TAXATIONWeek 3 TAX PreTest

Question
1/20

Correct

 P117,000
 P67,500
 P 75.000
 P 300,000

Next Question

SOLUTION:

Domestic RFC NRFC

Gross Income, Philippines P975,000 P975,000 P975,000

Expenses, Philippines (750,000) (750,000)

Gross Income, Malaysia 770,000

Expenses, Malaysia (630,000)

Interest on bank deposit-- 25,000

Taxable income 365,000 225,000 P1,000,000

Tax Rate 30% 30% 30%

Tax Due P109,500 67,500 300,000

 TAXATIONWeek 3 TAX PreTest
Question
2/20

Correct

 P600,000
 P750,000
 P585,000
 P605,000

Finish quiz

TAXATION Week 3 TAX PreTest

Question
3/20
Correct

 Php 0

 Php 6,000,000

 Php 4,000,000

 Php 2,400,000

SOLUTION:

4,000,000 x 40% = 1,600,000 (murag ang operating expense nimo)

4,000,000 – 1.600,000 = 2,400,000

TAXATIONWeek 3 TAX PreTest

Question
4/20

Correct

 P 3.000.000
 P 750,000
  P 1,800,000
 P 9.000.000

Next Question

TAXATIONWeek 3 TAX PreTest

Question
5/20

Correct

 Both statements are true

 Statement 2 is true but, Statement 1 is false
 Both statements are false
 Statement 1 is true but, Statement 2 is false

Next Question

TAXATIONWeek 3 TAX PreTest

Question
6/20
Correct

 P800,000
 1,000,000
 695.000
 910,000

Next Question

The books of a corporation show the following for the taxable year 2022

Gross Income Deductible Expenses Total Assets

Philippines 4,000,000.00 2,000,000.00 50,000,000.00

USA 2,000,000.00 1,000,000.00 20,000,000.00

Thailand 2,000,000.00 1,500,000.00 15,000,000.00

England 1,000,000.00 500,000.00 20,000,000.00

*excluding land

Taxes paid on net Income

USA P120,000

England P60,000

Thailand P140,000

If the corporation is a domestic corporation, how much is the tax payable?

TAXATIONWeek 3 TAX PreTest

Question
7/20

Correct

 Social Security System

 Government Service Insurance System
 Philippine Charity Sweepstakes Office
 Proprietary Educational Institution

Next Question

TAXATIONWeek 3 TAX PreTest

Question
8/20
Correct

 P 1,800.000
 P 3.000.000
 P9.000.000
 P 750.000

Finish quiz

TAXATIONWeek 3 TAX PreTest

Question
9/20

Correct

 Statement 1 is true but, Statement 2 is false

 Statement 2 is true but, Statement 1 is false
 Both statements are true
 Both statements are false

Next Question
EXPLAINATION:

Government-Owned and Controlled Corporation

Exemptions from Real Property Tax. – The exemption shall be as follows:

(a) Real property owned by the Republic of the Philippines or any of its political subdivisions and any
government-owned corporation so exempt by its charter: Provided; however, That this exemption
shall not apply to real property of the above-named entities the beneficial use of which has been
granted, for consideration or otherwise, to a taxable person.
 TAXATIONWeek 3 TAX PreTest
Question
10/20

Correct

 P 109.500
 P 67.500
 P 300.000
 P 292,500

SOLUTION:

Domestic RFC NRFC

Gross Income, Philippines P975,000 P975,000 P975,000

Expenses, Philippines (750,000) (750,000)

Gross Income, Malaysia 770,000

Expenses, Malaysia (630,000)

Interest on bank deposit-- 25,000

Taxable income 365,000 225,000 P1,000,000

Tax Rate 30% 30% 30%

Tax Due P109,500 67,500 300,000

TAXATIONWeek 3 TAX PreTest

Question
11/20
Correct

 1,000,000
 600.000
 710,000
 500,000

Next Question

TAXATIONWeek 3 TAX PreTest

Question
12/20

Correct

 2.5%
 7.5%
 20%
 4.5%

Next Question
 TAXATIONWeek 3 TAX PreTest
Question
13/20

Correct

 Both I & II
 II only
 I only
 Neither I nor II

Next Question
EXPLAINATION:

I is exempt

TAXATIONWeek 3 TAX PreTest

Question
14/20

Correct

 Banks and non-banks financial intermediaries

 Publicly-held Corporation
 Insurance Companies
 Closely-held Corporation

Next Question
EXPLAINATION:

There are instances when IAET does not apply despite accumulation of earnings and profits of a
corporation. The IAET does not apply to (a) Publicly held corporations, (b) Banks and other nonbank
financial intermediaries, and (c) Insurance companies. 

TAXATIONWeek 3 TAX PreTest

Question
15/20

Correct

 neither related and unrelated activities.

 related activities.
 both related and unrelated activities.
 unrelated activities.

Next Question

TAXATIONWeek 3 TAX PreTest

Question
16/20

Correct

 Joint stock companies

 Partnerships no matter how created or organized
 One-person corporation
 None of the above

Next Question
 TAXATIONWeek 3 TAX PreTest
Question
17/20

Correct

 Php 150,000
 Php 25,000
 Php 125,000
 Php 105,000

Next Question

TAXATIONWeek 3 TAX PreTest

Question
18/20

Correct

 Statement 1 is true but, Statement 2 is false

 Both statements are true
 Statement 2 is true but, Statement 1 is false
 Both statements are false

Finish quiz

EXPLAINATION:

1- Under Section 26 of the Tax Code, as amended, a general professional partnership as such
shall not be subject to income tax. However, persons engaging in business as partners in a
general professional partnership shall be liable for income tax only in their separate and
individual capacities.

2 - Each partner shall report as gross income his distributive share, actually or constructively received, in the
net income of the partnership.

TAXATIONWeek 3 TAX PreTest

Question
19/20

Correct

 Both statements are true

 Both statements are false
 Statement 1 is true but, Statement 2 is false
 Statement 2 is true but, Statement 1 is false

Next Question

TAXATIONWeek 3 TAX PreTest

Question
20/20

Correct
  67,500
 109,500
 117,000
 300,000

Next Question

SOLUTION:

Domestic RFC NRFC

Gross Income, Philippines P975,000 P975,000 P975,000

Expenses, Philippines (750,000) (750,000)

Gross Income, Malaysia 770,000

Expenses, Malaysia (630,000)

Interest on bank deposit-- 25,000

Taxable income 365,000 225,000 P1,000,000

Tax Rate 30% 30% 30%

Tax Due P109,500 67,500 300,000