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    Dovic Perez Astucia
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    fhufg

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    © All Rights Reserved
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    21 views9 pages

    FGGFG

    Uploaded by

    Dovic Perez Astucia
    fhufg

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    of 9
    FINAL day, September 15, 2018 TAL PRE-BOARD EXAMINATION Satur aay 90 AM to 10:00 AM Jnuractenr: Choose the BEST answer for each of the following items. ‘Mark only one answer for each item on the Special Answer Sheet provided. Strictly no erasure allowed. -A, 1. For-vat purposes, the following transactions shall be “decmed sale”, except . (a: jiranser, use or consumptigts the course of business of goods or propetis originally intended for 5 “sale or for use in the course of business ». Property dividends which constitute stocks in trade or properties primarily held for sale or lease ‘declared out of retained earnings. ¢, Distribution or transfer of goods to creditors in peyment of debt or obligation 4. Consignment of goods if actual sale is not made within 60 days following the date such goods were Api ny 2 A\ 2. XYZ Corporation filed its income tax retum and paid the tax due for calendar year 2016 showing a tax liability of P175,000. However, upon audit, it was discovered that its income tax return was_false_or fraudulent because it did not report other taxable income. Per investigation the correct income tax due is 350,000. The corporation was duly informed of this finding through a preliminary assessment notice. Failing to protest on time against the preliminary assessment notice, a formal letter of demand and assessment notice was issued on May 31, 2018 calling for payment of the deficiency income tax on or before July 15,2018. The amount due on July 15, 2018 is ey 250 b. 437,500 c. P240,625 4. P341,250 CC 3. On January 1, 2014, A leased his vacant lot for a period of 12 years at P240,000 per year. It was agreed that the lessee will pay the following: a. Rent of P480,000 (for 2014 and 2015) b. Security deposit of P240,000 cc. Real property tax at P20,000,/year ‘The lease contract provides among others that the lessee will construct a 3-storey building for parking purposes at a cost of P3,600,000 which shall belong to the lessor upon expiration or termination of the lease. The building was completed on July 1, 2014, with an estimated useful life of 15 years. A shall report for the year 2014, using the spread-out method, a total income from lease of 2 P296,543 +b. PS73,087 §79536,521 4. P333,087 C 4 The owing are the requisites of a valid assessment, except ‘ ‘be made within the prescriptive period to assess Oe taxpayer must be informed in writing about the law and facts on which the assessment is based re must be a preliminary assessment previously issued must be served upon the taxpayer or any 0f his authorized representative. CS Statement A - In Givil.eases involving the collection of internal reype tas, presripton i construed strictly against the government and liberally in favor of the taxpayer Statement B - In ‘cases involving tax offenses punishable under the NIRC, prescription is ‘construed strictly against the governypent and liberally in favor of the taxpayer. a.Both statements are true nly Statement A is true b Both statements are false Only Statement B is true Aer ing are the requirements that must be complied to be entitled to.jnformer’s reward, informer should pot be a government employee or a relative of a government empl - informer should volunt @ Confidential information under oath with the Law Division of BIR alleging therein the specific violation constituting fraud information must not yet be in the possession of the BIR, or refers to a case already pending or jously investigated byt ie BIR .The information must result to collections of revenues and/or fines and penalties service while 8 7. Tomar busines ofthat own cpayo apd Boned frm cay emect. A ried afer 15 of B fier 8 ice. At the ie of retirement, A was 58 years old wbila Bans the retirement balm Fin exer ot pa? | | benefits they be taxable income of A und Bc. Shall be taxable income of B bbe taxable income of A 4. Shall not be taxable income of A and B D. & Incase of sale of shares of stock held stock exchange, which of the following ‘transaction is transaction is to! ‘transaction ¢ gross selling price “id The stock transaction tax is required to be withheld and deducted by the stockbroker handling the ~ Cae wx wtbeld must be remited tothe BIR wi A Dom the date of sale * B, 9. Using the preceding numt : bet : Gore

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