Tax6148-Income Taxation Assignment 001

TAX6148-INCOME TAXATION
Assignment 001
An individual taxpayer provided the following information
Gross business income, Philippines 5,525,000
Gross business income, China 1,350,000
Business expenses, Philippines 3,375,000
Business expenses, China 535,250
1. The amount taxable income, if the taxpayer is a resident citizen is:
Answer: P2,914,750
2. If the taxpayer is a nonresident citizen, the amount of tax due is,
Answer: P637,000
3. The amount of tax due, if the taxpayer is a nonresident citizen is:
Answer: 637,000
4. The amount of tax due, if the taxpayer is a resident alien is:
Answer: 637,000
5. The amount of taxable income, if the taxpayer is a nonresident alien engaged in

trade or business. Assume further that his country allows personal exemptions to
Filipinos not residing therein as follows: Basic exemptions -P100,000: Additional
exemption P50,000 per child
Answer: P2,100,00
6. The amount of tax due, if the taxpayer is a nonresident alien not engaged in trade or
business is:
Answer: P1,381,250
7. The amount of taxable income, if the taxpayer is a resident alien is:
Answer: P2,100,000
8. The amount taxable income, if the taxpayer is a nonresident alien not engaged in
trade or business is:
Answer: P5,525,000
9. The amount of tax due ,if the taxpayer is a resident citizen is:
Answer: 897,720
10. The amount of taxable income , if the taxpayer is a nonresident citizen is:
Answer: P2,100,000
SHORT QUIZ 001
1. The Commissioner of Internal Revenue cannot
Answer: Compromise criminal aspect of tax violations if already filed in court
2. It is the principal government office that handles the administration and

supervision of tax related matters
Answer: Department of Finance (DOF)
3. The following government officials are tasked to administer and enforce tax
administrative functions, except:
Answer: Supreme Court Justice
4. The following BIR officers are task to administer and enforce the Tax Code,
except:
Answer: Secretary of Finance
5. Which of the following is not within the power of the Commissioner of Internal
Revenue to make an assessment?
Answer: Compromise tax cases
6. The following are powers of the Commissioner shall not be delegated, except:
Answer: All of the answers correct

7. The following are the powers and authorities of the Commissioner of Internal
Revenue, except:
Answer: To give effect and administer the supervisory of police powers

conferred to it by the Tax Code or other Laws.
8. Which of the following does not fall within the powers and duties of the Bureau
Internal Revenue?
Answer: To summon, examine and take testimony of persons.
9. The Chief Officials of the Bureau of Internal Revenue are
Answer: A commissioner and four (4) Deputy Commissioners
10. The power to interpret the provisions of the National Internal Revenue Code shall
be under the exclusive and original jurisdiction of the
Answer: Commissioner of the Internal Revenue
Assignment 002
1. The amount of income tax due of Business International School for the year
2016 is:
Answer: P3,535,269
2. The net income after tax to be presented on the income statement of

Cargospeed International Corporation for the year 2017 is:
Answer: P40,788,132
3. The amount of income tax due of Cargos speed International Corporation for the
year 2016 is:
Answer: P10,605,807
4. The income after tax to be presented on the income statement of Business

International School for the year 2017 is:
Answer: P52, 441,884
5. The applicable income tax rate for Business International School is:
Answer: 10%
6. The amount of income tax due of Business International School for the year
2017 is:
Answer: P5,826,876
7. The applicable income tax rate for Cargo speed International Corporation is:
Answer: 30%
8. The amount of income tax expense to be recognized on the income statement of

Cargo speed International Corporation for the year 2017 is:
Answer: P17, 480,628
9. The amount of income tax due of Cargo speed International Corporation for the
year 2017 is:
Answer: P17,480,628
10. The amount of income tax expense to be recognized on the income statement of
Business International School for the year 2017 is:
Answer: P5,826,876
SHORT QUIZ 002
1. I. In the Philippines, there may be double taxation

