POINTERS FOR THE FINAL EXAM

1. Lifeblood doctrine
2. Tax exemption
3. Tax vs. License
4. Tax vs. Revenue
5. Tax Amnesty vs. Condonation
6. Exclusion vs. Deduction
7. Ordinary Income vs. Passive Income
8. Progressive system of taxation / Schedular vs. Global
9. Exclusion from Gross Income – proceeds of insurance policy;
10. Separation pay / retirement benefits when excluded from gross income
11. Principles regarding Allowable Deductions / Requisites on substantiation / Cohan Rule /
Best Evidence Obtainable Rule / Optional Standard Deduction; OSD of GPP and Partners
12. Tax Treatment of sale of real property located in the PH classified as capital asset by a
RFC
13. Treatment of Capital Losses – sale of real property classified as capital asset
14. Deductions which are subject to limitations
15. Fringe benefits / fringe benefit tax
16. Non-deductibel Taxes – income subject to final taxes
17. Income Tax returns for Individual taxpayers
18. Tax on individual taxpayers / exempt taxpayers/ Non-taxable income (P250K)
19. Gross Philippine Billings
20. Carryforward Tax Benefits / MCIT / NOLCO
21. Losses – requisites for deductibility
22. Interest on the acquisition of buildings/assets – tax treatment
23. Bad Debts requisites for deductibility
24. Operating Lease vs capital lease
25. Capital expenditure vs. Ordinary Expense
26. Depreciation – requisites
27. Gross Income – what comprise
28. Deductions – may illegal business be allowed to claim legitimate deductions?
29. Compensation Income vs Fringe Benefit
30. Ordinary loss vs. capital losses