1. Which of the following is wrong?

The fringe benefit tax is B

a. Imposed on the employer
b. Imposed on the rank and file employee if the amount of the benefit exceeds the ceiling allowed by
the tax code
c. Withheld at source
d. Deductible by the employer

2. The following are de minimis benefits granted to each employee, except: B

a. Monetized value of sick leave credits paid to government officials and employees
b. Monetized value of vacation leave credits paid to government officials and employees
c. Monetized unused vacation leave credits of private employees not exceeding 10 days during the
year
d. Monetized unused sick leave credits of private employees not exceeding 10 days during the year?

3. The gross-up monetary value of the fringe benefit subject to fringe benefit tax received by a
nonresident alien individual not engaged in trade or business in the Philippines is computed by
dividing the monetary value of the fringe benefit by: B
a. 25%
b. 75%
c. 15%
d. 85%

REQUIREMENT 2

Test 1: Identify whether it is a capital asset or ordinary asset.

1. Account receivable OA
2. Land used in business OA
3. Interest of a partner in a CA
partnership
4. Stock in trade OA
5. Equipment used in OA
trade or business
6. Personal art collection OA
7. Family yacht CA
8, Residential house CA
9. Land for sale by real OA
estate dealer
10. Land used in business OA
11. Inventory of raw OA
materials
12. Securities held for CA
investment

Test 2: Computation: Supply the answer

1. On February 1, Mr. X sold 1,000 sqm. residential land for P600,000. The land was acquired 10 years
ago for P100,000. On the date of sale the fair market value of the real property is P500,000 and the
assessed value of P550,000. The zonal value is P650 per sqm. The capital gains tax is: __39,000__
2. The following are transactions of Mr. Co, for the year 2016. Sale of shares of stocks of ABC Corp.
which was acquired previously for P200.
- 3,000 shares sold in the stock exchange at P300
- 4,000 shares sold outside the stock exchange at P250 per share
How much is the capital gains tax? __30,000__

3. Mr. Tee, owns a parcel of land worth P1,000,000 which she inherited from her father in 2012 when it
was worth P400,000. His father purchased it in 2001 for P50,000. Mr.Tee transfer the parcel of land
to corporation in exchange for shares of stock of the said corporation worth P800,000. How much is
the capital gain? __200,000__

4. Mr. Mr. Paul sold his shares of stock which are held as capital assets thru local stock exchange to Mr.
B for P 200,000. Mr. Paul bought the shares of stock at P 150,000 with a commission of P 5,000 paid
to the broker who negotiated the transaction. How much is the capital gains tax? __2,700__

5. Mr. Lee has the following transactions involving shares of stock not sold through local stock
exchange:

Date Sold Date Selling Fair Cost

Acquired Price Market
Value
1/15/16 1/1/13 P150,000 120,000 100,000
3/15/16 1/15/14 280,000 300,000 150,000
10/15/16 10/15/15 250,000 220,000 300,000
12/15/16 12/1/16 350,000 300,000 250,000

a. How much is the capital gains tax due for the sale on:
1. January 15 9,000
2. March 15 18,000
3. October 15 18,000
4. December 15 21,000

b. How much is the capital gains tax payable (refundable) when the consolidated turn is filed?