Taxation answer sheet Eresures wi Use PENCIL NO. 2 only, i. Manny Pacquiao fought Keith Thurman in Legazpi Ehlippines (or the vacant World Boxing Counc Welter baa arent ws Iitled Lindol s2 Bicol wherein Man canvass ‘on the 1° fest defeat in his entire career. The fight wer promatnt Sr and afpecather Promotions, owned by Floyd Mayesatt which is owen MenchS in partnership with MP promotion: fol owing faves Manny Pacquiao. The event generated the Admission Fees 10,000,000 Pay per view 100,004) 600 Hout mnuch is the applicable business tax is cue on the above a. P1,000,000 ©. P11,000,000 b. 10,000,000 d. nil 2. Maharlika Residences Inc. is a domestic corporation engaged in real estate business. It has the following data for the lest quarter of 2018: Installment Sale of a Townhouse: Realized gross profit (GPR is 30%) 300,000 Gross selling price 4,000,000 Zonal value 5,000,000 Deferred Sale of a Parking Lot: Gross selling price 1,000,000 Fair market value 1,500,000 Rental income 800,000 Rent receivable, beg. 300,000 Rent receivable, end 100,000 Importation of materials used in the construction 2,625,000 Page F097 ~~ Www prc.comph TAX Open stPBIO19 Pogaso08 a eee SETA Taxation How much is the VAT due or payable? a. P285,000 c. P135,000 b, €261,000 gd, P112,0000 * whose voyage is from a port in the Philippines: grees 2 foreign port without docking or stopping at any other p+ 4 the Philippines. What 's the treatment of the transaction for b, Zero-rated transaction d. Either “b” or | Palawan, vet registered, offers different services to its * Guests, The fo lowing. data taken from the books of the for the first quarter of 2018 — Revenues Collections Hotel rooms 800,000 700,000 Dining Hell Sale of food and refreshments 1,000,000 850,000 Sale of wine, becr and liquor "700,000 600,000 Disco Sale of food and refreshments 600,000 550,000 Sale of wine, beer and liquer 500,000 450,000 How much Is the correct business tax for the first quarter of 20187 a. ?258,000 c. P432,000 b. 372,000 d. 438,000 5. The taxpayer is a vat registered lessor of residential units. Monthly rent per unit is P14,000 while his gross rental income for 2016 amounted to P3,000,000. Determine the applicable business tax on his rental income. Subject to 12% vat Subject to 3% OPT under Section 116 12% vat or 3% OPT under Section 116, at his option Exempt from 12% vat and OPT aogo wawwiprtc.comph “TAX OpendstPaio19Taxation SETA 6 Which of the following statements is incorrect? a. A zero-rated sale of goods or p or properti registered person is a taxable oe ararien a, Oe purposes. The input tax on purchases of good: re services, related to zero-rated sole, shall be avotatie rea 2s tax credit only but as tax refund also. —_ The transitional input tax shall be 2% of the value of the beginning inventory on hand, or actual VAT paid on such goods, materials and supplies, whichever is higher, which _amount snail be creditable against the output tax of VAT- registered persons. d. None of the above transaction for VAT b. cr CP operated @ retail business that had been generating sales not exceeding the threshold for VAT exempt persons. However, he desires to be registered under the VAT system for the first time in order to benefit from input tax credits. What benefit may CP be entitled to once he registers under the VAT system? a. Tax refund b. Presumptive input tax credit cc. Transitional input tax credit d. None of the foregoing a. Except for one transaction, the rest are exempt from value added tax. Which one is subject to vat? ao eee tof chiccen by a chicken restaurant owner who did Not register as vat taxpayer and whose gross sales during the is 2,800,000 b. Sale of coor by 2 non-vat registered copra dealer to coconut oil manufacturer and whose grOss sales amounted to P6,250,000. TAX. OpenistPBL019 maaat SETA Taxation c. Gross receipts of a vat-reaistered CPA amounting to 2,250,000 in the practice of his profession, 5 2388 000. 