II. Taxation may be used to implement the police power of the state
Answer: True, True
2. Statement 1: an ordinance imposing a tax on the manufactures of soft drinks

and another tax on the sale of the soft drinks constitute double taxation
Statement 2: A criminal case for tax evasion maybe filled against taxpayers even
without prior assessment issued by the Commissioners of Internal Revenue
Which of the following statement is false?
Answer: Both of the given choices is correct
3. The process or means by which the sovereign, through its Law- making body
raises income to defray the expenses of the government
Answer: Taxation
4. The aspects of taxation are
Answer: Shared by the Legislative and executive departments
5. Enforced proportional contributions from person and property levied by the

state by virtue of its sovereignty for the support of the government and for all
public needs
Answer: Taxes
SHORT QUIZ 003
1. During the taxable year, Mr Romeo Dy separated legally from his wife, Janelee.
The legally separated spouses have five qualified dependent children. Both
spouses were earning with the following gross taxable income: Mr. Dy, P380,000:
Ms. Lee, P290,000. For custody, the court granted Mr Dy, awarded two children
and Ms. Lee the remaining children. Meanwhile, Mr. Dy is supporting his niece who
is 21 years old, unmarried and incapable of self-support. Both spouses have
monthly premium payment for health insurance of P150 each and P1,000 each for
yearly life insurance
The allowable deductions for health and hospitalization insurance of Mr. Dy is:
Answer: No correct answer
2. During the taxable year, Mr. Romeo Dy separated legally from his wife, Janelee.
The taxable income of Mr. Dy is:

Answer: P280,000
The additional personal exemption of Mr. Dy is:

Answer: P50,000
The filling status of Ms. Lee is:
Answer: Head of Family
The total personal exemptions of Mr. Dy is:

Answer: P100,000
The allowable deductions for health and hospitalization insurance of Mr Dy is:
Answer: No correct answer
yearly life insurance. Mr Romeo Dy is classified during the taxable year as:
Answer: Head of Family
yearly life insurance.
The total personal exemptions of Ms. Lee is:
Answer: P100,000
The taxable income of Ms. Lee is:
Answer: P190,000
The additional personal exemption of Ms. Lee is:
Answer: P50,000
Short Quiz 004

1. If it is a resident corporation, using itemized deduction is, its income tax is:
Answer: P450,000
2. If the company opted to use the OSD, NCIT would be:
Answer: P810,000
3. Moreover, the company had an excess tax payment of P12,000 in 2016 from which
it had decided to claim tax credit on the excess. The income tax still payable for
the year 2017
Answer: P63,750
4. Moreover, the company had an excess tax payment of P12,500 in 2016 from which
it had decided to claim tax credit on the excess. What is the income tax still payable
at the end of first quarter?
Answer: P21,500
5. Northern Medical College, a proprietary educational institution, had the following
financial date for 2017:
Gross receipts from tuition fee payments P14,000,000
Itemized expenses P9,000,000
The income tax liability for 2017 would be:

Answer: P500,000
6. Hollywood film, a non-resident foreign corporation distributing cinematographic
films, had the following data in its Philippine operation for 2017:
Gross receipts from film distribution P8,000,000.
Cost of films and other distribution expenses P5,000,000.
Operating expenses P1,500,000.
The amount of income tax payable in the Philippine would be:
Answer: P750,000
7. The NCIT would be:
Answer: P150,000
8. If the company opted to use the OSD, MCIT would be:
Answer: P90,000
9. If it is a domestic corporation, using itemized deduction,its income tax is
Answer: P825,000
10. The income tax to be paid, if the company opted to use the OSD is:
Answer: P810,000
Short Quiz 005

