Properties owned before marriage and brought into the marriage are generally classified as: I.

Exclusive
properties under conjugal partnership of gains. II. Common properties under absolute community of
properties. A. Only I is correct C. Both I and II are correct B. Only II is correct D. Both I and II are incorrect
2. A resident alien donor donated to a Philippine domestic corporation a property located abroad valued
at P500,000. The foreign donor's tax on the donation was P100,000. A donation earlier within the same
calendar year was made to a legitimate daughter, property valued at P300,000. The donor's tax due on
the last donation after credit for foreign donor's tax paid is: A. P50,000 B. P52,500 C. P56,000 D. P58,500
3. The excess of allowable deductions over gross income of the business in a taxable year is known as A.
Net operating loss. B. Ordinary loss. C. Net deductible loss. D. NOLCO 4. The following data pertain to
the estate of a married decedent: Conjugal real properties P5,000,000 Conjugal family home 2,000,000
Exclusive properties 2,500,000 Conjugal ordinary deductions: Funeral expenses 250,000 Other
deductions 1,300,000 1,550,000 Medical expenses 500,000 The taxable net estate is: A. P3,750,000 B.
P3,350,000 C. P2,750,000 D. P2,200,000 5. Which of the following excess input tax cannot be refunded
or converted into tax credit certificate? A. Input tax associated with sale of goods to Asian Development
Bank. B. Input tax associated with sale of goods to International Rice Research Institute. C. Input tax
associated with export sales of VAT-registered taxpayers. D. Input tax associated with exports of non-
VAT exporter. 6. The following data pertain to the estate of an unmarried but head of the family
decedent: Real and personal properties P5,000,000 Family home 800,000 Ordinary deductions: Funeral
expenses 200,000 Other deductions 1,300,000 1,500,000 Medical expenses 300,000 The taxable net
estate is: A. P3,000,000 B. P2,200,000 C. P3,200,000 D. P1,500,000 7. The proceeds received under a life
insurance endowment contract is NOT considered part of gross income: A. If it is so stated in the life
insurance endowment policy. B. If the price for the endowment policy was not fully paid. C. Where
payment is made as a result of the death of the insured. D. Where the beneficiary was not the one who
took out the endowment contract