UGRD-TAX6148-2323T / Income Taxation /Midterm Quiz 1

Midterm Quiz 1
Started on Friday, 16 February 2024, 12:28 AM
State Finished
Completed on Friday, 16 February 2024, 12:33 AM
Time taken 4 mins 24 secs
Marks 20.00/20.00
Grade 100.00 out of 100.00
Question 1
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The requisites of wash sale must be the sale of stock or securities is at a gain.

Question 1Select one:

True
False
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The correct answer is 'False'.

Question 2
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The grossed-up monetary value is the benefit expense of the employer.

Question 2Select one:

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The correct answer is 'True'.
Question 3
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Additional remuneration for overtime and separation pay does not include fringe benefits.

Question 3Select one:

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The correct answer is 'False'.

Question 4
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The gain from the sale or other disposition of property shall be the excess of the amount
realized therefrom over the basis or adjusted basis.

Question 4Select one:

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The correct answer is 'True'.

Question 5
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The fringe benefit tax rate shall be the same with the normal corporate tax rate for income
taxes.

Question 5Select one:

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The correct answer is 'True'.
Question 6
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Capital assets are not subjected to normal tax.

Question 6Select one:

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The correct answer is 'False'.

Question 7
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The additional fringe benefits received by the rank-and-file employees are not subject to
final fringe benefit tax rate, but are to be reported in the annual income t ax return.

Question 7Select one:

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The correct answer is 'True'.

Question 8
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As a rule, the original issue by a corporation of its shares of stock at more or less than the
par value or stated value shall have no recognition of gain or loss. Hence, it is not subject to
capital gains tax.

Question 8Select one:

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 False
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The correct answer is 'True'.

Question 9
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The liability of the employer is to withhold the corresponding income tax from the fringe
benefit earned by the employee.

Question 9Select one:

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The correct answer is 'True'.

Question 10
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Dealings in property refers to the disposal through sale or exchange of ordinary assets or
capital assets.

Question 10Select one:

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The correct answer is 'True'.

Question 11
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All housing benefits provided by employer to managerial employee are subject to fringe
benefit tax.

Question 11Select one:

 True
False
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The correct answer is 'True'.

Question 12
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In corporation, the capital loss is no holding period and deductible from capital gain only.

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The correct answer is 'True'.

Question 13
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The fringe benefit tax is the final tax of the employer.

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The correct answer is 'False'.

Question 14
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Fringe Benefits are forms of incentives to managerial employees.
Question 14Select one:
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The correct answer is 'False'.

Question 15
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Real and personal properties not used in trade or business like residential house and lot, car,
jewelries, etc are example of capital assets.

Question 15Select one:

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The correct answer is 'True'.

Question 16
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The fringe benefit tax is the income on income earned by the employee.

Question 16Select one:

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The correct answer is 'True'.

Question 17
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Merchandise inventory is a capital asset.
Question 17Select one:
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The correct answer is 'False'.

Question 18
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Capital Gain refers to the excess of the determined cost over the value received from the
sale or exchange of a capital asset.

Question 18Select one:

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The correct answer is 'False'.

Question 19
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Fringe benefits include only salaries and services or similar benefits given by employer to a
managerial employee.

Question 19Select one:

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The correct answer is 'False'.

Question 20
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In ordinary assets, 30% of the net taxable income for individual taxpayers.
Question 20Select one:
True
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The correct answer is 'False'.