Definition, scope, and prescriptive period

1. Elorde, a famous boxer, intends to convert his boxing gymnasium into a cockpit arena.
Elorde summons you to give him advise to go over his tax exposures, as a certified
public accountant, you will recommend to Mr. Elorde which of the following
reference/document?
National Internal Revenue Code
2. Piolo paid his income tax liability for 2009 on January 15, 2010. It was found out later on
June 30, 2010 that he overpaid by more than P100,000. Assuming his claim for tax
refund was denied and the denial was received on April 30, 2013, the proper remedy
available to Piolo is?
No more remedy since the two-year period already expired.
3. The revenue district office can carry out proceedings of a distraint of personal property
when the tax liability is not more than
P1,000,000
4. Your client, Mr. Aegis a local trader, inquired what laws will have most relevance in his
daily transactions. Having several laws to take into consideration which laws do you
recommend for Mr. Aegis to read?
National Internal Revenue Code
5. What is the effect of on the tax liability of a taxpayer who does not protest an
assessment for deficiency taxes?
The taxpayer's liability becomes fixed and subject to collection as the assessment
becomes final and collectible.
6. What is the prescriptive period for an assessment fraud?
10 years from discovery
7. Date the national internal revenue tax was paid - April 10, 1999. Claim for refund was
filed with the Bureau of Internal revenue - March 10, 2000. Date decision of denial of
refund was received - March 21, 2001. Last day to appeal to the Court of Tax Appeals:
April 10, 2001.
8.