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October 29 Donated P300,000 to the sister of Mr. JBL who was diagnosed with cancer. They
donated the amount for the medication of Mr. JBL’s sister.
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December 20 Sold 300,000 shares of stocks from ABC Corporation to their daughter for P 300,000.
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The book value per share as per latest audited financial statements of ABC Corporation is P1.50 per
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share. The shares of stocks were acquired two years ago for P200,000
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1. How much is the donor’s tax due of Mr. JBL on the January 26 transfer?
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A. P16,500 C. P24,000
B. P12,000 D. none
2. How much is the donor’s tax due of Mrs. JBL on the October 29 transfer?
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A. P 6,000 C. P21,000
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B. P57,000 D. P45,000
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3. How much is the capital gains tax due of Mr. JBL on the December 20 transfer?
A. P22,500 C. P15,000
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B. P41,250 D. P 7,500
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4. How much is the donor’s tax still due of Mr. JBL on the December 20 transfer?
A. P4,500 C. P25,500
B. None D. P 9,000
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shares of stocks were acquired 3 years ago at par value. XYZ Corporation has 10,000 outstanding
shares with par value of P 1,000 per share. The total assets and liabilities of XYZ Corporation in its
latest audited financial statements are P20,000,000 and P5,000,000, respectively.
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Assuming that the book value of all its assets and liabilities is also the market value with the
exception of its real property. Assume further that the market values of the real property of XYZ
Corporation are as follows:
5. How much is the capital gains tax due on the sales of Mr. X’s shares of stock?
A. A. P1,046,250 C. P 495,000
B. B. P1,087,500 D. P 750,000
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6. How much is the documentary stamp tax due on the sale of Mr. X’s shares of stock?
A. A. P37,500 C. P18,750
B. B. P91,875 D. P75,000
8. Assuming that Mr. X donated the 5,000 shares of stocks of XYZ Corporation, instead of
being sold, How much is the donor’s tax due on the said donation?
A. A. P720,000 C. P672,000
B. P585,000 D. P703,500
Situation 4 – (TRAIN LAW) Lucky Go, is a practicing lawyer, who is engaged in providing legal
services to his clients. He is also a licensed real estate broker. Both businesses were registered with
the BIR and had the following data made available for year 2018 (amounts are gross of withholding
tax):
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Gain on sale of real property held for investment amounts to P500,000 (selling price is
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P2,000,000);
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Wagering gain amounting to P50,000 (net of wagering losses of P100,000);
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Royalties from books published and sold amounting to P150,000; and
Interest income from banks amounting to P30,000.
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9. Compute 22A, Page 1 of BIR Form No. 1701,assuming Mr. Go opted to use itemized
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10. Compute 17A, Page 2 of BIR Form No. 1701, assuming Mr. Go opted to use optional standard
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A. P2,240,000 C. P1,500,000
B. P2,300,000 D. P1,440,000
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11. How much is the final withholding income tax of Mr. Go, assuming 2/3 of interest income from
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A. P 47,000 C. P 21,000
B. P 17,000 D. P137,000
12. Mr. Bona filed his 2014 income tax return on June 30, 2015. The Bureau of Internal Revenue
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discovered a deficiency income tax on August 15, 2016. When should the deficiency tax
assessment be served?
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13. On March 5, 2015, the Bureau of Internal Revenue discovered a deficiency value added tax for
the quarter ended September 2008. The deficiency did not arise from error or fraud. Which of
the following statements is correct?
A. The BIR must send the assessment notice before March 5. 2018.
B. The BIR has no more remedies since the tax prescribed.
C. The BIR must send the assessment notice before September 30, 2018.
D. The BIR must send the assessment notice before March 5, 2005.
Revenues P 10,000,000
Cost of services 6,000,000
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14. How much is the output tax due for the first quarter of 2019?
A. P1,044,000 C. P1,068,000
B. P1,104,000 D. P1,080,000
15. How much is the deductible creditable input tax for the 1 st quarter of 2019?
A. P255,172 C. P300,000
B. P261,000 D. P256,180
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16. How much is the income tax due for the 1 st quarter of 2019, assuming itemized deduction was
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used? eH w
A. P765,000 C. P720,000
B. P779,700 D. P780,000
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17. How much is the income tax due for the 1 st quarter of 2019, assuming the optional standard
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Situation 2 - (TRAIN LAW) iWash Corporation, a VAT-registered company is engaged in the laundry
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business. During the first quarter of 2018, the following information were made available:
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Receivables balance are all income related and are inclusive of value-added tax. Revenues
purchases are VAT exclusive. Capital goods are estimated to have a useful life of 10 years.
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Sales P 100,000,000
Cost of goods manufactured and sold 60,000,000
Gross income from operations 40,000,000
Other income 5,000,000
Total gross income 45,000,000
Operating expense 15,000,000
Finance costs 5,000,000
Net income before income tax 25,000,000
Income tax expense 4,500,000
Net income after income tax P 20,500,000
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Operating expense include allowance for bad debts expense amounting to P500,000.
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During the year, the Corporation has written-off bad debts which are certainly uncollectible
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amounting to P300,000. eH w
Finance cost is broken down as follows:
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- Interest expense on loan from various financial institutions – P3,000,000. Interest
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expense on loans from a majority stockholder – P2,000,000
Income tax expense, represents quarterly income tax paid.
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22. Compute page 4, Schedule V, Item 4 of BIR Form No. 1702 - RT (net income per books should
refer to net income before income tax).
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A. P 5,000,000 C. P 5,824,000
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B. P 27,082,500 D. P 25,000,000
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B. P 4,500,000 D. P 500,000
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A. P 600,000 C. P 5,100,000
B. P 5,140,000 D. P 6,040,000
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25. How much withholding tax should HUMILITY Corporation remit on its loan interest payments
assuming the Corporation is including in the BIR list of top withholding agents?
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A. P 460,000 C. P 100,000
B. P 750,000 D. P 360,000
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