered.
2. Kiti-Kiti, makes annual sales of fresh tilapia amounting P1,919,900. He
is contemplating if he is already required to be registered under the
VAT system because he is no longer updated as regards the threshold
for its mandatory registration. As his client, what will you tell Mr. Kiti?
a. No. VAT registration is not yet required.
b. Yes. VAT registration is now mandatory.
c. Yes. However, optional.
d. Kiti has the option with regard being OPT or VAT registered.
3. Donors tax is applicable only in completed gifts. Thus, all the elements
of donation made inter-vivos must always concur to validate a
donation.
a. True. All the elements of valid donation must be present for donors
tax to apply.
b. False. Capacity of the donee may not be required under certain
cases.
c. False. Capacity of the donor may not be required under certain
cases.
d. False. Intent may not be required in certain cases.
4. Mr. Lee died leaving his wife as the only heir. How do we determine the
net estate taxable (NET) of the decedent?
a. Gross estate (Ordinary + Special deductions)
b. Gross estate (Ordinary Special deductions)
c. Net estate (Ordinary + Special deductions)
d. None of the choices
5. For estate tax purposes, the gross estate of the decedent shall be
valued at the time of decedents death. Which is generally composed
of
a. Properties only
b. Properties and rights only
c. Properties and obligations only
d. Properties, rights and obligations
6. A cancer stricken husband, in his death bed, donated to his wife a
substantial sum of money, without of course the benefit of family
rejoicing. The donation to take effect upon his death later through
euthanasia. What is the status of donation made between the husband
and wife?
a. Void for being immoderate.
b. Void for being made not under cases of family rejoicing.
c. Void for being immoderate
Page 1 of 3 and made not under cases of family
rejoicing.
d. Valid.
K.T. Tegio
K.T. Tegio
end of assessment
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K.T. Tegio