8 etna egatred Doak stare ane citose sales amounted to 12,000,000. 9, A vat registered stockbroker has the fo owing data for the first quarter Lanmmissions received: from representing 500,000 f stock: Selling price of shares Kapamilya Corp. held as inventory 490,000 Kapuso Corp. held as investment 600,000 i Acquisition cost Kapamilya Corp. held as inventory 300,000 Kapuso Corp. held as investment 350,000 Operating expenses conriected with VAT transactions, Supplies 70,000 Salaries of employees 90,000 Electricity 5,000 water 3,000 What is the VAT payable for the quarter? 3. P51,840 c. P63,600 . b. P62,640 4. al 10, Which of the foliawing is not subject to value-added tax? a. A resident citizen’ who performs services in the Philippines, the performance of services is not regular. b. A non-stock, non-profit private organization engaged in trade or business. ‘A government owned or controlled corporation engaged in trade or business. 4. A non-resident person who performs services in the Philippines, the performance of services is not regular. Page 5023 AX Opent#PBIOTS ge Sof 23 TAX.OpentstPOi01311. Cosmo, politan, val ser started operation registered, is engaged in i“ selected informatica UQUSt 2018 and hag 4 USIMESS. It ne fe nf FOM its records for the month: Service Revenue Unearned Revenue Purchases from 500,000 rom Vi Goals /AT registered entities: 20,000 Services (20% still unpaid 150,000 Importation of pee 20 en 10,000, papartation of generator wth useful lite of 7 yeas: Custom’s duties 1,200,000 “Excise tax 100,000 Other charges within the Bureau of Customs 30000 How much VAT did the Company remit to the BIR? a. 25,200 c. P22,400 b. P17,600 d. P23,500 12. Rica Cosmetics Inc. started its business paying percentage tax. Later on as its business improves, it registered under the VAT system. The following information were taken from its records on the last month as a non-VAT taxpayer: Inventory beginning: ho con Raw material eat; 000 Work in process 260,000 Finished goods 70,000 Supplies 5,000,000 plant and equipment 500.0 Property. Intangible Asset —_ Input tax: : aventory Begin? quinment 30.000 property, plam it tax? much is the transition2! ia 60,000 ww x 150,000 3. 26,0000 bp. 226,400 a gi SETA Taxation Is to government and the actual f 2 VAT realstered person £4 Bo is e standard input tax, what w! ll be input VAT is lower than the the effect to the taxable income? 2. Itwill reduce the taxable income b. Itwill increase the taxable income ©. Te will not affect the taxable income S. Temay either increase or decrease the taxable Income 1a. cad Gare, at his residence, requiarly sells wines, winiskise ca Siretces which he has imported from Nerth Korea. He able to the payment of the following taxes: Excise tax, VAT and OPT b. Excise Tax, VAT and Income tax VAT, Percentage tax and Income Tax d. Excise Tax, Income Tax end Amusement tax 15, Banko de Ramos, 3 domestic commercial bank is liable to the payment of the foliowing taxes: a. Excise tax, VAT and OPT b. Excise Tax, VAT and Income tax VAT, OPT and Income Tax d. Percentage tax and income tax 16. Statement 1: All taxpayers who are vat exempt are liable to 3% percentage tax under Section 116 of the Tax Code. Statement 2: Sale of life insurance by a person whe is vat registered is subject to vat. Statement 3: Zero rated sale and effectively zero rated sale are the same. A. Biot Gl Dita Statement i True True False False Statement 2 True False True False Statement 3 True True __False__ False Fae Tas ‘woe _prte,com ph VAX OpentstPB1013dat: mento Ha, aoton SETA of Manila, 7 mm unit from his frend, Bryan jot from the yount of Jan purchased 2 condominis 20. ian ute) for 73,000,000 and a Paring j tcondo un Gevoper far 00,000. The correct am his predecessor. actual input tax rel vat is 000 17- How much ss the cre 3. 7456,000 «96: aoe on i b. 360,000 ; soem + made by | A follow-on follow-through offering 2 une ow pall be subject to percentage tax of wang corporation hal hoo 1 P g price and documentary stamp 18. The amount to be withhek 6/10 of 1% of gross s¢ should be: \d for purposes of income taxation taxes. 