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    60 views11 pages

    Tax Preboard PDF

    Uploaded by

    Mjhaye

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    © All Rights Reserved
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    of 11
    a“ CPAR CPA Review School of the Philippines FINAL PRE-BOARD EXAMINATION Saturday, April 13, 2019 Taxation ‘8:00 AM to 10:00 AM. Imarscins. Choose the BEST answer for each ofthe following items. Mark only one answer for each item on the Special Answer Sheet provided. Strictly no erasure allowed, For items 1-2 ‘ABC Airlines, a resident foreign sr carrier had the following during the quarter: "ToUSA ~ $000 pasengers@ Pho 10,000 = Php $0,000,000 Tolltaly - 4,000 paseagers @ Php 12,000 * : 48,000,000 To Guam ~ 3,000 passengers @ Php : 12,000,000 “The Highs commenced from foreign countries but interconnected in the Philippines for continuance of the fligh to the countries of destinations righ: No.of Passengers Departure from the Philippines Japan to USA 1,000 ‘60 hours delayed due to typhoon Chinato Guam ‘0 fontnaed afer 40 hous, as scheduled ‘Ausaliato lly 00 50 hours delayed due to typhoon China to USA 400 continued after 30 hour, as scheduled “The interconnecting flights of passengers from Japan to USA and fiom China to Guam were continued by ABC ‘Airlines while the Australia to Italy and the China to USA flights were endorsed to WXY Airways, another resident international air cartier which transpored the passengers to their destination, 1. How much isthe ross Philipine biings of ABC Airlines subject to Philippine income tax? {2 Php 110,000,000 b. Php 134,400,000. «. Php 123,200,000. Pkp 121,200,000 2. The gross Philippine billings of WAY Airways subject to Philippine income tax? ‘a Php 7,200,000 b.Php 4,000,000 ¢. Php 11,200,000 4. Php 0 3. A insured his life for PIOM. In case A dies, the proceeds of the life insurance sball be: ‘a Exclided from gross estate if the beneficiary isthe estate, executor or adaninistrator whether revocable ‘or irevocable . Partof gross income ifthe beneficiary isa third person andthe designation is revocable ¢. Partofthe gross estate ifthe beneficiary i thir person and the designation is irrevocable <4. Excluded from gross income whether beneficiary is revocable or irrevocable 4. A acquired his residential land in 2000 at a cost ofP1,000,000. He sold the property on January 1, 2019 with ‘afar market value of PS,000,000 for a consideration of P4,000,000. Within 18 months, he purchased his new principal residence ata cost of P 7,000,000. How much is be capital guns tex? 8,P300,000 b.P240,000 ¢.P75,000 4. PO 5. Using the same data, except that A acquired his new principal residence at cost of P3,00,000, how much is the capital gains tax? .P300,000b, P240,000 «.P75,000 4. PO 6. Asie his income tax return for the calendar yeas 2018 on March 20, 2019. When is the last day forthe BIR, to collect assuming A did not pay the tax due upon filing? ‘a March 20,2022 b, April 15,2022 ¢. April 15,2024 4, March 20, 2024 7. Using the above data, assuming A file hs income tax return on April 20,2019 andthe returns nt fraudulent, ‘whe is the last day forthe BIR to make an assessment? ‘© April20, 2022 b, April 15,2022, April 20,2024. April 15,2024 i ‘8. Using the above data i the BIR issued « deficiency income tax assessment on March 10, 2021, when isthe last day forthe BIR 10 collect? March 10,2024 April15, 2024 ¢. March 10,2026 4. April 15, 2026 9. The export sale of a vat registered enterprise is ‘a Exempt fiom the vat, Subject tothe 12% vat ', Subject to the 0% vat. Subject to percentage tax 10, Ina transfer in contemplation of death, revocable transfer and cransfer under ¢ general power of ‘appointment, there ere rules to observe to determine what amount to include in the gross estate, which is not ‘rule to observe? ‘2 I the transfer was inthe nature of a bona fide sale for an adequate and full consideration in money ‘or money's worth, no value shall be included in the gross estate . If there was no consideration received on te transfer as in donation inter-vivos, the value to include in the gross estate shal be the fir mazket value ofthe property atthe time of transfer Ifthe consideration received on the transfer was less than adequate and fll, the value to include ia the gross estate shal be the excess of the fair market value ofthe property atthe time of decedent's death over the consideration received 4. Ifthere was no consideration received on the transfer as in donation motis cause, the value to include in the gross estate shall be the fir market value ofthe property tthe time of the decedent's death 114, Which of