1. Statement I. Compensation income includes salary, honoraria, allowances
Separation pay, and retirement pay.
Statement II. Representation and travelling allowances that are fixed in amount
are not taxable
Answer: Only Statement compensation incomes includes salary, Honoria,
allowances, separation pay, and retirement pay is correct
2. Separation pay brought about by the following circumstances is non-taxable
except:
Answer: Voluntary resignation
3. Ms. Juana Dela Cruz, Vice President for Corporate Management, regularly receives
representation and travelling allowance of P25,000 a month in addition to her basis
salary. Is the P25,000 taxable?
I. No, because the representation and travelling allowance is not a compensation
II. Yes, unless the representation and travelling allowance is subject to liquidation
or reimbursable.
Answer: Yes, uncles the representation and travelling allowance is subject to
liquidation or reimbursable is correct: No, because the representation and
travelling allowance is not a compensation is wrong
4. A taxpayer received a basis salary P1,152,000 per year. At the end of taxable year,
he also received 13th month pay which is equivalent to his one month basis salary.
Is the 13th month pay of the taxpayer taxable?
Answer I No, because 13th month pay is tax exempt and does not form part of the
compensation income
Answer II Yes, because the 13th month pay he received already exceeded the P82,000
threshold
Answer: No, because 13th month pay is tax exempt and does not form part of
the compensation income is wrong: Yes, because the 13th month pay he
received already exceeded the P82,000 is correct
5. Statement I. A leasehold improvement that becomes the property of the lessor at
the end of the lease term is a donation from the lessee.
Statement II. A leasehold improvement that becomes the property of the lessor at
the expiration of the lease term is included in gross taxable income of the lessor a
Answer: Neither statement is correct
6. Rent income includes the following, except;
Answer: Advanced rent payment with restriction
7. Retirement pay from employer is not taxable, provided the following requirements
bad been complied with except;
Answer: The retiree should have been employed for 5 years in the said
company
8. Mr. Juan Dela Cruz recently received P200,000 as a separation pay from his
employer, ABC Corporation, since the company was undergoing reorganization due
to merger with XYZ Corporation. Is the amount received by Mr. Dela Cruz taxable?
Answer I No, because the separation was involuntary on his part. Answer II Yes,
because by nature, separation pay is generally taxable.
Answer: No, because the separation was involuntary on his part is correct: Yes,
because by nature, separation pay is generally taxable is wrong
9. Which of the following is not a requisite for earnings to be taxable?
Answer: The gain or profit must fully satisfy the recipient
10. Mr. Chris Cruz, 60 years old, manager at DEF Company, retired during the taxable
year. Because of his exemplary performance for last years, the company, which
did not have an approved retirement plan, gave him P500,000 as retirement pay.
In addition, he also received P300,000 from SSS as a retirement benefit. Is the
total retirement pay of Mr. Cruz from his employer and the SSS taxable?
Answer I No, the total amount of P800,000 is not taxable retirement pay.
Answer II Partly taxable, partly not. The amount from his employer is taxable while
the amount from the SSS is not taxable
Answer: No, the total amount of P800,000 is not a taxable retirement pay is
wrong: Partly taxable, partly not. The amount from his employer is taxable
while the amount from the SSS is not taxable is correct.
SHORT QUIZ 006

1. The following statement are true, except;
Answer: Fringe benefits given to employees regardless of what positions they
are holding are subject to fringe benefits tax.
2. The following are the requirements so that the retirement pay received by an
employee from his/her employer is nontaxable, except;
Answer: The retiree should have been at least 40 years old at the time of
retirement
3. An ordinary asset may include the following, except;
Answer: Personal property of the tax payer used in his/her trade or business
4. Statement I Separation pay may be taxable or tax-exempt
Statement II Separation pay is not taxable if the separation is involuntary on the
part of employee
Answer: Both statements are correct
5. Statement I Under outright method of recognizing income on leasehold
improvement, the tax base is the cost of fair market value of the least hold
improvement whichever is higher
Statement II The fair market value of the leasehold improvement in the outright
method, means the value of the improvement at the time the contract becomes
effective.
Answer: Neither statement is correct
6. Statement I Fringe benefits received by an employee may either be subject to final
tax or basis tax
Statement II Fringe benefits received by supervisor or manager are nontaxable
because of the complexities of functions attached to the position
Answer: Only Statement is correct
7. The following items are included in rent income, except;
Answer: Advance rent payment with restriction
8. The grossed-up monetary value of fringe benefits shall be computed as:
Answer: The monetary value of the fringe benefit shall be divided by 75% for
non-resident alien not engaged in business or trade in the Philippines
9. The following situation may warrant that separation pay shall not be included in
the gross taxable income, except
Answer: Employment
10. Statement I Fringe benefits received by rank and file employees are not subject to
fringe benefits tax, but included in the gross taxable income
Statement II Fringe benefits granted to managerial employees are subject to fringe
benefits tax and the employer withholds the amount of tax
Answer: Both statement are correct
Short Quiz 007