2. P750,000 eee nent 2: “Reciprocity” may, be invoked by 2? b. P500,000 ae State nal carrie” os basis for “exemption” from 3% ane common carer's tax - A 8. c. . False 19. Ram boi unit Baranrecae fone unit ot residential house and lot for Faeroe a 'y (2 vat reaistered real estate Statement1 True True False per) in one of the latter's subdivision projects located in Statement 2__True__ False __ True Laguna. A month after the purchase, he learned that the — owner of the adjacent residential house and lot, Leomar, 1s about to relocate in Batangas. He bought the adjacent unit) a for P1,500,000. Based on the information provided, which of the following statements is correct? b c 3 The purchase of residential house and lot from JM and 22, Which of the following 1s subject to the 0% gross receipt tax? ‘Gross receipt on interest, commissions and discounts from lending activities and income from financial leasing. Dividends and equily shares in net income of subsidiaries. Royalties, rentals of property, real or personal, profits from exchange and all other items treated as gross Leomar are subject to vat b. Only the sale of residential house and lot by JM is subject to vat, regardless of selling price, because it was made in the course of trade or business and the seller Is 2 vat registered «Both acquisitions are of residential house an subject to 6% capital gains tax None of the above ‘exempt from vat, however, the sale 'd lot by Leomar to Ram shall be pees Tax Openisra1o? income in the tax code. d. Net trading gains with the taxable year on foreign currency, debt securities, derivative and other similar financial instruments. 23. Supercat is @ domestic common carrier by sea. During a particular quarter, its receipts consists of the following (exclusive of taxes): Transport of passengers 2,000,000 Transport of goods 3,000,000 Transport of cargoes 1,500,000 eros ‘woow.prte. comp TAX.OpenistPB1019seT 4 ‘The output VAT and OPT due for the quarter Dutput Vat OPT Due SHOU be 2. P780,000 195,000 b. P780,000 PO cc. 540,000 P60,000 6. P540,000 PO 24, Banko Natin sold a repossessed car to 3) at 1,000,999, 300,000 higher than thé cost of P700,000. The sate i Subject to value added tex n I. Subject to gross receipts tax of 7%, IIL. Subject to regular corporate income tax a. I only c. Il and UL only b. land 111 only d. None of the above 95. On December 15, 2013, Pedro borrowed 1,000,000 from Guilenium Bank payable within 10 years. The loan pays an vanual interest of 100,000 payable every December 15 Beginning December 15, 2014. On December 15, 2018, Pedra pre-terminated the loan by repaying the principal in full The tints tax still due from Millenium Bank due to gross rec nation in 2018 is: 000 c. P21,000 b. 716,000 6, 225,000 dealer in securities) sold a resident Filipino citizen (not a 26. ites of stocks of a domestic corporation thet ae sted anc Philippine Stock Exchange. traded in Me exempt from sncome tx 6/10 of 1% stock transaction to”, b, The sale is subject to income graduated income tax rates of 20% income. but subject to the tax computed at the to 35% on net taxable ee ee Page 10 of 23 wwe | SETA Taxation 28. 29. Page Teh veep eee c. The sale is subject to the stock transaction tax and income tax. d. The sale is both exempt from the stock transaction tex and income tax. in Inc. is authorized to engaged in the business ry pursuant to 2 frenchise duly issued by the ross receipts of the preceding year 0 pesos’ threshold. What business tax the present year? Tubigan ni of a water u Government. Its exceeded the 10 mi ‘wil apply to Tubigan ni Juan Inc. a. Value-added tax b. Percentage tax c. Value-added tax or percentage tax at the option of Tubigan ni Juen Ine. 4, Value-added tax or percentage tax at the option of the Bureau of Internal Revenue (BIR) A donation which takes effect upon the death of the donor 1. Donation mortis causa 1. Partakes of the nature of an intestate cisposition Il. Shall be governed by the law on succession a. Lonly Land Lil only b. Land 11 only 4. 