the following is subject to VAT? ‘& Importation of personal or household effects belonging to the residents ofthe Philippines returning ‘fom abroad and non-resident citizen coning to resetle in the Philippines where such goods were subjected to customs duties ’. Importation of passenger or cargo vessel and sircrafs, including engine, equipment and spare parts thereof for domestic or international transport operation Importation of fuel, goods and supplies by persons engaged in international shipping or air transport ‘operations 4. Sale of real propery not primarily held for sale to customers or held for lease in the ordinary course of business 12, Which of the following is exempt from VAT? ‘8 Sale of passenger or cargo vessels and aircraft, including engine, equipment and spare pars thereof for domestic or international transport operations , Sale of professional instruments end implements wearing apparel, domestic animals and personal ‘household effect €. Sale of fuel, goods and supplies by persons engaged in international shipping or air transport ‘operations |i. For human consumy P 1,500,000 ii, For race horses and fighting cocks '00,000 b. Domestic sale of feeds fr animals i For human consumption 750,000 For race horses and fighting cocks 250,000 ‘©. Input tax which cannot be directly attributed to any of the above sales 100,000 ‘The output tax for April is ‘8 P30,000 bP 90,000 ©. P60,000 4. P120,000 44, Using the above data, the vat still due (excess input tax) is & (P45,000) b. (20,000) ©. (P70,000) 4. PS,000. beneficiary is a Partof gross income whether revocable or irrevocable 'b. Not part of gross income whether revocable or irrevocable ©. Part of gross estate whether revocable or irrevocable 4d. Not part of gross estate whether revocable or irevocable 45. Proceeds of life insurance where a third person other than the executor, or administrator or the decedent is the | 46, DODC Airlines, a foreign international air carrier showed the following gross receipts: | 1 Destination Gross Receipts Philippines China 2,000,000 Philippines Singapore 1,600,000 Singapore Japan 3,000,000 ‘Twenty-five percent of the shipment from the Philippines to Singapore were later shipped from Singapore to Japan, The percentage tax due is 1 P198,000 ». P186,000 . P108,000 46. 296,000 67 DOC Broan Companys ont hr faci op a a nd levis se ood oe ica Sol eta eran as Year 2015, P 9,000,000 | ; 2016 12,000,000 | 18,000,090 | ! 2018 2016 2017 2.P 270,000 P 360,000 2,160,000 '. 1,080,000 1,440,000 2,160,000 | fe, 270,000 1,440,000 2,160,000 ! 4 1,080,000 "360,000 2,160,000 i 48. The gross estate ofA includes P8C,000 receivable which is duly notarized from debtor B whose records show: a Assets 100,000 b. Indebtedness to: 1. Government by way of taxes 40,000 2A 80,000 3. Other ereditors 20,000 ‘The deductible claims against insolvent person is = ‘8. P80,000 . P29,285 «, PA8,000 4. 32,000 49. XYZ Corporation, a domestic corporation had the following data during the calendar year 2017 Gross income P 1,000,000 Business connected expenses 409,000 Dividends fom € Domestic corporation 100,000 ' Foreign corporation, 0% ofthe gross income was derived from the Philippines 109,000 «Foreign corporation, 60% ofthe gross income ‘was derived fom the Philippines 20,000 4 Foreign corporation, 30% of the gros income ‘was derived from the Philippines 49,000 ‘The taxable income is 2,920,000. P820,000 —_. P748,000 4. P750,000, 50. A, a VAT registered taxpayer made the following acquisition of capital goods from VAT registered suppliers (et of vat) during the quarter, Date Cos Estimated Life wily 2 1,500,000 8 years 10 ‘500,000 2 years August 5 ‘400,000 23 years 2 00/000 4 years September 10 500,000 4 years 1s 100;000 6 years ‘The July 2 acquisition was retired in September . The input tax for September is 4 P176,450, 'b PI78,950 © P7,980 P4950 51. Which one ofthe following is not allowed with presumptive inp tax 4. Those engaged in the manufacturing of refined sugaz '. Those engaged in manufacturing packed noodle based instant meals Those engaged inthe processing of canned products 4. Those engaged in pasterizing milk 52. The importation ofthe following is ecempt trom VAT, except 2. grapes, apples and oranges race horse, fightg cocks and z00 animals ©. poultry any livestock rice, corn and coffee bess $53, The importation of the fllovang is subvect to VAT, except 2. vegetables, cos ant shrimps. shell, corals and tobac Blogs, words ane abace: d coun, archids ond bemtoos 54. ABC Transport Corporsiivs has land, se and sic transport operations Te improveits services, which of the following imporon is

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