1. The following are business expenses, except;
Answer: Personal exemptions
2. These are the list of specific expenses allowed by the Tax Code and tax regulations
to be deducted from gross taxable income to arrive at the taxable net income
Answer: Itemized expenses
3. The following taxpayers entitled to deduct Net Operating Loss Carry-Over
(NOLCO), except;
Answer: Individual taxpayers earning purely compensation income
4. The following are non-deductible interest expense except;
Answer: Interest for tax delinquency
5. Losses are allowed as deductions from gross income if the following provisions are
met, except;
Answer: The loss need to be reported to the BIR
6. The following are the requisites for the charitable and other contributions to be
deductible, except;
Answer: Must be either for public or private purpose
7. The following are the requisites for the bad debt expense to be deductible except;
Answer: The existing debts must either be estimated or ascertained to be
worthless
8. The following are the requisites for the tax expense to be deductible, except
Answer: All taxes paid are generally deductible
9. The following are the requisites for the interest expense to be deductible, except:
Answer: There is indebtedness may be entered either verbally or in writing
10. Donations made to the following institutions are deductible in full, except;
Answer: Non-governmental organizations (NGOs)
Short Quiz 008

1. Donations made to the following institutions are deductible in full, except:
Answer: Non-governmental organizations (NGOs)
2. The following are the requisites for the charitable and other contributions to be
deductible, except
Answer: Must be either for public or private purpose
Mr. Juan Dela Cruz had the following income and charitable donations during the year:
3. The amount of donation and contributions that is subject to limit is
Answer: P140,000
4. For the donation and contributions subject to limit, the rate to be used is
Answer: 10%
5. The amount of partially deductible donation and is
Answer: P50,000
6. The amount of fully deductible donation and contributions is
Answer: P180,000
7. The amount of total deductible donation expense is:
Answer: P230,000
ABC Corporation had the following income and charitable donations during the year:
8. The amount of total deductible donation expense is:
Answer: P130,000
9. The amount of partially deductible donation and is
Answer: P30,000
10. For the donation and contributions subject to limit, the rate to be used is
Answer: 5%
Assignment 003
1.
1. The amount of excess de minimis benefits to be carried over in the "other benefits"
section of 13th month and other benefits account is
Answer: P20,500
2. The amount of non-taxable 13th month and other benefits is:
Answer: P70,500
3. The amount of non-taxable de minimis benefits is:
Answer: P53,000
4. The amount of taxable 13th month and other benefits is:
Answer: P0
5. The amount of non-taxable income is:
Answer: P133,500
6. The amount of gross taxable compensation income is:
Answer: P607,500
7. The amount of gross compensation income is:
Answer: P741,000
8. The amount of ceiling of non-taxable 13th month and other benefits is:
Answer: P82,000
9. The amount of net taxable compensation income is:
Answer: P482,500
10. The total amount of personal exemptions is:
Answer: P125,000
ASSIGNMENT 004
Questions:
1. The applicable final tax rate for interest income earned from peso
denominated savings deposit account is:
Answer: 20%
2. The applicable final tax rate for winnings earned from PCSO lotto and
sweepstakes is:
Answer: None, tax-exempt

3. The applicable final tax rate for royalty income earned as an author of a book
is:
Answer: 10%
4. The amount of Nontaxable income that will not be reported anymore as part
of gross income is:
Answer: P100,000
5. The applicable final tax rate for royalty income earned as franchisee is:
Answer: 20%
6. The total amount of inclusions to gross income "
Answer: P 1,238,500
7. The amount of Taxable Income subject to Basic Tax is:
Answer: P1,326,500
8. The total amount of exclusions to gross income
Answer: P938,000
9. The amount of Taxable Income subject to Final Tax is:
Answer: P838,000
10. The amount of Nontaxable income that is still needed to be reported as part
of gross income is:
Answer: P92,000
Assignment 005
Questions:
ABC Company rented the vacant lot of DEF Company for a term of 25 years. The lessee agreed to
pay monthly rental of P355,000.
ABC Company constructed a building on the leased property at a total cost of P50,000,000 with
estimated useful life of 50 years without residual value. As agreed, the building will become the
property of DEF Company at the expiration of the lease contract.
When the building was completed and the contract became effective, the fair market value of the
improvement was P75,000,000.
CASE 1:
Assume further that the lessor was using an outright method of reporting leasehold improvement,
and the improvement was destroyed by fire at the end of the 10th year. Also, assume that such
improvements has no salvage value and insurance coverage.
1. At what amount, income should be recognized?
Answer: P75,000,000
2. The amount of deductible loss is:
Answer: P60,000,000
3. How much is the accumulated depreciation?
Answer: P15,000,000
CASE 2:
Assume that the lessor was using spread-out method , and that the building was destroyed by fire at
the end of the 10th year with salvage value of P750,000 and recoverable amount of P1,000,000 from
the insurance company.
4. The amount of total income from leasehold improvement to be recognized is:
Answer: P10,000,000
5. The amount of deductible loss is:
Answer: P8,250,000
6. How much is the amount of accumulated depreciation at the end of the lease
term?
Answer: P25,000,000
7. Should the salvage value and the amount recoverable from insurance be
deducted to the total amount of loss to be recognized?
Answer: Yes
8. At what amount should the allocated portion of income be recognized at each