1, Hand Ii A. non-stock, non-profit school always had : ash problems, resulting in failure to, ecru well-trained administrative personnel to effectively manage the school. In 2019, Juan donated P25,000,000 to the school, provided the money shall be used sclely for paying the salaries, wages, and benefits of administrative personnel. The donation represents less than 10% of Juan's taxable income for th year. Is he subject to donor's taxes? * 2. No, since the donation is actually, dir s directly, an pti for educational purposes. : Seamed Yes, because the donation ‘ is to be administration purposes. ee ecy ewer priecom.ph — TAX.OpenistPai0rs‘Taxation SETA c._ Yes, since he dic not obtain the requisite NGO i certi before he made the donation. “ertification g. No, because the donation does not exceed 10% of hi taxable income. is 30. Which of the following is/are the purpose of donor's tax? 1 eo supplement and prevent circumvention of estate tax, IL. To prevent avoidance of income tax through 2 devise of splitting income to numerous donees to escape the effect of progressive rates of income taxation IN, To tax the act of receiving a gift 1V."To subject properties wherever situsted to donor's tax a. Tonly c. Land Il only b. only G. All of the above 41. The actual effort exerted by the government to effect the exaction of what is due from the taxpayer is known as 3. Assessment. c. Payment. b. Levy. d. Collection. 32. Which theory in taxation states that without taxes, & Government would be paralyzed for lack of power to activate ‘and operate it, resulting in its destruction? power to destroy theory ¢. Sumptuary theory b. Lifeblood theory d. Symbiotic doctrine 33. Which of the following statements regarding special assessment is incorrect? oett is based on the government's need for money to support its legitimate objectives b. It is levied only on land ©. It is based solely on the benefits the land. d. None of the above derived by the owners of Page HT Taxation SETA carat 4a, An example of 2 tax where the concept of progressivity finds application is the ee income tax on individuals. b. Cxcise tax on petroleum products, ¢. Value-added tax on certain artic es. §. Amusement tax on boxing exhibitions 435, Which of the following 1 the primary PUrPOSe of taxation? 2. To raise revenue B78 promote the general welfare of the people ¢. To reduce social inequality. 4. To encourage economic grawth. 36. n our jurisdiction, which of the following statements may be erroneous? o Taxes are enforced charges and contributions 5. Taxes are pecuniary in nature. & Taxes are levied by the legislative or executive branch of the government. d. Taxes are assessed according to a reasonable rule of apportionment. 37. Which of the following justifies the validity of the laws providing for summary remedies in the collection of taxes? a. Due process clause b. Equal protection clause c. Benefits-protection theory d. Lifebload doctrine 38. Double taxation in its general sense means taxing the same subject twice during the same taxing period. In this sense, caxin: i s z ai) Violates substantive due process. . Does not violate substantive du le process. S. Molates the right to equal protection. |. Does not violate the right to equal protection. ‘Page 13 of 23 TAX OpendstPBIOI9Taxaton : Sera saison SETA 39. which of the following statements about tax exemption under ion of the above donation? the Constitution is incorrect? 2. Exemption of religious, charitable and educational Institutions applies to real property tax only. The test is usage, not ownership. b. The word “exclusive” means solely. c. The exemptions extends to facilities which are incidental to and reasonably necessary for the accomplishments of their respective purposes. d. None of the choices 40. On January 15, 2018, Daisy gave a piece of land to her brother-in-law who is getting married on February 14, 2018. The assessed value and zonal value of the land were 43, Losses arising from fires, What is the tax implicati 3. The donation is not subject fs 2 non-resident alien and the located in Canada. ‘The donation is taxable, however, dowry ex! be claimed as deduction The donation is taxable a: 6% in excess of P250,000 without any deduction for dowry. 4, ‘The donation 's subject to graduated rates. to donor's tax since the donee donated property |S b, emption May c storms, shipwreck, of other casualties, or from robbery, theft or embezzlement may be Seeuctibie. Which of the following 1s not a prerequisite for its deductibility? 750,000 and P1,000,000 respectively. The land had an 3. Incurred prior to the death of the decedent unpaid mortgage of P200,000, which was not assumed by the ‘s f si oe eee anpaid realty tax of P10,000 which was Bi Such losses are net compensated f0F by Iesurange oF assumed by the donee. re At the time of the filing of the return such losses have not low much was the donor's tax due? been claimed as @ deduction for income tax purposes in 2. P297,000 c. 59,400 an income tax return oe eave d. Such losses were incurred not later than the last day for , 5 the payment of the estate tax. 44. Who among the following transferors is not liable for estate tax on the property transferred during his lifetime? a. The testator who bequeaths property to his heirs in a last will and testament executed and probated during his 41. Me. Ferrero Rocher, a non-resident alien, donates 2 brane Me Ferelalued at P1,200,000 to his legitimate son whe Jetting married in the Philippines. The son agreed © Oo the Shpaid tax of P120,000 on the car. For Paopine donor's tax purposes, the total amount of ceduction shall be: lifetime. a. ?130,000 c. P10,000 b. The dor X nor who reserv d. none OF wl 5 his right to amend or revo} pa 120/000 Tinatinck brocery i ver olins Cone aaa we «The donee of an appointed property who is required under power of appointment to transfer such property upon 42. Mr. Bill Morgan, 2 Canadian citizen but resident of El Nido, death to his eldest child. Palawan, donated in 2018 his car 10 Canada to his future daughter in-law who is to be Married to his only son in oe Cae g ie. His son and future daughter in law are both citizens The tote of gesenal property who s0ld it for gad residents of Canada. ; __—eapazcanan ~~ omnemrnvo# age So _ : www rte com.pn TAR OpentsiPBTOTD Foe ADTaxaton SETA 45, Which of the following may red i reduce the tax: Which of the following may he taxable estate but not a. Claim against the estate c. Judicial expense b. Losses d. Family home 46. Jose died in 2017 leaving gross estate of 3,500,000. Th actual funeral expense on his burial ts 300,000. Of the sald amount, 100,000 is unpaid. How much is the funeral expense that can be claimed in computing the taxable net estate? 2. 300,000 c. P175,000 b. 200,000 d. P100,000 47. Based on the above data, how much is the deductible claims against the estate? 2. P100,000 c. P50,000 b. P75,000 ni 48. Leo Bank purchased machineries from a VAT supplier. What is the treatment for VAT purposes of the sale transaction? 2. Vatable at 12% c, Vat exempt b. Vatable at 0% d. None of the choices 49. Which of the following may be exempt from percentage tax? a. Jai-alai or race tracks b. Cockpits c. Professional basketball games d. Boxing exhibition lowing persons is subject to the Percentage 50. Which of the fo Tax? 2. Owner of bances b. Owners of animal cc. Keepers of garage d. Parking lot operator I-drawn two-wheeled vehicles op CTAKOF ee Fage 16 0f 2 SETA tacater ct? RALO378 ments is incorrect? | which of the following statement u 3a etd for tax exemntion of International carriers from: ot ot pasis of tax treaty or reciProc! 