period?
Answer: P1,000,000
9. How much is the book value at the end of the lease term?
Answer: P25,000,000
10. What is the amount of annual depreciation?
Answer: P1,000,000
Assignment 006
Questions:
In 2017, ABAKADA Corporation entered into a lease agreement with ABC Corporation with the
following terms:
Annual rent of office building P 2,100,000
Annual rent of warehouse 4,200,000
Real property taxes for 2017 225,000
Cost of leasehold improvement 1,500,000
Estimated useful life – 10 years
Lease term – 5 years
Additional information:
1. ABAKADA Corporation paid local taxes and licenses of P83,500 for the year.
2. Import duties paid for the year – P75,000
3. Quarterly income tax payments (1st to 3rd quarter) – P210,000
1. The amount of deductible rent expense is:
Answer: P2,100,000
2. The amount of deductible taxes is:
Answer: P383,500
Questions:
Mr. John Delos Santos, a mixed income earner, presented the following data for the
following year:
3. The amount of deduction to business income, if Mr. Delos Santos opted to used
optional standard deduction?
Answer: P468,000
4. The amount of deduction to business income, if Mr. Delos Santos opted to used
itemized deduction?
Answer: P320,000
5. DEF Corporation is engaged in the sale of goods with net sales of P3,000,000.
The actual representation expense for the taxable quarter totaled P50 ,000. For
income tax purposes, how much is the deductible representation expense?
Answer: P15,000
6. ABC Corporation has the following interest income and expense for the taxable
year.
Interest income, net of 20% final tax P24,000
Interest expense 60,000
How much is the deductible interest expense?
Answer: P50,100
7. XYZ Corporation has the following interest income and expense for the taxable
year.
Interest income, net of 20% final tax P24,000
Interest expense 60,000
Interest on unpaid taxes 5,000
How much is the deductible interest expense?
Answer: P55,100
Questions:
On October 1, 2014, Juan Dela Cruz purchased an automobile for P500,000 which will
be used exclusively for his practice of profession. He deducted annual depreciation on
the basis of an estimated useful life of five (5) years.
On October 1, 2017, the automobile was partially damaged in an accidental collision