3, Income texetion 5, Vat on their carre c. Parcentage tax 0 d. Percentage tax on age of passengers ny their carriage of passengers gir carriage of goods received by bank anc or personal, ferred quasi-banking 52, Rentals of property, intermediaries performing non-bank financial functions are: a, Subject to 12% vat BL Subject to gross receipts tax of S% ©. Subject £0 gross receipts tax of 7% §. Subject to 3% OPT if annual gross reveip' the vat threshold ts do not exceed 53. who shall be liable to the amusement taxes under Secticn 125 of the tax code? ‘a. Patrons of amusement places b. Lessors of amusement places 5 c. Proprietors, lessees, or operators of amusement places d. None of the choices 54, A pawnshop, for business tax purposes a. Is treated as a lending investor liable to 12% vat on its gross receipts from interest income and from gross selling 1, Plt fom sale of unclaimed properties. Is not treated as a lending investor but liable to 5% gr receipts tex under Section 122 of the Tax Code’ on its gross receipts from interest income ané from gross sel price from sale of unclaimed properties. ® me c. Is exempt from 12% vat and OPT d. Is subject to 12% vat and OPT Pepe ToT ee san pRe.com.oh TAX. OpentstPB1019Taxation sera Use the following data for the next:three questions: Ivan is an operator of ten (10) buses with routes from Manila Subic and is likewise 2 transportation contractor with three (3) freight trucks. For the taxahle year 2018, he reported ‘grocg receipts from his 9us operations of P36,000,000. His _grose receipts, however, frorn his freight of goods or car only to P800,000 fo- the year. “sees eroured 55, Assuming Ivan is non-vgt registered, how mi uch is his tota business tax due? = me tet a. P1,080,000 c. P1,176,000 b. 1,104,000 d. P4,616,000 56. Assuming Ivan is vat registered, how. much is his total business tax due? a. 1,080,000 c. P1,176,000 b. P1,104,000 6. P4,416,000 57. A non-yat radio and/or television broadcasting company whose ennual gross receipts of the preceding year is 5,000,000 shall be liable to? Value-added tax at 12% Value-added tax at 0% Franchise tax at 3% Franchise tax at 2% eanse Use the following data for the next two (2) questions: Pinoy Telecommunications has the following data for the first month of the second calendar quarter of 2016: Gross receipts, domestic calls 5,000,000 Payments received, overseas cal (originating from the Philippines) 3,000,000 Purchases of supplies used in connection with domestic calls, net of VAT 300,000 Purchases of equipment used in connection with both domestic calls and overseas calls, net of VAT ened Business expenses 4,000, reccem OpenasiPTOTS age 1803 aww rts. SETA Taxation frig the overseas communications tx? 38 HN 560,000 ¢. P500,000 b. 809,000 4. P300,000 ww much is the VAT payable, if any? 59 Ho 500,000 cc. PA68,000 b. Ps04,000 J. PO 60. If a nor-VAT registered person exports goods, what 1s the Treatment of such transaction for VAT purposes Suaject to 12% VAT Subject to 0% VAT Exempt Either "b" or “<" aoge 61. Statenent 1; The right te succession is effected at the ume oF transfer of the decedent's property of rights to the heir, Sratement 2: Ana is the surviving spouse cf Jose. Her share in their community property is classified as her exciusive of the decedent's distributable estate. a. Only statement 1 is correct b. Only statement 2 is correct ¢. Both statements are correct 4d. Both statements are incorrect 62. What is the tax implication if a corporation condones the debt of a shareholder because of a good thing done by the latter to the corporation? a. The condonation is based on the liberality of the corporation, therefore, it is subject to donor's tax. b. The condonation is subject to donor's tax on the corporation because it is based on its liberality. Moreover, it iS equivalent to a payment of dividend Page DTT a= aren acl Eaaly Gea TAX. OpentstPBi0idSETA Taxation ia Taxation income on the shareholder, which is therefore, subject to 66, For donations made prior