with another vehicle. The fair market value of the vehicle before the collision is at its
carrying value of P200,000. After the collision, the fair market value was determined at
P100,000.
Mr. Dela Cruz received insurance proceeds of P70,000 to cover the loss
8. How much was the deductible loss if the cost to restore was P250,000?
(Note: Disregard fair market values
Answer: P250,000
9.How much was the deductible loss?
Answer: P30,000
10.How much was the deductible loss if the automobile was totally destroyed?
(Note: Disregard fair market values)
Answer: P130,000
ASSIGNMENT 007
REQUIREMENT:
Using the same data and answer you generated in Week004 – Income Tax on
Corporation (Assignment 002), prepare the income tax return of Business
International School (Note: Use BIR Form 1702-MX)
Questions:
1. If the company is to use all the line items of expenses as presented in its income
statement in the computation of taxable income, what method of deduction
should the company use?
Answer: Itemized Deduction
2. In the preparation of BIR Form No. 1702-MX, at what business year reporting
should be marked?
Answer: Fiscal
3. In the preparation of BIR Form No. 1702-MX, what is/are the Alphanumeric Tax
Code (ATC) that the company should use?
Answer: IC 055 and IC 057
4. The total amount of income tax payments under NCIT that should used as tax
credit is:
Answer: P4,614,346
5. The total amount of tax credits/payments is:
Answer: P5,189,
6. The total amount of taxes withheld per BIR Form 2307 that should used as tax
credit is:
Answer: P575,000
7. Total amount of tax still payable is
Answer: P637,530
8. Total income tax due is
Answer: P5,826,876
9. Is the income tax return being prepared a short period return?
Answer: False
10. Is the income tax return being prepared an amended return?
Answer: False
ASSIGNMENT 008
REQUIREMENT:
Using the same data and answer you generated in Week004 – Income Tax on
Corporation (Assignment 002), prepare the income tax return of Cargospeed
International Corporation (Note: Use BIR Form 1702-RT)
1. In the preparation of BIR Form No. 1702-MX, at what business year reporting should
be marked?
Answer: Fiscal
2.Is the income tax return being prepared a short period return.
Answer: No
3.The total amount of tax credits/payments is:
Answer: P10,765,346
4.Total income tax due is
Answer: P17,480,628
5.Total amount of tax still payable is
Answer: P6,715,283
6.The total amount of taxes withheld per BIR Form 2307 that should used as tax credit
is:
Answer: P575,000
7.The total amount of income tax payments under NCIT that should used as tax credit
is:
Answer: P9,614,346
8.In the preparation of BIR Form No. 1702-RT, what is/are the Alphanumeric Tax Code
(ATC) that the company should use?
Answer: IC 055 and IC 058
9.Is the income tax return being prepared an amended return?
Answer: No
10.If the company is to use all the line items of expenses as presented in its income
statement in the computation of taxable income, what method of deduction should the
company use?
Answer: Itemized Deduction

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TAX6148-INCOME TAXATION

An individual taxpayer provided the following information

Gross business income, Philippines 5,525,000

Gross business income, China 1,350,000

Business expenses, Philippines 3,375,000

Business expenses, China 535,250

1. The amount taxable income, if the taxpayer is a resident citizen is:

2. If the taxpayer is a nonresident citizen, the amount of tax due is,

3. The amount of tax due, if the taxpayer is a nonresident citizen is:

4. The amount of tax due, if the taxpayer is a resident alien is:

5. The amount of taxable income, if the taxpayer is a nonresident alien engaged in

7. The amount of taxable income, if the taxpayer is a resident alien is:

SHORT QUIZ 001

1. The Commissioner of Internal Revenue cannot

Answer: Compromise criminal aspect of tax violations if already filed in court

2. It is the principal government office that handles the administration and

Answer: Department of Finance (DOF)

Answer: Supreme Court Justice

Answer: Secretary of Finance

Answer: Compromise tax cases

Answer: All of the answers correct

Answer: To give effect and administer the supervisory of police powers

Answer: To summon, examine and take testimony of persons.

9. The Chief Officials of the Bureau of Internal Revenue are

Answer: A commissioner and four (4) Deputy Commissioners

Answer: Commissioner of the Internal Revenue

2. The net income after tax to be presented on the income statement of

4. The income after tax to be presented on the income statement of Business

Answer: P52, 441,884

8. The amount of income tax expense to be recognized on the income statement of

Answer: P17, 480,628

SHORT QUIZ 002

1. I. In the Philippines, there may be double taxation

Answer: True, True

2. Statement 1: an ordinance imposing a tax on the manufactures of soft drinks

Answer: Both of the given choices is correct

Answer: Shared by the Legislative and executive departments

5. Enforced proportional contributions from person and property levied by the

SHORT QUIZ 003

The taxable income of Mr. Dy is:

The additional personal exemption of Mr. Dy is:

The total personal exemptions of Mr. Dy is:

Answer: No correct answer

Short Quiz 004

The income tax liability for 2017 would be:

Short Quiz 005

SHORT QUIZ 006

Short Quiz 007

Short Quiz 008

3. The amount of donation and contributions that is subject to limit is

5. The amount of partially deductible donation and is

6. The amount of fully deductible donation and contributions is

7. The amount of total deductible donation expense is:

8. The amount of total deductible donation expense is:

9. The amount of partially deductible donation and is

Answer: None, tax-exempt

8. At what amount should the allocated portion of income be recognized at each

10. What is the amount of annual depreciation?

On October 1, 2017, the automobile was partially damaged in an accidental collision

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