to January 1, 2018, the donor's tax cor saenhaling tax on income of 10% a return shail be filed vith: ee date he oir toe aceon ey of 6. hs the date the gift Is e UimUNamoune to 9 decaraton of dvidend. Theretore au as (6) months of 9 ee pm income which is subject to 10% final withholding b. tw (2) months after the date the gift is made or tax on the shareholder. However, it is not subject to completed oration, c. thirty (30) days after the date the gift is made or completed. d. One year after the date the gift is made or completed donor's tax on the corp 4, ris just a simple cage of extinguishment of an obligation nich is neither subject to income tax on the part of the shareholder nor 2 donor's tax on the corporation. 67. Unless the Commissioner otherwise permits, the donor's tax return shall be filed and the tax paid to the: 63, Mike went to Bobadilla Hotel and Resort and was given 2 prize 1. Authorized agent bank (AAB) under the jurisdiction of the 5 25,000 for being its 10" guest. io 50,000 prize i: RDO where the donor is domiciled at the time of the b B cD transfer Subject to donor's tax Yes Yes No No Il. Revenue District Officer or Revenue Collection of Officer subhet sncome tox Yes No No. Yes having jurisdiction over the place where the donor is s Gomiciled at the time of the transfer. 64. One of the following is not included in the gross estate of 3 I, Office ofthe Gomissioner if the donor has no legal : residence in the Philippines decedent. n IV. Philippine Embé Tf ents end that accrued before death. ippine Embassy cr Consulate in the country where the = cee ra eed in conterlation of death donors domicted atthe time of the transfer ar directly to : iplation i ‘omnmissioner, in the case of gi be ojnd held in trust but in decedent's possession before by e nonresident. ~ a a. Land II onh < ea I ly ¢. 1, Iand IV only 4G. Rent income on property that accrued Before death b. 1,1 and Ill only fT AMOrue aba Use the followin , 65, For donations made on or after January 1, 2018, the danor’s Sarah rea ett of Chea de ceatla i ‘turn shall be filed within 3017 feaving the folie nese citizen died last July 4, tax returt he date the gift Is made or wing properties: Or x (6) months after the Land in Davao eae completed ft is made oF est house in China 000, b. two (2) months after the date the gift | Jewelries received from Leni, a week cae before her death completed ift is made of 500. er the date the gil 3 Family Home },000 thirty (30) days aft . Car 1,500,000 leted. 4. One year after the date the gift is made OF complet = FaeTT ~~ wacom — wacom a anit VAX OpenistP@1019 ae) waweprecom.phTaxa The descendants of Sarah claimed tne foll SETA wing deductions: Funeral expenses 300,000 Claims against insolvent persons 500,000 Amounts received under RA 4917 1,000,000 Judicial expenses 100,000 Mecical expenses incurred from September 2016 to July 4, 2017 200,000 Family home . 1,500,000 Standard ceductions 1,200,000 68. Deductible vanishing deduction shall be a. PO <. P445,205 b. P335,205 dd. P545,205 69. Net taxable estate is a. P1,854,795 c. 74,000,000 b. 2,049,884 d, P5,164,384 70. Pedro, single, donated the following properties on September 21, 2018 Value Property. 100,000 Cash 400,000 Jewelries 1,500,000 House & lot 75,000 Land 300,000 Car 50,000 cash 100,000 Cash The total donor's tax payable ass shall be: a. 111,000 pb. P126,000 Faye 7S a ee cOpent waeiw-peteacom.oh Tax or Bonee brother, an account of marriage Kat, girlfriend residing in Korea parents, silver wedding anniversary gift Bay. Mapayapa, for use of barangay hall Fe, sister, donation is revocable International Rice Research institute lermo, father of the father of his mother Jua uming 2018 taxable year cc, P160,000 d. P220,000 jax OpenistPBI013 Taxation SETA ~ end of examination - Please submit your answer sheet Keep the questionnaire Thank you for taking the PRTC Open Pre-Board Examinations! © Page Dor 23 a woo pris comph TAX. OpentstPB1019